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DASH Technical Analysis – Support Levels in Play – 06/08/19

Bob Mason

Key Highlights

  • DASH rallied by 3.34% on Monday. Reversing a 0.59% loss from Sunday, DASH ended the day at $110.647.
  • A start of a day intraday low $106.909 saw DASH steer well clear of the first major support level at $103.98.
  • A late morning intraday high $113.243 saw DASH break through the first major resistance level at $107.9 and second major resistance level at $109.58.
  • The extended bearish trend, formed back at late April 2018’s swing hi $547.97 remained firmly intact. DASH continued to fall short of the 23.6% FIB Retracement Level of $172, following 15th December’s swing lo $56.214.

How to Buy DASH

DASH Price Support

DASH rallied by 3.34% on Monday. Reversing a 0.59% loss from Sunday, DASH ended the day at $110.647.

Tracking the broader market through the morning, DASH rallied from an intraday low $106.909 to an intraday high $113.243.

The morning rally saw DASH break through the first major resistance level at $107.9 and second major resistance level at $109.58. The third major resistance level at $113.5 capped the upside on the day. DASH steered well clear of the first major support level at $103.98 at the start of the day.

A choppy 2nd half of the day saw DASH pullback to $109 levels before breaking back through the second major resistance level.

The extended bearish trend formed back at late April 2018’s swing hi $547.97, remained firmly intact following the late June and July pullback. DASH continued to fall short of the 23.6% FIB of $172 after having failed to take a run at the 38.2% FIB of $244.

At the time of writing, DASH was down by 1.64% to $108.833. A bearish start to the day saw DASH fall from a morning high $110 to a low $108.833.

DASH left the major support and resistance levels untested in the early part of the day.

For the day ahead

DASH a move back through to $110.27 levels would support a run at the first major resistance level $113.62.

Support from the broader market would be needed, however, for DASH to break out from $110 levels.

Barring another broad-based crypto rally, Monday’s high $113.24 and the first major resistance level at $113.62 would likely limit any upside.

Failure to move back through to $110.27 levels could see DASH fall deeper into the red. A fall through to $107 levels would bring the first major support level at $107.29 into play.

Barring a broad-based crypto sell-off, however, DASH should steer clear of Monday’s low $106.909.

Looking at the Technical Indicators

Major Support Level: $107.29

Major Resistance Level: $113.62

23.6% FIB Retracement Level: $172

38.2% FIB Retracement Level: $244

62% FIB Retracement Level: $360

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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