Dash Surges by 110 Percent

Dash continues the strong rally after the breakout two weeks ago. Earlier this month a high of 0.04825 was reached. We’re trading near these highs at 0.04243 BTC right now. Ether is on the move as well, after commencing its down uptrend.

Dash Nears All-Time High

Dash prices are nearing the all-time high set earlier this month. Since our last update, the altcoin surged from 0.01969 to 0.04243. In percentage terms, this is a gain of close to 110%.

dshbtcdaily-mar9-copy

The trend remains up but latecomers to the party may have a hard time finding good entries. Look at the chart above. After hitting a high of 0.04825 on March 2nd Dash to a low of 0.2879 on the same day. This is a drawdown of over 40 percent if you were unfortunate to long the exact top. While longs are still favored, due to the elevated volatility bulls should use large stops to have hope in surviving the swings. This, in turn, means that the size per trade will be much lower and the risk to reward will be much worse than it was in the 0.015 – 0.02 area.

A breakdown below 0.0235 BTC is needed to end the current rally. Several untested support levels can be found below the current price, starting with the 0.02879 swing low and 0.02478. The major resistance at 0.0175 should now act as support. The round figures at 0.03, 0.025 and 0.02 are also worth noting as potential turning points or take profit areas. All three trends for DASH (short-term, medium-term and long-term) are pointing upward.

Ether Back in Rally Mode

It took one failed attempt but ETH/BTC in back on the offensive. We’re now trading over 30 percent higher compared to two weeks ago.

ethbtcdaily-mar9-copy

As you can see probably deduce from the chart above, we’re now back in bullish territory. Weak resistance can be found at the 0.015 level, closely followed by this month’s high at 0.0163 BTC per coin.

On the lower end, a breakdown below 0.012 is needed to end the current uptrend. Slightly above here we have 0.01321, the high reached during the failed breakout three weeks ago. This is likely to be a strong support to falling prices.

Note that the SEC decision on the bitcoin ETF is still not announced. Both of the pairs covered here have a BTC component (DSH/BTC and ETH/BTC). Because of this major volatility is possible in the next 30 hours until Friday’s ‘close’ so caution is advised.

Petar Kotevski

Petar is a forex trader and writer with 9 years of experience in financial markets. He has been following bitcoin since 2010. A year ago, as the BTC market matured, he started getting more involved by writing articles on bitcoin and other alternative currencies.

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