Dash coin correction down before the upcoming rally

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Updated: 07 April 2020

Hello traders! Looking at the DASH vs USDT 1-hour chart, we can see that Dash might potentially be at the end of wave 5, based on the Elliot Wave theory.

Price has reached and rejected the $75.00 psychological resistance and as long as price remains below, correction down is very possible. Pair is expected to produce a “C” correctional wave down, which would be a final correctional phase.

There are two major support levels, the fist is 50% Fibonacci retracement level at $68.7, and the second is 61.8% Fibs at $67.20. The second target also corresponds to other Fibonacci retracement levels applied to the last wave up, which is 88.6% level. This makes it key support and the most likely downside target.

If price will get to any of these levels and bounces off cleanly, it should result in a continuation of an uptrend. Therefore, the buying opportunity could be presented should DASH/USDT reach the $68.70 – $67.20 area. At this stage, price should be monitored for rejection of any of these levels.

Bias: Long term bullish while above $67. Short term bearish while below $75

Potential Resistance Zone: $75

Potential Targets: $68.7, $67.2

Have a profitable trading!