DASH Technical Analysis – Resistance Levels in Play –15/01/18

Key Highlights

• DASH gained 3.53% on Monday, partially reversing a 4.77% fall from Sunday, to end the day at $71.45.

• An early afternoon intraday low $67.21 saw DASH steer clear of the support at the first major support level at $66.81.

• Rallying through the afternoon, DASH broke through the day’s first major resistance level at $72.07 to hit an intraday high $73.3, before easing to $71 levels.

• The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact with DASH sitting well below the 23.6% FIB Retracement Level of $172, following 15^th December’s swing lo $56.214.

How to Buy DASH

DASH Price Resistance

DASH gained 3.53% on Monday, partially reversing a 4.77% fall from Sunday, to end the day at $71.45.

A relatively choppy first half of the day saw DASH fall from an early morning high $70.82 to an early afternoon intraday low $67.21 before finding support from the broader market.

Steering clear of the day’s first major support level at $66.81, DASH tracked the broader market to a late afternoon intraday high $73.3, breaking through the first major resistance level at $72.07, before easing back to $71 levels by the day’s end.

The extended bearish trend remained firmly intact, in spite of Monday’s gains, which barely made a dent into last week’s 19% slide, with DASH continuing to fall well short of the 23.6% FIB of $172 following the 15^th December new swing lo $56.214.

At the time of writing, DASH was up 0.11% to $71.53, with moves through the morning seeing DASH rise from a start of a day morning low $71.40 to a morning high $71.996 before easing back, the major support and resistance levels left untested early on.

For the day ahead, a hold above the morning low $71.4 through to the early afternoon would support a move back through the morning high $71.996 to bring $72 levels into play. Sentiment across the broader market will need to materially improve for DASH to take a run at the first major resistance level at $74.10, with Monday’s high $73.3 likely to pin DASH back from a breakout later in the day.

Failure to hold above the morning low could see DASH pullback through to $70 levels to bring sub-$70 levels and the first major support level at $68.01 into play before any recovery.

Heavier losses are no expected on the day, barring materially negative news hitting the wires.

Looking at the Technical Indicators

Major Support Level: $68.0

Major Resistance Level: $74.1

Fib 23.6% Retracement Level: $172

Fib 38% Retracement Level: $244

Fib 62% Retracement Level: $360

This article was originally posted on FX Empire

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