Dash Price Technical Analysis – Double Top?

Key Highlights

  • Dash price made another attempt to trade above 0.0130BTC, but failed.
  • It looks like there is a double top pattern forming, which if turns out to be true might push the price lower.
  • The price has settled below the 100 hourly simple moving average, which is a bearish sign in the short term.

Dash price failing around 0.0130BTC is a warning sign and might take it lower moving ahead.

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Channel Break

We were anticipating a break in the Dash price this past week, and that did happen. The price moved higher, but found resistance around 0.0130BTC which ignited a downside reaction. However, buyers pushed the price back higher one more time, but the most surprising part was the fact that 0.0130BTC once again stalled the upside move. The mentioned scenario created a double top pattern on the hourly chart, and can be seen as a warning sign to buyers.

Dashcoin

The price is currently around the Lower Bollinger Band, which is sitting around a critical bullish trend line on the hourly chart. Moreover, the 61.8% Fib retracement level of the last wave from 0.0124BTC to 0.0131BTC is also helping buyers in protecting downsides. However, if sellers stay in control, and if the double top pattern is valid, there might be a break below the highlighted trend line. If it happens, the last swing low of 0.0125BTC may be tested moving ahead. The hourly RSI is below the 50 level, which supports the view of more declines in the near term.

On the upside, the Middle Bollinger band is a resistance zone, followed by the Upper Band. Besides, there is a crucial barrier forming around 0.0130BTC which needs to be cleared for more gains.

Intraday Support Level – 0.0125BTC

Intraday Resistance Level – 0.0130BTC

Overall, we might witness declines if there is a break below the bullish trend line.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012