DASH Technical Analysis – Support Levels in Play –03/05/19
Key Highlights
- DASH slipped by just 0.06% on Thursday. Following a 4.45% gain from Wednesday, DASH ended the day at $114.98.
- A mid-morning intraday low $113.502 saw DASH steer clear of the first major support level at $110.35.
- A late afternoon intraday high $116.08 saw DASH fall short of the first major resistance level at $118.83 before easing back.
- The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact. 3 consecutive weeks in the red left DASH well below the 23.6% FIB Retracement Level of $172, following 15th December’s swing lo $56.214.
DASH Price Support
DASH slipped by 0.06% on Thursday. Following a 4.45% rally on Wednesday, DASH ended the day at $114.98.
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Bucking the trend from across the broader market, DASH slipped to a mid-morning intraday low $113.502 before finding support.
Holding well above the first major support level at $110.35, DASH recovered to a late afternoon intraday high $116.08. In spite of the afternoon moves, DASH came up short of the first major resistance level at $118.83.
A late pullback saw DASH ease back to $114 levels by the day’s end.
In spite of 9 weeks in the green out of the last 13, 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, 3 consecutive weeks in the green will have raised some red flags. While up by 48% year-to-date, DASH has fallen by 18% from a current year high $140.1 struck on 2nd April.
A move back through the current year high $140.1 will be needed to give the bulls a chance at reversing the extended bearish trend.
At the time of writing, DASH was down by 0.17% to $114.78. Bucking the trend from across the broader market, DASH slid to an early morning low $113.6 before finding support.
Calling on support from the first major support level at $113.62, DASH recovered to a morning high $115.17 before easing back. In spite of the bounce-back, DASH fell short of the first major resistance level at $116.21.
For the day ahead,
A move back through to $114.85 levels would support another run at $115 levels later in the day. Support from the broader market would need to kick in, however, for DASH to take a run at $116 levels.
Barring a broad-based crypto rally, DASH will likely fall short of the first major resistance level at $116.21. Thursday’s high $116.08 would pin DASH back from any trend-bucking breakout.
Failure to move back through to $114.85 levels could see DASH struggle through the day. A slide through the morning low $113.6 would bring $112 levels into play before any recovery.
Barring a crypto meltdown, however, DASH would likely steer clear of the second major support level at $112.27.
Looking at the Technical Indicators
Major Support Level: $113.62
Major Resistance Level: $116.21
23.6% FIB Retracement Level: $172
38.2% FIB Retracement Level: $244
62% FIB Retracement Level: $360
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Thanks, Bob