Long
DENT - Round 2
Another look at DENT following the apparent bullish reversal in BTC and the strength DENT has been showing in the face of BTC weakness.
Uwaga
Just checking on progress and I note the similarities with the current consolidation to the period around the March 24 low. From here I want to see a peak up towards $0.014. Anything below $0.093 is breaking bad.Uwaga
Sorry. I actually meant the March 15 low. That's how similar they appear!As BTC confirms its bullish intent with a solid break above $57k, we see a large Pennant formation (continuation) in the 1 hour chart for DENT. Here is is in all its brilliance!
To complete the pattern and start the run, we just need to see a hold above 0.0107.
Uwaga
What a beautiful thing to see. A break of the Pennant while completing an iH&S pattern. Here it is in the 15 minute time frame:Uwaga
Just a quick look at the 30-minute chart as DENT consolidates under $0.015...I note a completed Wave 5 up to 0.0149, then a consolidation pattern , that looks like a possible completion of an ABC correction down to 0.0128, and a Wave 1 impulse up to 0.01473, and a wave 2 correction to 0.012865. I say possible, because anything can happen, BUT, the shape of the green bar up from that low, engulfing the 3 previous red candlesticks, is a bullish reversal. The question is, will we have resistance at 0.015 or will we just pop right through it and confirm that level as support from above. I'm thinking the later is more likely given the bullishness of the engulfing bar. Go DENT!
Uwaga
Since breaking back through the previously indicated support line a few hours back, a clear parallel channel has been defined. This provides the perfect Handle for the Cup that formed with the double top at 0.0149. The Channel formation defines the next obstacle for DENT on its bullish ascent as a break (& hold) above the upper resistance line, to complete the Cup and Handle with a price projection above 0.017 USDT. When looked at in the 4-hour chart below, we can see, however, that the MACD has crossed bearish projecting some possible further weakness, although at this point a quick rally above the channel will negate that. The longer price spends within the channel though, the more favourableis the case for a deeper correction, most likely to the next lower support level of 0.01135 at the 1.618 projection for Wave C.Uwaga
A quick rally above the channel it is! Very nice indeed. Uwaga
A significant break above the previous high. A hold above 0.015 will confirm the next move up in my opinion. See it in the 4-hour chart...Uwaga
While DENT is making its move above 0.015, I realised that I forgot to mention that a full breakdown of this projected move, with refined analysis, timings and targets was published with a private chart on my Patreon channel (CryptoSwing). So far we've stepped through the Pennant, Inverse Head and Shoulders, and Cup & Handle patterns to confirm the trend. Now we're on the cusp of this significant move above the 0.015 resistance line. Do you think it can break through and move forward? Let me know what you're thinking in the comments.
Uwaga
As we close in on 0.025, its a good time to take stock and re-evaluate the position. Looking at the 4-hour chart ......yep, still on track. What do you guys and girls think? Will make 0.025? Will 0.025 be the peak and then its all over? Or are we still on track for the higher target levels?
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