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DASH Technical Analysis – Tests Resistance Early – 22/08/18

Bob Mason
Updated

Key Highlights

  • DASH slipped by 0.1% on Tuesday, following Monday’s 9.39% slide, to end the day at $141.819.

  • A move through the morning saw DASH hit an intraday high $145.63, the day high falling short of the first major resistance level at $152.58.

  • DASH pulled back to an early afternoon intraday low $137, steering clear of the first major support level at $135.19, before recovering to $141 levels.

  • The extended bearish trend remained intact, with DASH continuing to fall well short of the 23.6% FIB Retracement Level of $229.

How to Buy DASH

DASH Price Resistance

DASH fell by 0.1% on Tuesday, following on from Monday’s 9.39% tumble, to end the day at $141.819, with the day’s loss bucking the trend across the broader market.

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A positive start to the day saw DASH move through to a late morning intraday high $145.63, before reversing, the day’s high falling well short of the first major resistance level at $159.36.

The early afternoon sell-off saw DASH slide to an intraday low $137 before recovering to $141 levels by the day’s end, the day low steering clear of the first major support level at $135.19.

A second consecutive day of losses reaffirmed the extended bearish trend formed at late April’s swing hi $547.97, with DASH continuing to fall well short of the 23.6% FIB Retracement Level of $229, a downward trend on the 23.6% FIB Retracement Level coming off the back of 14th August’s new swing lo $130.02.

At the time of writing, DASH was up 5.44% to $149.618, with a broad based market rally seeing DASH break through the first major resistance level at $145.97 and second major resistance level at $150.12 to hit an early morning high $152.818, before easing back to sub-$150 levels.

For the day ahead, a move back through to $150 levels would support another breakout to bring $152 levels back into play, though we will expect DASH to continue to fall short of the third major resistance level at $158.75, with $150 having pinned DASH back from more material gains in the early hours.

Failure to break back through to $150 levels could see DASH give up more gains later in the day, with a pullback through the first major resistance level at $145.97 likely to lead to a late sell-off, while we would expect DASH to steer clear of sub-$140 levels and the day’s first major support level at $137.35.

DASH has been playing catch up through the morning, following the trend bucking 0.1% loss on Tuesday, with any reversal across the broader market likely to see DASH take a heavy hit later in the day, though as things stand, the DASH and the broader market are looking set for a 2nd consecutive day of gains.

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Looking at the Technical Indicators

Major Support Level: $137.35

Major Resistance Level: $145.97

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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