- Dash price after setting a low around 0.0111BTC, consolidated for some time and then moved sharply higher.
- A critical bearish trend line formed on the hourly chart was breached during the upside move.
- If the price moves lower from the current levels, then it might find buyers around 0.0116BTC.
Dash price finally spiked higher, and even managed to close above an important resistance area to signal more gains.
0.0116BTC as a Support
This past week, we highlighted a bearish trend line on the hourly chart, and the price trading below the 100 hourly simple moving average. However, there was an upside move noted recently, which pushed the price above the trend line and 100 SMA confluence resistance area. Moreover, the 38.2% Fib retracement level of the last drop from 0.0128BTC to 0.0111BTC was also breached.
The price stopped around 0.0121BTC, and currently moving lower. If it continues to move lower, then it might head towards the broken trend line, which could act as a support area in the short term. Moreover, the 50% Fib retracement level of the recent move from 0.0111BTC to 0.0121BTC is also around the broken trend line. So, there is a chance of buyers appearing around 0.0116BTC. Any further losses could take the price towards a pivot area of 0.0115BTC where the 100 hourly SMA is also positioned.
On the upside, a break and close above 0.0120-0.0121BTC is needed if buyers have to gain control. If there is a break above it, then the price could easily head towards the next selling area of 0.0125BTC. Sellers might take a stand around the stated resistance area.
Intraday Support Level – 0.0116BTC
Intraday Resistance Level – 0.0121TC
The hourly RSI and MACD are in the overbought readings, which means a correction is possible moving ahead.
Charts courtesy of Trading View