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DASH Technical Analysis – Support Levels in Play –17/04/19

Bob Mason

Key Highlights

  • DASH rose by 2.29% on Tuesday. Partially reversing a 3.28% slide from Monday, DASH ended the day at $121.01
  • An early afternoon intraday low $116.36 saw DASH hold above the first major support level at $114.13 before finding support.
  • An early evening intraday high $121.55 saw DASH fall short of the first major resistance level at $123.46.
  • 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 10, 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 gained 2.29% on Tuesday. Partially reversing a 3.28% slide from Monday, DASH ended the day at $121.01.

Tracking the broader market through the day, DASH rose to a late morning high $119.40 before hitting reverse.

Falling short of the first major resistance level at $123.46, DASH fell to an early afternoon intraday low $116.36. Steering clear of the first major support level at $114.13, DASH recovered to an intraday high $121.55 before easing back. Whilst breaking through to $120 levels, the resistance levels remained elusive on the day.

In spite of 8 weeks in the green out of the last 10, 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. Despite last week’s 9.5% slide, DASH has rallied 115% since the December swing lo. A second week in the red is on the cards, however, should the broader market fail to rebound from bearish start to the week.

At the time of writing, DASH was down by 1.58% to $119.10. A bullish start to the day saw DASH strike a morning high $122.67 before hitting reverse. Coming within range of the first major resistance level at $122.92, DASH slid to a morning low $119.10. In spite of the morning reversal, DASH steered clear of the first major support level at $117.73.

For the day ahead,

A move back through $119.64 would likely lead to a return to $120 levels later in the day. Support from the broader market would be needed, however, for DASH to take a run at the first major resistance level at $122.92.

Barring a broad-based crypto rally, DASH will likely come up short of $124 levels on the day.

Failure to move through $119.64 levels could see DASH take a bigger hit later in the day. A pullback to $118 levels would bring the first major support level at $117.73 into play before any recovery.

Barring a crypto meltdown, DASH will likely steer clear of Tuesday’s low $116.36 on the day.

Looking at the Technical Indicators

Major Support Level: $117.73

Major Resistance Level: $122.92

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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