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DASH Technical Analysis – Resistance Levels in Play –25/04/19

Bob Mason

Key Highlights

  • DASH slid by 2.39 on Wednesday. Following on from a 2.96% fall on Tuesday, DASH ended the day at $115.335.
  • A mid-morning intraday high $121.325 saw DASH fall short of the first major resistance level at $123.53 before hitting reverse.
  • A late afternoon intraday low $111.578 saw DASH slide through the first major support level at $115.83 and second major support level at $113.27.
  • The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact. In spite of 8 weeks in the green out of the last 11, DASH continued to sit well below the 23.6% FIB Retracement Level of $172, following 15th December’s swing lo $56.214.

How to Buy DASH

DASH Price Support

DASH tumbled by 2.39% on Wednesday. Following on from a 2.96% fall on Tuesday, DASH ended the day at $115.335.

A particularly choppy start to the day saw DASH rise to an early morning intraday high $121.325 before hitting reverse.

Falling short of the first major resistance level at $123.53, DASH tumbled to a late afternoon intraday low $111.578 before steadying.

The sell-off saw DASH slide through the first major support level at $115.83 and second major support level at $113.27.

While pressure from the broader market did the damage, DASH managed to find support late in the day to move back through to $115 levels and avoid a full reversal of April’s gains.

In spite of 8 weeks in the green out of the last 11, the extended bearish trend formed back at late April’s swing hi $547.97, remained firmly intact. DASH continued to sit well below the 23.6% FIB Retracement Level of $172 following mid-December’s swing lo $56.21.

For the bulls, it had been an impressive run since December’s swing lo $56.21. 2-consecutive weeks in the red and this week’s sell-off, however, have ultimately left the 23.6% FIB of $172 out of play for the near future.

At the time of writing, DASH was up by 1.36% to $116.902. A bullish start to the day saw DASH rise from a morning low $115.34 to a high $117.552.

DASH left the major support and resistance levels untested early on.

For the day ahead,

A hold onto $116 levels through the morning would support a move through the morning high to $118 levels. DASH would need support from the broader market, however, to take a run at the first major resistance level at $120.58.

Barring a broad-based crypto rebound, DASH would likely come up short of $120 levels on the day. In the event of a rebound, a breakout from the first major resistance level at $120.58 to $121 levels could be on the cards before any pullback.

Failure to hold onto $116 levels could see DASH resume Wednesday’s reversal. A fall through to $114 levels would bring the first major support level at $110.83 into play before any recovery.

Barring another crypto meltdown, DASH would likely continue to steer clear of sub-$110 support levels.

Looking at the Technical Indicators

Major Support Level: $110.83

Major Resistance Level: $120.58

23.6% FIB Retracement Level: $172

38.2% FIB Retracement Level: $244

62% FIB Retracement Level: $360

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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