CRYPTO brief update - TAKE PROFITS DASH, SHUNT INTO DOGECOIN - article with charts...

originally published Wednesday, December 27, 2023


A brief article was posted on the site earlier today saying to take our significant profit in DASH garnered in just over a week and to shunt the procedes into DOGECOIN. The charts for these two cryptos shown below should make the reasons for this tactical switch clear.

We bought DASH near to the bottom of its uptrend channel at the point shown and now, following the same logic, it makes sense for us to take profits as it has risen steeply to the top of this channel, especially as we can immediately shunt the proceeds into DOGECOIN which looks set to perform a similar trick.

Could DASH break out of the top of its channel and ascend almost vertically? – anything is possible but DOGE looks by far the better bet at this juncture with an especially bullish indication being the marked volume dieback as the large bull Flag has formed.

So the right tactics, as set out earlier today, are thought to be to TAKE PROFITS IN DASH AND SHUNT THE PROCEEDS IMMEDIATELY INTO DOGECOIN.

Posted at 3.47 pm EST on 27th December 23.

The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment or securities advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market technical analyst, Clive Maund is not a Registered Investment Advisor or Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be construed as a recommendation or solicitation to buy and sell securities.