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DASH Technical Analysis – Support Levels in Play –09/04/19

Bob Mason

Key Highlights

  • DASH rose by 0.92% on Monday. Following on from a 3.68% gain from Sunday, DASH ended the day at $136.96.
  • An early morning intraday high $138.709 saw DASH break through the first major resistance level at $137.36.
  • A mid-day intraday low $131.55 saw DASH fall through the first major support level at $131.99 before steadying.
  • 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 9, 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 slipped by 0.92% on Monday. Following on from a 3.68% gain from Sunday, DASH ended the day at $136.96.

The day’s gain came off the back of a 23% rally in the week ending 7th April, which locked in an 8th week in the green out of the last 9.

On the day, a start of a day intraday high $138.709 saw DASH break through the first major resistance level at $137.36 before hitting reverse.

DASH fell victim to a broad-based crypto sell-off through the morning. The sell-off saw DASH slide through the first major support level at $131.99 to a mid-day intraday low $131.55.

Support through the early afternoon led DASH to $137 levels before easing back to $136 levels late in the day. DASH managed to move back into positive territory with the late recovery.

In spite of 8 weeks in the green out of the last 9, 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’s been an impressive run since December’s swing lo $56.21. While a choppy start to the week will test investor resilience, DASH has rallied 143.7% since the December swing lo. It’s going to take more than a start of a week blip for a reversal to kick in.

At the time of writing, DASH was down by 1.83% to $134.44. Tracking the broader market, DASH fell from a morning high $136.87 to a low $133.501 before finding support.

In spite of a relatively choppy start to the day, DASH left the major support and resistance levels untested early on.

For the day ahead,

A move back through to $135.8 levels would be needed to signal a recovery of the morning losses through the afternoon.

Barring a broad-based crypto rally, however, we would expect DASH to come up short of the first major resistance level at $139.93. Monday’s high $138.71 would likely limit any upside on the day.

Failure to move through to $135.8 levels could see DASH take a bigger hit on the day. A fall through the morning low $133.50 would bring the first major support level at $132.77 into play. Barring a crypto sell-off, we would expect DASH to avoid sub-$132 levels through the day.

Looking at the Technical Indicators

Major Support Level: $132.77

Major Resistance Level: $139.93

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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