- Dash price managed to clear an important bearish trend line as highlighted in yesterday’s analysis.
- The price remains below a major barrier of 0.0116BTC, which might ignite a move lower.
- More losses are favored as long as sellers defend the mentioned barrier.
Recent break in the Dash price is a positive sign, but buyers need to be careful as the job is only half done.
0.0116BTC as a Hurdle
There was a break noted for the Dash price, as a bearish trend line as highlighted in yesterday’s analysis was pierced by buyers. The price climbed higher after the break, but the upside was stalled around the 50% Fib retracement level of the last drop from 0.0120BTC to 0.0104BTC. Moreover, the Upper Bollinger Band also played its part in acting as a resistance for more gains along with the mentioned Fib level.
However, the most important hurdle is forming around 0.0116BTC, as there are many things aligned around it. First, it is a pivot area, meaning might stall gains. Second, the 76.4% Fib level is also around the stated area. Lastly, the 100 hourly simple moving average is also positioned. This is not all, as there is a long-followed bearish trend line above 0.0116BTC, which is a monster factor for buyers. We need to see whether buyers can manage to take the price higher in the near term or not, as there are many hurdles on the upside.
On the downside, the broken trend line might provide support in the short term. A failure to hold it might take the price towards the recent low of 0.0104BTC. The hourly RSI is below the 50 level, which is a divergence sign when compared with the trend line break.
Intraday Support Level – 0.0104BTC
Intraday Resistance Level – 0.0112BTC
Overall, selling rallies might be an option close to 0.0112BTC.
Charts courtesy of Trading View