DASH Technical Analysis – Resistance Levels in Play –13/05/19

Key Highlights

• DASH rose by 0.73% on Sunday. Following on from a 9.83% rally from Saturday, DASH ended the week up 6.7% to $124.6.

• A mid-morning intraday high $129.259 saw DASH come within range of the first major resistance level at $129.91 before easing back.

• An early afternoon intraday low $117.805 saw DASH steer clear of the first major support level at $114.565.

• The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact. 3 weeks in the red out of the last 5 left DASH 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 rose by 0.73% on Sunday. Following on from a 9.83% rally on Saturday, DASH ended the week up 6.7% to $124.6.

A choppy morning saw DASH recover from a morning low $118.6 to strike a mid-morning intraday high $129.259 before sliding back.

Coming within range of the first major resistance level at $129.91, DASH slid back to an early afternoon intraday low $117.805.

Steering well clear of the major support levels, DASH managed to recover to $124 levels and close out the day in positive territory.

In spite of 10 weeks in the green out of the last 14, 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, 2 consecutive weeks in the green will have eased concerns of a more material pullback.

A move back through the current year high $140.1 will be needed, however, for DASH to begin reversing the extended bearish trend.

At the time of writing, DASH was up 3.11% to $128.481. A particularly bullish start to the day saw DASH rally from a morning low $124.137 to a high $132.3 before easing back.

The early rally saw DASH break through the first major resistance level at $129.971 before the pullback to sub-$129 levels.

For the day ahead,

A move back through the first major resistance level at $129.97 would support a run at the morning high $132.3. Barring a broad-based crypto rally, however, DASH will likely come up short of the second major resistance level at $135.342.

Failure to move back through the first major resistance level could see DASH give up the morning gains. A fall through to $123.8 levels would bring the first major support level at $118.517 into play.

Barring a crypto meltdown, however, DASH will likely steer clear of sub-$118 levels on the day.

Looking at the Technical Indicators

Major Support Level: $118.517

Major Resistance Level: $129.971

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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