- DASH gained 1.91% on Wednesday, reversing a 1.01% fall from Tuesday, to end the day at $67.941.
- A mid-morning intraday low $65.668 saw DASH come within range of the first major support level at $65.029 before bouncing back.
- The bounce back saw DASH break through the day’s first major resistance level at $67.967 to hit an early afternoon intraday high $68.81, before easing back to $67 levels.
- The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact with DASH sitting well below the 23.6% FIB Retracement Level of $172, following 15th December’s swing lo $56.214.
DASH Price Resistance
DASH rose by 1.91% on Wednesday, reversing a 1.01% fall from Tuesday, to end the day at $67.94.
A relatively bearish start to the day saw DASH fall to a mid-morning intraday low $65.668. Steering clear of the first major support level at $65.03, DASH found support from the broader market to strike an early afternoon intraday high $68.81.
The late morning rally saw DASH break through the first major resistance level at $67.97 to hit $68 levels before a pullback to $67 levels. Negative sentiment across the broader market through the week was telling, with DASH pinned to sub-$70 levels by the day’s end for a 3rd consecutive day.
The extended bearish trend remained firmly intact, in spite of Tuesday’s gains that barely made a dent into 3 consecutive days in the red. DASH continues to fall well short of the 23.6% FIB of $172 following the 15th December new swing lo $56.214.
It’s been a bad start to the year for DASH and the broader market, with DASH down by 12.5% for the current month.
At the time of writing, DASH was up 0.84% to $68.51. Moves through the early morning saw DASH recover from a morning low $67.689 to strike a morning high $68.51. The rally saw DASH come up short of $69 levels and the first major resistance level at $69.278, whilst also steering clear of the first major support level at $66.136.
For the day ahead, a hold onto $68 levels would support a run at $69 levels to bring the first major resistance level at $69.278 into play. Barring a major crypto rally, we would expect DASH to continue falling short of $70 levels to leave the second major resistance level at $70.615 out of play on the day.
Failure to hold onto $68 levels could see DASH slide through $67.473 to bring $66 levels and the first major support level at $66.136 into play. We would expect DASH to avoid heavier losses on the day, in the event of a reversal, with the second major support level at $64.331 unlikely to be tested through the day.
Looking at the Technical Indicators
Major Support Level: $66.14
Major Resistance Level: $69.28
Fib 23.6% Retracement Level: $172
Fib 38% Retracement Level: $244
Fib 62% Retracement Level: $360
This article was originally posted on FX Empire
More From FXEMPIRE:
- Price of Gold Fundamental Daily Forecast – Volatility Likely to Increase as Trade Deal Deadline Looms
- AUD/USD and NZD/USD Fundamental Daily Forecast – Kiwi Jumps After S&P Upgrades New Zealand’s Outlook
- Dollar Less-Attractive After Dovish Fed Drives Treasury Yields Lower
- Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 31/01/19
- Live Market Trading Strategies – Webinar February 05
- E-mini S&P 500 Index (ES) Futures Technical Analysis – Potential Weekly Chart Breakout Over 2711.50