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DASH Technical Analysis – Support Levels in Play –02/07/19

Bob Mason

Key Highlights

  • DASH fell by 0.51% on Monday. Following on from an 8.37% slide on Sunday, DASH ended the day at $154.47.

  • An early morning intraday high $160.9 saw DASH fall short of the first major resistance level at $166.92 before hitting reverse.

  • DASH fell through the first major support level at $149.00 to a late afternoon intraday low $145.95.

  • The extended bearish trend, formed back at late April 2018’s swing hi $547.97, remained firmly intact. DASH continued to fall short of the 23.6% FIB Retracement Level of $172, following 15th December’s swing lo $56.214.

How to Buy DASH

DASH Price Support

DASH fell by 0.51% on Monday. Following on from an 8.37% slide on Sunday, DASH ended the day at $154.47.

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A bullish start to the day saw DASH rise to an early morning intraday high $160.9 before hitting reverse.

Falling well short of the first major resistance level at $166.92, DASH slid to a mid-afternoon intraday low $145.95.

The reversal saw DASH fall through the first major support level at $149.00.

Finding support late in the day, DASH broke back through the first major support level to $154 levels to limit the downside on the day.

Following a 51% gain in May DASH fell by 6.2% in June, with a bearish end to the month seeing DASH slide from a June high $187.65 to $150 levels. The reversal came after a recovery from a bearish start to the month that had seen DASH slide to a June low $135.1.

The extended bearish trend formed back at late April 2018’s swing hi $547.97, remained firmly intact following the late June pullback. DASH continued to fall short of the 23.6% FIB of $172 after having failed to take a run at the 38.2% FIB of $244.

At the time of writing, DASH was down by 2.29% to $150.94. A bearish start to the day saw DASH fall from a morning high $154.05 to a low $150.84 before steadying.

DASH left the major support and resistance levels untested early on.

For the day ahead

A move back through to $154 levels would signal a possible rally later in the day. DASH would need the support of the broader market, however, to break out from $154 levels.

In the event of a broad-based market recovery, a move through to $158 levels would bring the first major resistance level at $161.6 into play.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $160.9 should limit any upside.

Failure to move through to $154 levels could see DASH slide deeper into the red. A fall through the morning low $150.84 would bring the first major support level at $146.65 into play.

Barring a crypto meltdown, DASH should steer clear of sub-$140 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $146.65

Major Resistance Level: $161.60

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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