DASH Technical Analysis – Support and the Bears – 310718

Key Highlights

• DASH fell by 1.22% on Monday, following Sunday’s 1.4% slide, to end the day at $235.09.

• An early morning intraday high $240 fell short of the day’s first major resistance level at $241.03.

• A late morning and early afternoon sell-off saw DASH slide through the first major support level at $236.04 and second major support level at $234.07 to an intraday low $230.74.

• The extended bearish trend, formed at 24^th April’s swing hi $547.97 remains intact.

How to Buy DASH

DASH Price Support

DASH fell by 1.22% on Monday, following Sunday’s 1.4% loss, to end the day at $235.09.

A recovery from a start of a day dip saw DASH move through to $240 levels with an intraday high $240, which came up short of the first major resistance level at $241.03, before a broad based cryptomarket sell-off kicked in.

DASH slid through the day’s first major support level at $236.04 and second major support level at $234.07 to an early afternoon intraday low $230.74, before finding much needed support at $230 to hold DASH above the third major support level at $229.08.

A cryptomarket rebound in the afternoon saw DASH bounce back through the second major support level at $234.07, whilst failing to hold above the first major support level at $236.04 by the day’s end, DASH easing back from a late afternoon recovery to $236.79.

The moves through the day reaffirmed the extended bearish trend formed back at 24^th April’s swing hi $547.97, with DASH having tested resistance at the 23.6% FIB Retracement Level at $287 all too briefly on the 19^th and 20^th July, a breakout from the 23.6% FIB Retracement Level to $300 levels needed to support a bearish trend reversal.

At the time of writing, DASH was down 1.56% to $231.79, with DASH tracking the broader market through the early hours, sliding from a start of a day $235.09 high to a morning low $230.35, calling on support at the first major support level at $230.55 before moving back to $231 levels.

For the day ahead, a move back through to the morning high $235 would support a run at the first major resistance level at $239.81 to bring $240 levels into play, while falling well short of the 23.6% FIB Retracement Level of $287 will continue to support the extended bearish trend to leave pressure on DASH near-term.

Failure to move back through the morning high will likely see DASH taker a bigger hit later in the day, with a pullback through the first major support level at $230.55 likely to see sub-$230 levels come into play, the day’s second major support level at $226.02 in play later in the afternoon should sentiment across the broader market not improve through the late morning.

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Looking at the Technical Indicators

Major Support Level: $230.55

Major Resistance Level: $239.81

Fib 23.6% Retracement Level: $287

Fib 38% Retracement Level: $337

Fib 62% Retracement Level: $418

This article was originally posted on FX Empire

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