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DASH Technical Analysis – Eyes Resistance Levels – 17/09/18

Key Highlights

  • DASH rose by 1.88% on Sunday, reversing Saturday’s 0.45% fall, to end the day at $193.69.

  • Sunday’s recovery pulled DASH into positive territory for the week, DASH ending the week up 0.1%, Monday through Sunday.

  • DASH fell through the first major support level at $186.41 to an early morning intraday low $183.81 before recovering.

  • A late in the day rally saw DASH break through to an end of day intraday high $193.69, falling short of the first major resistance level at $194.26.

  • The moves through the week reaffirmed the extended bearish trend formed at late April’s swing hi $547.97

How to Buy DASH

DASH Price Resistance

DASH gained 1.88% on Sunday, reversing Saturday’s 0.45% fall, to end the week up $0.1% at $193.69.

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A particularly volatile day saw DASH slide through the first major support level at $186.41 to an early morning intraday low $183.81 before finding support, DASH managing to steer clear of the second major support level at $182.7.

Tracking the broader market through the day, an early afternoon reversal saw DASH fall back through the first major support level at $186.41 to an afternoon low $185.37 before rallying through to $190 levels and a day ending intraday high $193.69.

In spite of Sunday’s gains, the week’s 0.1% rise did little to dent the previous week’s more than 9% fall, with the extended bearish trend formed at late April’s swing hi $547.97 firmly intact, DASH having last broken out from the 23.6% FIB Retracement Level of $229 to test selling pressure at the 38.2% FIB Retracement Level of $290 back in mid-July.

At the time of writing, DASH was up 3.25% to $198.4, with Sunday afternoon’s rally continuing into the early hours, DASH rising to a morning high $199.593 within the first hour before easing back, DASH breaking through the day’s first major resistance level at $196.99 to come up against resistance at $200 before easing back.

For the day ahead, a move back through the morning high $199.59 would support another attempt at $200 levels to bring the second major resistance level at $200.28 into play, sentiment across the broader market to then dictate whether DASH can hold on to $200 levels or face a late in the day pullback.

Failure to take another run at the second major resistance level at $200.28 could see DASH hit reverse later in the day. Holding on to $190 levels through the morning will be key, with any pullback to sub-$190 levels likely to bring the day’s first major support level at $187 into play before any recovery, which would be dependent upon the news wires.

While it’s been a bullish start to the day, for DASH to hold on to the morning gains and look for more later in the day, sentiment across the broader market will need to be aligned, else investors could look to lock in profits before any reversal kicks in.

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Looking at the Technical Indicators

Major Support Level: $187.1

Major Resistance Level: $196.99

Fib 23.6% Retracement Level: $229

Fib 38% Retracement Level: $290

Fib 62% Retracement Level: $388

This article was originally posted on FX Empire

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