- Dash price found resistance around 0.0116BTC, which is a major swing area in the near term.
- A bear trend line is formed as highlighted in yesterday’s analysis continued to act as resistance.
- Buyers need to break the 100 hourly moving average if they have to gain momentum.
Dash price is showing signs of weakness, but if buyers get aggressive a break higher is possible moving ahead.
Dash price continued to find sellers around 0.0116BTC-0.0114BTC, as it represents a major resistance area. As stated yesterday, the mentioned level holds importance as it comprises of 100 hourly simple moving average, the Middle Bollinger Band and 61.8% Fib retracement level of the last drop from 0.0120BTC to 0.0108BTC. It represents a pivot zone, as it acted as a resistance and support on many times. Buyers have to fight hard if they wish to clear the stated resistance area.
There is a bearish trend line formed as well on the hourly chart, which is sitting around the same resistance area. So, if buyers manage to clear 0.0116BTC, then a move towards 0.0120BTC is possible. The Upper Bollinger Band is just below the stated level that can also be seen as a target of buyers. There are a few bearish signs, which might cause a bit of worry for buyers. Example, the hourly RSI is below the 50 level, and MACD is positioned towards the bearish slope.
On the downside, the Lower Bollinger Band is closing in, which means the chances of a break are very high moving ahead. Let us see which way it breaks as traders prepare for the next move.
Intraday Support Level – 0.0110BTC
Intraday Resistance Level – 0.0116BTC
Overall, it is likely that we witness a spike lower before the price moves higher in the short term.
Charts courtesy of Trading View