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DASH Technical Analysis – Support Levels in Play –03/05/19

Bob Mason

Key Highlights

  • DASH slipped by just 0.06% on Thursday. Following a 4.45% gain from Wednesday, DASH ended the day at $114.98.
  • A mid-morning intraday low $113.502 saw DASH steer clear of the first major support level at $110.35.
  • A late afternoon intraday high $116.08 saw DASH fall short of the first major resistance level at $118.83 before easing back.
  • The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact. 3 consecutive weeks in the red left DASH 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 0.06% on Thursday. Following a 4.45% rally on Wednesday, DASH ended the day at $114.98.

Bucking the trend from across the broader market, DASH slipped to a mid-morning intraday low $113.502 before finding support.

Holding well above the first major support level at $110.35, DASH recovered to a late afternoon intraday high $116.08. In spite of the afternoon moves, DASH came up short of the first major resistance level at $118.83.

A late pullback saw DASH ease back to $114 levels by the day’s end.

In spite of 9 weeks in the green out of the last 13, 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, 3 consecutive weeks in the green will have raised some red flags. While up by 48% year-to-date, DASH has fallen by 18% from a current year high $140.1 struck on 2nd April.

A move back through the current year high $140.1 will be needed to give the bulls a chance at reversing the extended bearish trend.

At the time of writing, DASH was down by 0.17% to $114.78. Bucking the trend from across the broader market, DASH slid to an early morning low $113.6 before finding support.

Calling on support from the first major support level at $113.62, DASH recovered to a morning high $115.17 before easing back. In spite of the bounce-back, DASH fell short of the first major resistance level at $116.21.

For the day ahead,

A move back through to $114.85 levels would support another run at $115 levels later in the day. Support from the broader market would need to kick in, however, for DASH to take a run at $116 levels.

Barring a broad-based crypto rally, DASH will likely fall short of the first major resistance level at $116.21. Thursday’s high $116.08 would pin DASH back from any trend-bucking breakout.

Failure to move back through to $114.85 levels could see DASH struggle through the day. A slide through the morning low $113.6 would bring $112 levels into play before any recovery.

Barring a crypto meltdown, however, DASH would likely steer clear of the second major support level at $112.27.

Looking at the Technical Indicators

Major Support Level: $113.62

Major Resistance Level: $116.21

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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