Dash/BTC has been on a choppy bull run since finding support at 0.045 BTC (4500000 satoshis). When we look at the 1H chart, it looks like a rising channel and price is about to test the channel support.
Dash/BTC 1H Chart
- The 1H chart shows price testing support around 0.0477-0.0485 area.
- This area involves the 200-hour simple moving average, a rising trendline, as well as a support/resistance zone.
- Furthermore, the RSI has pushed above 70 and is now back around 40. If the market is still in a bullish mode, it will likely keep the RSI above 40.
Trade Idea; Reward to Risk
- If we have an entry at 0.048 with a stop around 0.0474, we have a risk of 1.25%.
- Now, I think a minimal target could be the 0.049-0.4950 area. Let's say 0.49. That would provide a potential reward for 2.04%.
- this is not the best reward to risk, but the probability of a bounce here with a conservative target like 0.49 should be better than 50%.
- I think this "scalp" trade is worth considering.
- What we can also do is lock in profit early, and ride the rally if it pushes higher to let's say 0.050, which would provide twice (4.08%) potential reward. Plus, if it turns down before 0.050, and you move your stop up to 0.48, then you essentially have a free trade.
- By itself, a trade like this might not be exciting, but if your looking for a thrill, you are probably not "trading" but "gambling". I am not judging, but that's just not my style.