Dash Price Technical Analysis – Downside Reversal

Key Highlights

  • Dash price after a solid move towards the upside failed completely around an important resistance area of 0.0120BTC.
  • The price is now below the 100 hourly simple moving average, which is a bearish sign.
  • A descending channel pattern is formed on the hourly chart, which might break to open the doors for more losses.

Dash price is struggling and there is a chance that the price might break down and trade towards the last swing low of 0.0110BTC.

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Descending Channel

We highlighted time and again that there is a major resistance formed around 0.0120BTC. There were a lot of things aligned around the stated level, including the 23.6% Fib retracement level of the last drop from 0.0147BTC to 0.0111BTC. Moreover, the mentioned level also represents the previous swing area, and acted as a support and resistance on many occasions. There was a perfect failure noted around the stated level, as the price stated to move lower after a couple of attempts to trade above it.


Now, there is a descending channel forming on the hourly chart, which is likely to

Read more ... source: TheBitcoinNews