- Dash price fell sharply as forecasted in Yesterday’s technical analysis, as there was a crucial break noted.
- The downside stalled around 0.0116BTC, representing an important support area.
- Buyers are in control, which is why selling rallies might not be a bad idea in the short term.
Dash price moved lower sharply once sellers managed to gain pace. Looking ahead, the broken support at 0.0120BTC could act as a hurdle.
0.0120BTC as a Resistance
Dash price Intraday breached an important support area at 0.0120BTC, which represents a major pivot area for both buyers and sellers. Once the mentioned area was cleared, sellers managed to gain strength taking the price towards the next support at 0.0116BTC. The Bollinger Bands tilted sharply, and expanded to highlight the downside move. The hourly RSI is around the oversold readings, which points to the fact that there is a chance of a minor correction in the near future.
If the price corrects higher from here, then an initial resistance can be seen around the 23.6% Fib retracement level of the last drop from 0.0128BTC to 0.0116BTC. However, a crucial barrier is around the 38.2% Fib level, which is coinciding with the pivot area of 0.0120BTC. Any further upside might be limited considering that there are many hurdles on the way up for buyers. Furthermore, the 100 hourly MA is also on the upside, positioned with a minor bearish trend line.
On the downside, a break below the recent low of 0.0116BTC may perhaps set the pace for more downside towards 0.0112BTC. There is no sign of divergence on the RSI and MACD, which is a warning sign.
Intraday Support Level – 0.0116BTC
Intraday Resistance Level – 0.0120BTC
Overall, there is a lot of pressure on buyers, and it won’t be easy for them to take the price higher in the short term.
Charts courtesy of Trading View