Yahoo Finance DASH Technical Analysis – Early Support Could Reverse –12/12/18
Key Highlights
DASH slid by 7.16% on Tuesday, following a 10.52% tumble on Monday, to end the day at $62.01.
A bullish start to the day saw DASH strike an intraday high $67.89, coming up short of the first major resistance level at $73.46.
Bearish through the remainder of the day, DASH slid through the first major support level at $62.67 to a late in the day intraday low $61.53.
The extended bearish trend, formed back at late April’s swing hi $547.97, was reaffirmed with DASH sitting well below the 23.6% FIB Retracement Level of $173, following last week’s new swing lo $57.
DASH Price Support
DASH slid by 7.16% on Tuesday, following a 10.52% tumble on Monday, to end the day at $62.01.
Following an 18.9% fall last week, the start of the week has been another bear trap for investors. A bullish start to the day on Tuesday saw DASH rise to an early morning intraday high $67.89, coming up well short of the first major resistance level at $73.46 before hitting reverse.
The reversal saw DASH slide through the first major support level at $62.67 to a late in the day intraday low $61.53 before steadying to move back through to $62 levels by the day’s end. The support at the end of the day was not enough for DASH to break back through the day’s first major support level however, leaving the bears in control going into Wednesday.
Last week’s 18.9% slide and the current week’s 16.9% slide reaffirmed the extended bearish trend formed back at late April’s swing high $547.97, with DASH continuing to fall well short of the 23.6% FIB of $173 following last week’s new swing lo $57.
At the time of writing, DASH was up 2.68% to $63.68, with moves through the early morning seeing DASH rally from a day morning low $61.90 to a morning high $64.83 before easing back, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through to $63.8 by the early afternoon would signal a second half of a day rally, with a move back through to $64 levels bringing the day’s first major resistance level at $66.09 into play before any pullback. We will expect DASH to struggle at $66 levels however, with a material shift in sentiment needed for DASH to take a run at Tuesday’s 67.89 high
Failure to move back through $63.8 could see DASH reverse the morning’s gains, with a fall through the morning low $61.90 bringing $60 levels and the day’s first major support level at $59.73 into play before any recovery, heavier losses not expected on the day.
Looking at the Technical Indicators
Major Support Level: $59.73
Major Resistance Level: $66.09
Fib 23.6% Retracement Level: $173
Fib 38% Retracement Level: $245
Fib 62% Retracement Level: $360
This article was originally posted on FX Empire
