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Dash Consolidates Before Resuming its Decline


Dash (DASH/USD) moved sideways on Monday's trading session, developing a consolidation structure that suggests a bearish continuation of the downward sequence started in late April at 88.242.

The DASH prices, in its 4-hour chart, exposes an incomplete corrective bearish sequence that belongs to a bounce developed by the cryptocurrency on March 13th, when the price found fresh buyers at level 33.976.

The first upward sequence developed by DASH corresponds to a five-wave structural series of Minuette degree identified in blue, which ended at level 88.717 on April 30th. In this way, after its completion, DASH formed a wave ((i)) or ((a)) of Minute degree labeled in black.

Once the first bullish move of Minute degree was completed, DASH began to experience a corrective movement against the previous bounce corresponding to wave ((ii)) or ((b)).

Until now, the cryptocurrency completed two segments of the Minuette degree labeled in blue corresponding to waves (a) and (b). On the previous chart, we observe that the corrective structure developed a 3-3 sequence that carries us to suspect that the current corrective structure could correspond to a flat pattern.

According to the textbook, a flat pattern follows an internal sequence subdivided as 3-3-5. In this context, for the coming trading sessions, DASH should develop a downward move divided into five segments of Subminuette degree identified in green. The completion of this sequence will end the wave (c) and, at the same time, the bearish wave of upper degree labeled as ((ii)) or ((b)).

After the wave ((ii)) or ((b)) completion, DASH should develop a new rally in five waves. This upward sequence should contain five internal segments.

On the other hand, according to the alternation principle, considering that the first and second moves have been developed at a lower speed, the third movement should be produced faster than the two previous waves.

In conclusion, our preferred positioning remains neutral until the completion of wave (c) of Minuette degree, expecting for the next rally corresponding to wave ((iii)) or ((c)) in black.

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Source: https://www.cryptorocket.com/news/dash-consolidates-expecting-resume-its-declines/
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