Dash Price Key Highlights
- We highlighted yesterday that the Dash price might have completed a 5-waves up pattern and could move lower in the near term.
- There was a break lower, as the price moved below a major trend line support area to test 0.0124BTC.
- The Triple top pattern formed was valid and helped sellers to gain control.
Dash price finally moved lower and cleared a critical support area to open the doors for more losses.
Downside Break
As mentioned in yesterday’s post, we highlighted a couple of important patterns and were waiting for a break in the Dash price. There was a break noted as the triple top pattern formed around the 0.0130BTC resistance area was true and ignited a downside reaction. We also mentioned that there was a 5-waves pattern at 0.0130BTC that added to the bearish view. This is not all, as the price was below the 100 hourly simple moving average, suggesting that a break lower was possible. The price initially struggled to move lower and retested the broken trend line as well but failed to gain strength. As a result, the price fell and traded towards the next important support area of 0.0124BTC.
Now if the price attempts to correct higher, then the 23.6% Fib retracement level of the last wave from 0.0131BTC to 0.0124BTC might come into play. Any further gains might take the price toward the 100m hourly SMA, which could be seen as a barrier for buyers moving ahead.
On the downside, the last swing low of 0.0124BTC is a critical support area, and might push the price back higher. We need to see how sellers react in the mentioned situation.
Intraday Support Level – 0.0124BTC
Intraday Resistance Level – 0.0126BTC
Overall, any correction from the current levels might face hurdles on the upside.
Charts courtesy of Trading View
