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DASH Technical Analysis – The Bears Are in Control – 27/06/18

Bob Mason
Updated

Key Highlights

  • DASH slid by 4.97% on Tuesday, reversing Monday’s 1.53% gain, to end the day at $228.8.

  • A mid-morning intraday high $241.52 saw DASH fall short of the day’s first major resistance level at $245.9 and well short of the 23.6% FIB Retracement Level of 301.22.

  • A sell-off through the remainder of the day saw DASH slide through the day’s first major support level at $235.5 and second major support level at $230.3 to an intraday low $227.03 before a partial recovery.

How to Buy DASH

DASH Price Support

DASH fell by 4.97% on Tuesday, reversing Monday’s 1.53% gain, to end the day at $228.8.

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An early move through to an intraday high $241.52 saw DASH fall short of the first major resistance level at $245.9 and, more importantly, the 23.6% FIB Retracement Level of $301.22, to leave the extended bearish trend, formed at 24th April’s swing hi $547.97, intact through the early part of the week.

A broad based market sell-off in the late morning extended through to the day’s end, with DASH sliding through the day’s first major support level at $235.53 and second major support level at $230.29 to a late in the day intraday low $227.03 before recovering to $228 levels by the day’s end.

While steering clear of the day’s third major support level at $219.92 was a positive, while failing to break back through the second major support level at $230.29 by the day’s end will have been one of the many negatives for the crypto bulls.

At the time of writing, DASH was down 1.52% to $226.049, with an early move back through to $230 levels, with a morning high $230.6, falling well short of the day’s first major resistance level at $237.87.

A pullback mid-morning, saw DASH fall to a morning $225.885 low, with DASH managing to steer clear of the day’s first major support level at $223.38 in the early part of the day.

For the day ahead, a move through $232.45 would support a run at the day’s first major resistance level at $237.87, though the morning’s trend bucking move suggests that DASH will likely face plenty of resistance at $230 levels through the late morning.

Failure to move through $232.45 to take a run at the day’s first major resistance level could see DASH take a bigger hit later in the day, with the first major support level at $223.38 in play should sentiment across the broader market deteriorate later in the day.

It continues to look bearish, with sub-$200 levels being eyed by the crypto bears who have remained firmly in control of the crypto majors this summer.

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Looking at the Technical Indicators

Major Support Level: $223.38

Major Resistance Level: $237.87

Fib 23.6% Retracement Level: $301.22

Fib 38% Retracement Level: $348.4

Fib 62% Retracement Level: $424.6

This article was originally posted on FX Empire

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