DASH Technical Analysis – Eyeing Price Resistance – 31/10/18

Key Highlights

• DASH gained 1.78% on Tuesday, following a 3.07% fall on Monday, to end the day at $152.02.

• A start of a day intraday low $148.27 saw DASH steer clear of the day’s first major support level at $146.66.

• Upward momentum through the day saw DASH strike a late intraday high $152.69, falling short of the first major resistance level at $153.86.

• The moves through the week reaffirmed the extended bearish trend formed at late April’s swing hi $547.97

How to Buy DASH

 

DASH Price Resistance

DASH gained 1.78% on Tuesday, partially reversing Monday’s news driven 3.07% slide, to end the day at $152.02.

Tracking the broader market through the early hours, DASH broke through to $150 levels to hit a morning high $151.84, with continued momentum through the afternoon seeing DASH buck the trend seen across the broader market to strike a late in the day intraday high $152.69 before easing back.

A start of a day intraday low $149.37 saw DASH steer clear of the first major support level at $146.66, while also falling well short of the day’s first major resistance level at $153.86 late in the day.

With DASH continuing to fall well short of the 23.6% FIB Retracement Level of $229, the extended bearish trend, formed at late April’s swing hi $547.97 remained firmly intact, with DASH needing a break out from the 23.6% FIB Retracement Level to bring the 38.2% FIB Retracement Level of $290 into play in order to begin forming bearish trend reversal.

At the time of writing, DASH was up 2.13% to $155.24, a bullish start to the day seeing DASH rally from an early morning low $152.89 to a morning high $158 before easing back, the moves through the early morning seeing DASH break through the first major resistance level at $153.35 and second major resistance level at $154.68 to come up against the third major resistance level at $158.01 before pulling back.

While testing the day’s major resistance levels, the morning low $152.89 held well above the first major support level at $150.03.

For the day ahead, holding above the second major resistance level at $154.68 would support another run at the third major resistance level at $158.01, with any break through likely to see DASH test resistance at $160 before any pullback, though the broader market will need to be relatively steady to support a second run.

Failure to hold above the second major resistance level could see DASH hit reverse later in the day, with a fall back through $154.68 likely to see DASH pullback to $153 levels before steadying, the day’s major support levels likely to be out of play on the day, barring materially negative news hitting the crypto wires.

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Looking at the Technical Indicators

Major Support Level: $150.90

Major Resistance Level: $154.22

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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