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DASH Technical Analysis – Resistance Levels in Play –23/01/18

Bob Mason

Key Highlights

  • DASH gained 2.52% on Tuesday, following on from a 0.02% rise on Monday, to end the day at $70.6.
  • A late morning intraday low $67.23 saw DASH slide through the first major support level at $67.68 before bouncing back.
  • The bounce back saw DASH break through the day’s first major resistance level at $69.48 and second major resistance level at $70.35 to late afternoon intraday high $71.53 before easing back to $70 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.

How to Buy DASH

DASH Price Resistance

DASH rallied by 2.52% on Tuesday, following on from a non-eventful 0.02% gain on Monday, to end the day at $70.6.

Tracking the broader market through the morning, DASH slid to a late morning intraday low $67.23, the reversal seeing DASH fall through the first major support level at $67.68 before finding support from the broader market.

A late morning rebound saw DASH move back through to $70 levels by mid-day. An afternoon rally saw DASH break through the first major resistance level at $69.47 and second major resistance level at $70.35 to strike a late afternoon intraday high $71.53 before easing back to $70 levels by the day’s end.

The extended bearish trend remained firmly intact, in spite of Tuesday’s gains that barely made a dent into 2 consecutive weeks in the red, with DASH continuing to fall well short of the 23.6% FIB of $172 following the 15th December new swing lo $56.214.

At the time of writing, DASH was up 0.61% to $71.03, with moves through the early morning seeing DASH recover from an early morning low $70.58 to strike a morning high $71.34 before easing back, the major support and resistance left untested early on.

For the day ahead, a hold onto $71 levels through the morning would support a breakout to $72 to levels to bring the first major resistance level at $72.34 into play before any pullback, $73 levels and the second major resistance level at $74.09 unlikely to be in play barring a broad based crypto rally later in the day.

Failure to hold onto $71 levels could see DASH hit reverse later in the day, with a pullback through the morning low $70.58 bringing sub-$70 levels and the first major support level at $68.05 into play before any recovery.

We would expect DASH to avoid the second major support level at $65.49, with $67 levels likely to be as bad as it will get in the event of a sell-off.

Looking at the Technical Indicators

Major Support Level: $68.05

Major Resistance Level: $72.34

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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