Categories: CoinsMarket Analysis

DASH Technical Analysis for 01/19/2016 – Massive Pivot Zone at 0.011

DASH has doubled in value in the space of ten days, but the relentless trend seems to be showing signs of weakness. The 0.011 area has turned into a major battle zone. This level has been used as resistance about six times since the 15th of January. Price attempted to break above this level a few times yesterday and today, but failed. DASH is currently trading under this area and the probability of further selling increases the longer price stays under 0.011.

 

Price broke under 0.011 today, but it also closed under the trend line. This confluence of events leads me to believe that the bull market may be in serious trouble. The only way the market will rally to 0.013 again is if price can make it above 0.011!

 

If there is another sell-off in the next few days, the 0.0097 area will probably come into play. This level provided ample support on January 17, so I would not be surprised if this area acts as support again.

 

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Disclaimer:  This is not trading/investment advice!

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

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