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DASH Technical Analysis – Resistance Levels in Play –18/02/19

Bob Mason

Key Highlights

  • DASH rose by 0.94% on Sunday. Following on from a 0.18% gain from Saturday, DASH ended the day at $78.521.
  • DASH broke through the first major resistance level at $78.95 to hit a late morning intraday high $79.457 before easing back.
  • DASH fell to a mid-day intraday low $76.62, sliding through the first major support level at $77.15.
  • The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact in spite of the weekend’s gains. 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 Resistance

DASH rose by 0.94% on Sunday. Following on from a 0.18% gain on Saturday, DASH ended the day at $78.521.

Tracking the broader market through the morning, DASH rallied to a late morning intraday high $79.457 before hitting reverse. The morning rally saw DASH break through the first major resistance level at $78.9523.

Reversing through the late morning, DASH fell through the first major support level at $77.1523 to an intraday low $76.62.

Steering clear of the second major support level at $76.5047, DASH recovered to $78 levels late in the day, support coming from the broader cryptomarket.

A rally at the start of the week saw DASH breakthrough to $80 levels before easing back, with 3 consecutive days in the green at the end of the week delivering a 5.6% gain for the week.

The extended bearish trend, formed at late April’s swing hi $547.967, remained firmly intact in spite of the week’s gains. DASH continues to fall well short of the 23.6% FIB of $172 following the 15th December new swing lo $56.214. Year-to-date, DASH was up 1.14%, a 2nd consecutive week in the green wiping out losses from earlier in the year.

At the time of writing, DASH was up 0.46% to $78.88. A choppy start to the day saw DASH rally to an early morning high $79.456 before sliding to a morning low $77.971. The early moves saw DASH come within range of the first major resistance level at $79.7787, whilst steering well clear of the major support levels.

For the day ahead, a move back through to $79 levels would give DASH another run at the first major resistance level at $79.7787. For a break-through to $80 levels, support from the broader market would be needed, with DASH needing to make a move early in the day for a sustainable rally.

Failure to move back through to $79 levels could see DASH hit reverse later in the day. A pullback through to sub-$78 levels would see DASH fall through the morning low $77.971 to sub-$77.5 levels before any recovery.

We would expect DASH to steer clear of sub-$77 levels and the first major support level at $76.9417 in the event of a reversal.

Looking at the Technical Indicators

Major Support Level: $76.9417

Major Resistance Level: $79.7787

Fib 23.6% Retracement Level: $172

Fib 38% Retracement Level: $244

Fib 62% Retracement Level: $360

This article was originally posted on FX Empire

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