BUY BITCOIN
Key Highlights
- Dash price after testing $150 against the US Dollar found resistance and started a downside move.
- The DASH/USD pair is currently correcting lower, and broke a bullish trend line at $140 on the hourly chart (data feed from Poloniex).
- There is a chance of an extended correction towards the $125 level if sellers remain action.
Dash price (DigitalCash) after a nasty surge against the US Dollar and Bitcoin made a top. DASH/USD is currently correcting and may trade towards $125-130.
Dash Price Rise and Decline
In the last analysis, I mentioned that as long as Dash price is above $105-110 against the US Dollar, there is a chance of a move towards $135. The price did move towards $135, and also managed to break it. The upside move was very strong, as the price cleared the $140 and $145 resistance levels. A new weekly high was formed near $150.50 where the price found resistance and moved down.
A correction wave was started, as the price moved below the 23.6% Fib retracement level of the last wave from the $94 low to $150 high. Moreover, the DASH/USD pair also broke a bullish trend line at $140 on the hourly chart. It has ignited a downside wave towards $125. The pair is currently finding support just around the 38.2% Fib retracement level of the last wave from the $94 low to $150 high at $128. It may correct a few pips higher, but remains at a risk of more declines below $130.
In my view, the price may test $122, which coincides with the 50% Fib retracement level of the last wave from the $94 low to $150 high. The 100 hourly simple moving average is also near $120. So, if the pair corrects lower, there can be a major buy zone near $120.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is currently in the bearish slope.
Hourly RSI – The RSI for DASH/USD is heading lower, and below 50.
Intraday Support Level – $125
Intraday Resistance Level – $145
Charts from Poloniex; hosted by Trading View
