Key Highlights
- Dash price failed to move lower and continued to trade higher.
- Our anticipated Double Top pattern resistance was broken, cancelling the view of a downside reaction.
- More gains are likely as long as the price stays above a crucial bullish trend line formed on the hourly chart.
Dash price moved above 0.0127BTC, and continued to follow a nice bullish trend with sellers failing time and again to defend the upside.
0.0124BTC as a Buying Area
Dash price silently moved above a critical resistance of 0.0127BTC with the opening bell and cancelled the probability of a downside reversal. There was a double top pattern in the making, but the recent move destroyed sellers and set the price for more gains. The price continued to move higher slowly, and heading towards a monster resistance at 0.0130BTC where buyers may perhaps struggle in the short term.
Currently, there are no bearish signs, which means the current bullish trend is likely to continue. The hourly RSI is well above the 50 level with no signs of overbought conditions. The MACD is also positioned for buyers help. If the price corrects lower from the current levels, then initial support can be around the 38.2% Fib retracement level of the last wave from 0.0120BTC to 0.0128BTC, which is at the Lower Bollinger Band.
However, the most important support is around the 50% Fib retracement level, as it is positioned around a critical bullish trend line on the hourly chart. Furthermore, the same trend line floating along with the 100 hourly simple moving average, suggesting that 0.0125BTC is a major support area.
Intraday Support Level – 0.0124BTC
Intraday Resistance Level – 0.0128BTC
On the upside, we will continue to keep on the recent high of 0.0128BTC. A break of 0.0128BTC might clear the way for a test of 0.0130BTC.
Charts courtesy of Trading View
