Dash Price Key Highlights
- Dash price looks like completed a 5-waves up pattern and might head lower in the near term.
- There is a Triple top pattern formed (as highlighted yesterday), which could push the price lower.
- Besides, there is a bullish trend line formed, which must be cleared for more losses in the near term.
Dash price might have created a short-term top, as there is a wave sequence completed on the hourly chart.
As mentioned in yesterday’s post, we are waiting for a break in the Dash price. There are a couple of important things formed on the hourly chart, which might act as a catalyst for the next move. The first one is a triple top pattern formed around the 0.0130BTC resistance area, which was also the double top resistance earlier. Moreover, the price is also below the 100 hourly simple moving average, which is a negative sign for sellers. However, the most important point is the fact that the Dash price might have completed a 5-waves pattern at 0.0130BTC, and it could be heading lower in the near term.
On the downside, there is a bullish trend line formed (as highlighted yesterday), which holds a lot of importance as the Lower Bollinger Band along with the 61.8% Fib retracement level of the last wave from 0.0124BTC to 0.0131BTC and the trend line is also aligned. A break and close below 0.0125BTC is need for the price to trade lower moving ahead.
On the upside, the 100 hourly simple moving average is a short-term resistance. A break above it might call for a test of the triple top level around 0.0130BTC-0.0131BTC.
Intraday Support Level – 0.0125BTC
Intraday Resistance Level – 0.0130BTC
There are no encouraging signs on the hourly RSI and MACD, so we have to wait for a break.
Charts courtesy of Trading View