DASH Technical Analysis – Support Levels Eyed – 28/12/18
DASH gives up early gains to move into the red, sentiment across the broader market weighing off the back of Thursday’s sell-off.
Key Highlights
- DASH slid by 9.68% on Thursday, reversing a 0.91% gain on Wednesday, to end the day at $74.781.
- An early morning intraday high $82.894 fell well short of the first major resistance level at $86.25 before hitting reverse.
- The day long reversal saw DASH fall through the first major support level at $79.21 and second major support level at $75.81 to an intraday low $73.975.
- 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.
DASH Price Support
DASH tumbled by 9.68% on Thursday, reversing a 0.91% gain from Wednesday, to end the day at $74.781.
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Bearish from the start of the day, an early morning intraday high $82.894 came up well short of the first major resistance level at $86.25 before hitting reverse, with bearish sentiment across the broader market weighing through the day.
The reversal saw DASH fall through the first major support level at $79.21 and second major support level at $75.81 to an intraday low $73.975 before finding support to move back through to $74 levels by the day’s end, while unable to move back through the support levels.
In spite of a minor gain at the start of the week and a rally last week, the extended bearish trend remained intact, with DASH continuing to fall well short of the 23.6% FIB of $172 following the 15th December new swing lo $56.214.
At the time of writing, DASH was down 0.11% to $74.698, with DASH rising from a morning low $73.516 to a morning high $75.2 before easing back to $74 levels, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through the morning high $75.2 would bring $77 levels into play, with sentiment across the broader market needing to material improve for a run at the first major resistance level at $80.46, a move through to $77 levels by the early afternoon needed to support a breakout.
Failure to move back through the morning high could see DASH take a hit later in the day, with a fall through the morning low $73.516 bringing the day’s first major support level at $71.5393 and $70 levels into play before any recovery, sub-$70 support levels unlikely to be in play through the day.
Looking at the Technical Indicators
Major Support Level: $71.54
Major Resistance Level: $80.46
Fib 23.6% Retracement Level: $172
Fib 38% Retracement Level: $244
Fib 62% Retracement Level: $360
