- Dash price surged higher and avoided a break below 0.0115BTC once buyers jumped into action.
- Yesterday’s highlighted bullish outside bar pattern paid off and took the price higher.
- Prices traded close to 0.0121BTC where it found resistance before moving lower once again.
Dash price showing signs of a reversal, as buyers successfully defended the downside and pushed the price higher.
What does the recent break mean?
Yesterday, we highlighted an important bullish pattern on the hourly chart, i.e. a bullish outside bar, which turned out to be valid and took the price higher Intraday. There was a bearish trend line on the hourly chart that was broken during the upside drift. The price traded close to the 100 hourly simple moving average and stayed above the same for some time. However, the upside was stalled just below the second bearish trend line, i.e. around the 61.8% Fib retracement level of the last drop from 0.0125BTC to 0.0115BTC.
There was a downside reaction after the failure around the mentioned Fib level, and the price even traded below the 100 hourly simple moving average. However, buyers managed to protect the downside around the broken resistance area around 0.0116BTC.
There are a couple of bearish signs noted on the hourly chart, including the RSI below the 50 level. Moreover, the MACD has changed the slope to bearish, signaling more losses. We need to see how long buyers can manage to defend downsides. A break and close below 0.0116BTC might ignite put a lot of pressure on buyers moving ahead.
Intraday Support Level – 0.0115BTC
Intraday Resistance Level – 0.0120BTC
On the upside, the 100 MA may perhaps act as a hurdle for buyers. Only if buyers manage to clear it, the trend might change in favor of the bulls.
Charts courtesy of Trading View