DASH Technical Analysis – In the Red and with Nowhere to Go – 12/10/18Bucking the trend across the majors was DASH in the early hours, Thursday’s heavy reversal extending into the early hours…
- DASH slumped by 13.1% on Thursday, following on from Wednesday’s 2.68% decline, to end the day at $153.404.
- A particularly bearish start to the day saw DASH slide through the day’s major support levels within the first hour, while hitting an intraday low $153.404 at the end of the day.
- A start of the day intraday high $176.526 fell short of the day’s first major resistance level at $179.11.
- The moves through the day reaffirmed the extended bearish trend formed at late April’s swing hi $547.97
DASH Price Support
DASH tumbled by 13.1% on Thursday, following on from Wednesday’s 2.68% fall, to end the day at $153.404.
A particularly bearish start to the day saw DASH slide from a start of a day intraday high $176.526 to an early afternoon low $157.883 before steadying, the moves through the first half of the day seeing DASH slide through the day’s major support levels with ease as news from a U.S Senate hearing on the cryptocurrency market hit the wires to do the damage.
Partially recovering in the early afternoon to a 2nd half of a day high $160.939, DASH failed to break back through the third major support level at $167.6, with a late reversal adding more pain on the day, DASH sliding to an intraday low $153.404 at the day’s end.
The day’s reversal reaffirmed the extended bearish trend formed back at late April’s swing hi $207.36, with the only near-term chance of a recovery laying in the hands of the SEC and its pending decision on 9 Bitcoin ETF applications that had been originally rejected.
At the time of writing, DASH was down 0.79% to $152.96, moves through the early morning seeing DASH recover from a start of a day low $150.316 to a morning high $153.442 before easing back, the early moves leaving the major support and resistance levels untested.
For the day ahead, a move back through the morning high $153.442 would support a run at $156 levels, while we would expect DASH to fall well short of the first major resistance level at $168.82 on the day, with $160 levels likely to be out of reach, barring particularly positive news hitting the wires, which is unlikely following the negative news that weighed on DASH and the broader market on Thursday.
Failure to move back through the morning high could see DASH pullback through the morning low $150.316 to bring sub-$150 levels into play, though we would expect the day’s first major support level at $145.7 to be left untested on the day, barring materially negative news hitting the wires, the mid-week losses expected to lead to some settling for the dust to settle before the next move.
Looking at the Technical Indicators
Major Support Level: $145.70
Major Resistance Level: $168.82
Fib 23.6% Retracement Level: $229
Fib 38% Retracement Level: $290
Fib 62% Retracement Level: $388