- Dash price forming an interesting pattern, which is a contradicting and divergence signal.
- There is a Triple top pattern is formed, which is a bearish sign.
- At the same time, there is a bullish trend line formed (as highlighted in yesterday’s post), which is acting as a major barrier for sellers.
Dash price is heading towards a major break, as there are several breakout patterns forming on the hourly chart.
Triple Top Pattern
A few days ago, we highlighted a double top pattern on the hourly, which stands valid till date. Now, there is a triple top pattern forming, as there was one more rejection around the 0.0130BTC resistance area. However, as the same time there is a bullish trend line formed (as highlighted in yesterday’s post), i.e. preventing the downside every time sellers make an attempt to take the price lower.
There were several attempts to take the price below the highlighted trend line, but buyers succeeded in holding the downside. The Lower Bollinger Band along with the 61.8% Fib retracement level of the last wave from 0.0124BTC to 0.0131BTC and trend line is acting as a crucial support area.
The price is currently below the 100 hourly simple moving average, but it hardly matters considering other things which are more important. We need to see whether the triple top pattern is valid or not, as if the price settles below the trend line support area more gains are possible.
On the upside, the Middle Bollinger Band is an initial resistance. The most important hurdle is around the triple top level around 0.0130BTC-0.0131BTC.
Intraday Support Level – 0.0125BTC
Intraday Resistance Level – 0.0130BTC
The hourly RSI and MACD are showing bearish signs, which is a sign of a move down in the short term.
Charts courtesy of Trading View