DASH Technical Analysis for 01/03/2016 – Bullish Momentum Fading

The DASH digital currency experienced a hefty rise to a high of 0.0097 during the second half of December, but the upward momentum seems to have dissipated at the start of the new year. Price is currently hovering right above the 0.0073 pivot zone. This level acted as resistance about three times last month, and also about two times as support, so this level is important from a technical perspective. If this level doesn’t hold as support now and price plunges towards 0.007, then 0.0073 is very likely to turn into resistance once again.

Dash-technical-analysis-Jan3

There is also another major pivot zone at 0.0068. This level prevented the market from rallying about five times during December, and this area quickly turned into support when price broke above it on the 28th. Mark this one on your charts, as it may act as support in the event of sell-off!

Dash-technical-analysis-Jan3-2
The trend line – which started on the 25th of December – has also been violated today.  I would consider this as another bearish signal.

Dash-technical-analysis-Jan3-3

 

 

Disclaimer:  This is not trading/investment advice!

Chart source: https://poloniex.com/exchange#btc_dash

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