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DASH Technical Analysis – Resistance Levels in Play – 08/11/18

Bob Mason
Updated

Key Highlights

  • DASH fell by 2.38% on Wednesday, reversing Tuesday’s 3.68% rise, to end the day at $166.

  • A start of a day intraday high $171.6 came up short of the day’s first major resistance level at $174.16.

  • Bearish through the morning, DASH fell through the day’s first major support level at $164.73 to an intraday low $163.306 before steadying.

  • The moves through the first half of the week left the extended bearish trend, formed at late April’s swing hi $547.97, firmly intact, with DASH sitting well short of the 23.6% FIB Retracement Level of $229.

How to Buy DASH

DASH Price Resistance

DASH fell by 2.38% on Wednesday, reversing most of Tuesday’s 3.68% gain, to end the day at $166.

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A bearish morning saw DASH slide from a start of a day intraday high $171.598 to a mid-morning intraday low $163.306 before steadying, the morning reversal seeing DASH fall through the day’s first major support level at $164.73, while falling short of the day’s first major resistance level at $174.16 at the start of the day.

Relatively range bound through the 2nd half of the day, DASH managed to move back through the first major support level to $167 levels before easing back at the end of the day.

DASH continued to fall well short of the 23.6% FIB Retracement Level of $229, with the extended bearish trend, formed at late April’s swing hi $547.97 remaining firmly intact, DASH needing a break out from the 23.6% FIB Retracement Level to bring the 38.2% FIB Retracement Level of $290 into play in order to begin forming bearish trend reversal.

At the time of writing, DASH was up 3.83% to $172.365, a particularly choppy start to the day seeing DASH rally at the start of the day to $173 levels before sliding back to $166 levels only to rally back to an early morning high $175. The moves through the early morning saw DASH steer clear of the day’s first major support level at $162.34, while breaking through the first major resistance level at $170.63 to test the day’s second major resistance level at $175.26 before easing back.

For the day ahead, holding onto $170 levels through the morning would support another run at the day’s second major resistance level at $175.26, while we would expect $180 levels and the day’s third major resistance level at $183.55 to be out of reach, barring a recovery across the broader market through the day, DASH bucking the trend early on.

Failure to hold onto $170 levels through the morning could see DASH hit reverse later in the day, with a slide back through the morning low $166 likely to pull DASH through the day’s first major support level at $162.34 to call on sub-$160 support levels before any recovery. A continued slide in the broader market and a reversal in DASH would likely to gather momentum in the event of DASH giving up $170 levels.

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Looking at the Technical Indicators

Major Support Level: $162.34

Major Resistance Level: $170.63

Fib 23.6% Retracement Level: $229

Fib 38% Retracement Level: $290

Fib 62% Retracement Level: $388

This article was originally posted on FX Empire

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