DASH Technical Analysis – Resistance Levels in Play –08/02/19

DASH sees red early in the day, with the broader market needing to hold onto early gains to support a bounce back.
Bob Mason
Dash cryptocurrency coin

Key Highlights

  • DASH rallied by 3.01% on Thursday. Partially reversing a 4.13% slide from Wednesday, DASH ended the day at $66.464.
  • A start of the day intraday low $64.427 saw DASH steer well clear of the first major support level at $63.32.
  • Rising through the day, DASH came within range of the first major resistance level at $66.70, with an intraday high $66.659 before easing back.
  • The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact in spite of the Thursday’s gains. DASH continues to sit well below the 23.6% FIB Retracement Level of $172, following 15th December’s swing lo $56.214.

How to Buy DASH

DASH Price Resistance

DASH rose by 3.01% on Thursday. Partially reversing a 4.13% slide from Wednesday, DASH ended the day at $66.464.

A relatively bullish day saw DASH rise from a start of a day intraday low $64.427 to a late in the day intraday high $66.659 before easing back.

Steering well clear of the first major support level at $63.321, DASH came within range of the first major resistance level at $66.701 before the pullback.

The extended bearish trend, formed at late April’s swing hi $547.967, remained firmly intact in spite of Thursday’s gains. DASH continues to fall well short of the 23.6% FIB of $172 following the 15th December new swing lo $56.214. Year-to-date, DASH was down by 14.4% to the end of Thursday, the losses coming off the back of last year’s whopping 92.5% collapse.

At the time of writing, DASH was down by 0.85% to $65.901. A bearish start to the day saw DASH fall from a morning high $66.483 to a low $65.901. The moves through the early morning left the day’s major support and resistance levels left untested.

For the day ahead, a hold above $65.85 would support a recovery later in the day, though the majors would need to hold onto positive territory for DASH to move into the green.

A recovery would see DASH move through to $66 levels to bring the first major resistance level at $67.273 into play before any pullback. We would DASH to come up short of $68 levels and the second major resistance level at $68.082 on the day.

Failure to hold above $65.85 levels could see DASH fall through the first major support level at $65.041 to bring $64 levels into play before any recovery. We would expect DASH to steer clear of sub-$64 support levels on the day, barring a broad-based crypto sell-off. A crypto sell-off could see DASH slide to $63 levels to call on the second major support level at $63.618 before any recovery.

Looking at the Technical Indicators

Major Support Level: $65.041

Major Resistance Level: $67.273

Fib 23.6% Retracement Level: $172

Fib 38% Retracement Level: $244

Fib 62% Retracement Level: $360

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