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DASH Technical Analysis – Turning Bullish – 05/07/18

Bob Mason
Updated

Key Highlights

  • DASH gained 1.56% on Wednesday, partially reversing Tuesday’s 3.46% fall, to end the day at $245.01.

  • DASH fell through the day’s first major support level at $234.56 with a mid-morning intraday low $229.73 before recovering to $240 levels.

  • An early afternoon intraday high $252.29 saw DASH fall short of the day’s first major resistance level at $254.10 leading to a pullback to $240 levels through the afternoon, with DASH continuing to fall well short of the 23.6% FIB Retracement Level of $295.

How to Buy DASH

DASH Price Resistance

DASH gained 1.56% on Wednesday, partially reversing Tuesday’s 3.46% fall, to end the day at $245.09.

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It was a mixed day for DASH, with a relatively range bound start to the day seeing DASH fall through the day’s first major support level at $234.56 to a mid-morning intraday low $229.73, with support kicking in to drive DASH through to an early afternoon intraday high $252.29, the day’s high falling short of the first major resistance level at $254.1 and, more importantly, the 23.6% FIB Retracement Level of $295.

In spite of a bounce from 29th June’s swing lo $217, the extended bearish trend, formed at 24th April’s swing hi $547.97 remains intact, with DASH having failed to consolidate moves in the earlier part of the week to $260 levels.

At the time of writing, DASH was up 1.22% to $249.069, with DASH recovering from a start of the day pull back to a morning low $242.07 to move through to a morning high $250.99 before easing back to sub-$250 levels.

The moves through the day saw DASH avoid testing the day’s first major support level at $232.45, while DASH also fell short of the day’s first major resistance level at $255.01, with the extended bearish trend formed at 24th April’s swing hi $547.97 still intact in spite of a recovery from 29th June’s swing lo $217.

For the day ahead, a move back through the morning’s $250.99 high would support another run at the day’s first major resistance level at $255.01, though for DASH to resume the formation of a near-term bullish trend, a move back through Tuesday’s $260.08 high would be needed, which may be a step to far for DASH on the day, $250 appearing to be a key level for DASH mid-week.

Failure to move back through to $250 levels to take a run at the first major resistance level could see DASH give up gains from early in the day, with the day’s first major support level at $232.45 in play in the event of an afternoon reversal, though we would expect DASH to recover from sub-$240 lows by the day’s end, barring materially negative news hitting the wires.

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Looking at the Technical Indicators

Major Support Level: $232.45

Major Resistance Level: $255.01

Fib 23.6% Retracement Level: $295

Fib 38% Retracement Level: $343

Fib 62% Retracement Level: $422

This article was originally posted on FX Empire

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