Dash Price Weekly Analysis – Downside Break

Dash Price Key Highlights

  • Dash price after a sharp spike higher failed to hold gains and traded lower.
  • There is a major trend break noted, which is likely to ignite more declines in the short term.

Dash price once again failed to continue trading higher and moved back lower to clear a major support area.

Dash Price – Retest of 0.0125BTC

We highlighted this past week that the price could trade higher, and bounce sharply. There was an upside reaction, but buyers failed to outpace sellers after some time. There was a solid selling interest noted around the 50% Fib retracement level of the last drop from 0.0137BTC to 0.0124BTC. The price failed around the mentioned fib level, as there were two attempts to clear it. After the failure, the price moved lower and looks set for more losses.

Mid Post Ads

Dashcoin

The main point to note is the fact that there was a bullish trend line on the hourly chart, which was broken during the downside reaction. As the price has cleared the highlighted trend line it has opened the doors for a move towards the most important support area of 0.0125BTC. If the price corrects higher from the current levels, then the broken trend line could act as a barrier in the short term. The price is also below the 100 hourly simple moving average, which is a signal that sellers are here to stay and they can push the price lower looking ahead.

On the downside, 0.0125BTC is a critical support area, followed by 0.0124BTC. A break below the mentioned support levels could ignite more declines which might take the price towards 0.0120BTC.

Intraday Support Level – 0.0125BTC

Intraday Resistance Level – 0.0130BTC

There is no sign of hope on RSI and MACD for buyers, which calls for a bear wave in the short term.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012