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DASH Technical Analysis – Support Levels in Play –22/03/19

Bob Mason

Key Highlights

  • DASH fell by 2.87% on Thursday. Reversing a 2.3% gain from Wednesday, DASH ended the day at $89.375.
  • A late morning intraday high $92.57 saw DASH fall well short of the first major resistance level at $94.01.
  • An early afternoon intraday low $88.103 saw DASH fell through the first major support level at $89.96.
  • The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact. In spite of 6 consecutive weeks in the green, 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 slid by 2.87% on Thursday. Reversing a 2.3% gain from Wednesday, DASH ended the day at $89.375.

Bucking the trend through the early hours, DASH rose to a late morning intraday high $92.57 before hitting reverse.

Falling short of the first major resistance level at $94.01, DASH fell through the first major support level at $89.96. An early afternoon recovery to $90 levels was short-lived. Negative sentiment across the broader market resulted in a slide back to sub-$90 levels by the day’s end.

In spite of 6 consecutive weeks in the green, 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, DASH continued to struggle at $90, with a breakout from $90 needed to bring $100 levels into play for the first time this year.

At the time of writing, DASH was down by 0.51% to $88.915. A bearish start to the day saw DASH fall from a morning high $89.243 to a low $88.815. Moves through the early hours left the major support and resistance levels untested.

For the day ahead,

A move back through to $90 levels would be needed to bring $92 levels and Thursday’s high $92.57 into play. Support from the broader market would be needed, however, for DASH to break through the first major resistance level at $91.929.

Barring a broad-based crypto rally, we would expect DASH to continue to struggle at $90 levels through the day.

Failure to move back through to $90 levels could see DASH take a bigger hit on the day. A fall through to $88.50 levels would bring the first major support level at $87.46 into play.

In the event of a broad-based crypto sell-off, DASH could visit $86 levels before any recovery. Barring a mass sell-off, however, we would expect DASH to steer clear of sub-$88 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $87.462

Major Resistance Level: $91.929

23.6% FIB Retracement Level: $172

38.2% FIB Retracement Level: $244

62% FIB Retracement Level: $360

This article was originally posted on FX Empire

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