DASH Technical Analysis – Support Levels in Play –14/03/19

Key Highlights

• DASH fell by 0.98% on Wednesday. Partially reversing a 9.93% rally on Tuesday, DASH ended the day at $89.999.

• A mid-morning intraday high $92.847 saw DASH fall well short of the first major resistance level at $94.43.

• A mid-day intraday low $88.603 saw DASH steer well clear of the first major support level at $83.86.

• The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact. In spite of a 5^th consecutive week in the green, DASH continued to sit 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 Support

DASH fell by 0.98% on Wednesday. Partially reversing a 9.93% rally on Tuesday, DASH ended the day at $89.999.

A relatively bullish start to the day saw DASH rise to a mid-morning intraday high $92.847 before hitting reverse. Falling short of the first major resistance level at $94.43, DASH fell to a mid-day intraday low $88.603.

Steering well clear of the first major support level at $83.86, DASH recovered to $91 levels before easing back to sub-$90 levels

In spite of 5 consecutive weeks in the green and Tuesday’s rally, 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, a 5^th consecutive week in the green and Tuesday’s rebound leaves the prospect of a return to $100 levels intact. Support from the broader market would be needed, however, for a break out from $90 levels.

At the time of writing, DASH was down by 2.22% to $87.999. A bearish morning saw DASH slide from a morning high $89.711 to a low $87.747 before steadying. The reversal saw DASH fall through the first major support level at $88.119. The start of the day high fell well short of the first major resistance level at $92.363.

For the day ahead,

A move through to $90.50 levels would support a return to $92 levels later in the day. Support from the broader market would be needed however, for DASH to break through the first major resistance level at $92.36. Resistance at $90 would need to be broken down before any move northwards can be expected.

In the event of a broad-based crypto rally, we would expect DASH to be pinned back from a move through to $93 levels. The day’s first major resistance level and Wednesday’s high $92.847 will likely limit any upside on the day.

Failure to move back through to $90.50 levels could see DASH fall further back through the day. A pullback through the morning low $87.747 would bring the first major support level at $88.12 into play. Barring a broad-based market sell-off, however, we would expect DASH to steer clear of sub-$87 levels.

Looking at the Technical Indicators

Major Support Level: $88.12

Major Resistance Level: $92.36

23.6% FIB Retracement Level: $172

38.2% FIB Retracement Level: $244

62% FIB Retracement Level: $360

This article was originally posted on FX Empire

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