DASH Technical Analysis – Tests Support Early – 30/08/18

Key Highlights

• DASH fell by 3.87% on Wednesday, partially reversing Tuesday’s 6.22% rally, to end the day at $186.74.

• Recovering from an early dip, DASH broke through to $200 levels, with an intraday high $200.66 before an early afternoon reversal.

• DASH fell to an early evening intraday low $185.6 before recovering to $186 levels by the day’s end.

• The moves through the day left the major support and resistance levels untested and the extended bearish trend intact.

How to Buy DASH

DASH Price Support

DASH slid by 3.87% on Wednesday, partially reversing Tuesday’s 6.22% rally, to end the day at $186.74.

Tracking the broader market, DASH slipped to a morning low $188.2 before finding support to move back through to $200 levels, with an intraday high $200.66.

Falling short of the day’s first major resistance level at $207.47, a shift in sentiment across the broader market saw DASH slide back through the afternoon to an early evening intraday low $185.6, before recovering to $186 levels by the day’s end.

The early evening intraday low held above the day’s first major support level at $176.46, bucking the trend across the majors that called on support levels through the early afternoon in response to regulatory news hitting the wires of EU finance ministers planning to discuss cryptocurrencies at the September gathering.

Moves through the day saw DASH continue to fall well short of the 23.6% FIB Retracement Level of $229, to leave the extended bearish trend firmly intact, with DASH needing to break through the 38.2% FIB Retracement Level of $290 to $300 levels to support the formation of a bearish trend reversal.

At the time of writing, DASH was down 2.96% to $181.301, with DASH falling from a start of a day morning high $187.3 to a morning low $181.3 to call on support at the day’s first major support level at $181.34.

For the day ahead, a move back through the morning high $187.3 to $190 levels would support a run at the day’s first major resistance level at $196.4, though a move through to $190 levels and hold by late morning would be needed to support a run at the day’s major resistance levels, negative sentiment across the broader market likely to see DASH face plenty of resistance on any recovery to $190 later in the day.

Failure to move back through the morning high could see DASH fall further through the day to bring sub-$180 levels and the day’s second major support level at $175.94 into play, support at $180 key to avoiding a more material reversal through the afternoon.

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Looking at the Technical Indicators

Major Support Level: $196.4

Major Resistance Level: $181.34

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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