DASH Technical Analysis for 02/19/2016 – Market Trading Under Key Pivots

The DASH cryptocurrency was trading in an extremely tight range at the start of February, but on February 11th, the market plunged underneath 0.01, which then turned into a key pivot zone. Once price made it under 0.01, this area turned into resistance, and prevented the market from rallying on four occasions between the the 11th and 17th. The 0.01 level also acted as support on three occasions since the 25th of January. Mark this pivot on your charts!

Price made its way under another important pivot zone on the 16th. The 0.009 pivot has a long history that goes all the way back to the end of December, when 0.009 first acted as resistance. The market also used 0.009 as support about four times during January and February. DASH is now trading underneath 0.009, so unless there is enough buyers to break above 0.009, the path of least resistance seems to be down.

If the market continues to slide over the next few days, the next area of interest is 0.0065. The daily chart shows that this level was used as resistance during early December of 2015. The 0.0065 area then acted as support on the 10th of January, and a second time on the 12th. Given its the prior history, 0.0065 is very likely to act as support again.

Disclaimer:  This is not trading/investment advice!

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

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