DASH Technical Analysis – Resistance Levels in Play –31/01/19

It’s a bullish start to the day and a run at $69 levels is on the cards should DASH avoid sub-$68 through the morning.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Key Highlights

  • DASH gained 1.91% on Wednesday, reversing a 1.01% fall from Tuesday, to end the day at $67.941.
  • A mid-morning intraday low $65.668 saw DASH come within range of the first major support level at $65.029 before bouncing back.
  • The bounce back saw DASH break through the day’s first major resistance level at $67.967 to hit an early afternoon intraday high $68.81, before easing back to $67 levels.
  • The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact with DASH sitting 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 1.91% on Wednesday, reversing a 1.01% fall from Tuesday, to end the day at $67.94.

A relatively bearish start to the day saw DASH fall to a mid-morning intraday low $65.668. Steering clear of the first major support level at $65.03, DASH found support from the broader market to strike an early afternoon intraday high $68.81.

The late morning rally saw DASH break through the first major resistance level at $67.97 to hit $68 levels before a pullback to $67 levels. Negative sentiment across the broader market through the week was telling, with DASH pinned to sub-$70 levels by the day’s end for a 3rd consecutive day.

The extended bearish trend remained firmly intact, in spite of Tuesday’s gains that barely made a dent into 3 consecutive days in the red. DASH continues to fall well short of the 23.6% FIB of $172 following the 15th December new swing lo $56.214.

It’s been a bad start to the year for DASH and the broader market, with DASH down by 12.5% for the current month.

At the time of writing, DASH was up 0.84% to $68.51. Moves through the early morning saw DASH recover from a morning low $67.689 to strike a morning high $68.51. The rally saw DASH come up short of $69 levels and the first major resistance level at $69.278, whilst also steering clear of the first major support level at $66.136.

For the day ahead, a hold onto $68 levels would support a run at $69 levels to bring the first major resistance level at $69.278 into play. Barring a major crypto rally, we would expect DASH to continue falling short of $70 levels to leave the second major resistance level at $70.615 out of play on the day.

Failure to hold onto $68 levels could see DASH slide through $67.473 to bring $66 levels and the first major support level at $66.136 into play. We would expect DASH to avoid heavier losses on the day, in the event of a reversal, with the second major support level at $64.331 unlikely to be tested through the day.

Looking at the Technical Indicators

Major Support Level: $66.14

Major Resistance Level: $69.28

Fib 23.6% Retracement Level: $172

Fib 38% Retracement Level: $244

Fib 62% Retracement Level: $360

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US