- Dash price continued to slide, and even broke an important support at 0.0116BTC.
- The downside was not sharp after the break, as the price recovered after trading as low as 0.0115BTC.
- A couple of bearish trend lines on the hourly chart might play a critical role in the near term.
Dash price failed to move below 0.0115BTC and recovered a bit, signaling that it won’t be easy for sellers to take it lower.
We were anticipating a break lower below 0.0116BTC, which did happen, but the downside move post break was limited. The price moved close to 0.0115BTC, stopped and recovered to trade back higher. There is an important bullish pattern formed on the hourly chart, i.e. a bullish outside bar, signaling that buyers are stepping in. However, there are many hurdles on the way up for them.
First, the Middle Bollinger Band is coinciding with a bearish trend line on the hourly chart, which recently stalled the upside move. It is also sitting around the 23.6% Fib retracement level of the last drop from the 0.0125BTC high to 0.0115BTC low. Second, just above the 23.6% Fib level lies the 100 hourly simple moving average,