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MARKETS LIVE BLOG:

STOCKS SLIDE AFTER META'S REALITY CHECK, DOWNBEAT GDP

Caterpillar sinks 7% after earnings, management sees weakness in Europe, Asia-Pacific

DASH Technical Analysis – Support Levels in Play –14/06/19

Bob Mason
Updated

Key Highlights

  • DASH fell by 1.13% on Thursday. Partially reversing a 6.28% rally from Wednesday, DASH ended the day at $154.15.

  • A late morning intraday high $159.87 saw DASH fall short of the first major resistance level at $161.19.

  • A late intraday low $153.72 saw DASH steer clear of the first major support level at $149.59.

  • The extended bearish trend, formed back at late April 2018’s swing hi $547.97, remained firmly intact. DASH continued to fall well short of the 38.2% FIB Retracement Level of $244, following 15th December’s swing lo $56.214.

How to Buy DASH

DASH Price Support

DASH fell by 1.13% on Thursday. Partially reversing a 6.28% rally from Wednesday, DASH ended the day at $154.15.

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A bullish start to the day saw DASH strike an early morning intraday high $159.87 before hitting reverse.

Falling short of the first major resistance level at $161.19, DASH fell to a mid-morning low $154.66 before steadying.

Steering clear of the first major support level at $149.59, DASH managed to recover to an afternoon high $157.7 before falling to a late intraday low $153.72.

In spite of the pullback, DASH managed to hold above the first major support level at $149.59.

Following a 51% gain in May that led to a current year high $198.89, it’s been a bearish start to June. The pullback saw DASH fall away from the 23.6% FIB of $172, leaving the extended bearish trend formed back at late April 2018’s swing hi $547.97 firmly intact. For the bulls, a breakout from the 38.2% FIB would be needed to form a near-term bullish trend.

At the time of writing, DASH was down by 0.58% to $153.26. A bearish start to the day saw DASH fall from a morning high $154.50 to a low $153.26.

DASH left the major support and resistance levels untested through the early part of the day.

For the day ahead,

A move back through the morning high $154.50 to $155.9 levels would support a run at the first major resistance level at $158.11.

DASH would need support from the broader market, however, to break out from $156 levels.

Barring a broad-based crypto rally, DASH would likely fall short of $155 levels on the day. In the event of a rebound, the first major resistance level at $158.11 and Thursday’s high $159.87 would likely leave $160 levels out of range.

Failure to move back through the morning high $154.5 could see DASH fall deeper into the red. A pullback through the morning low $153.00 would bring the first major support level at $151.96 into play.

Barring a crypto meltdown, DASH would likely steer clear of sub-$150 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $151.91

Major Resistance Level: $158.11

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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