The 0.0159 pivot zone – which I wrote about in my last DASH technical analysis – is continuing to influencing market dynamics. Since breaking above 0.0159 on the 25th of March, the market has used the 0.0159 level as support about three times. This level has been respected by the market since February of last year, so a break under 0.0159 would most likely signal the beginning of a bear market. This is an extremely important pivot zone and should be watched very closely!
In the past week, the 0.017 area has also played a key role. This area served twice as support on the 25th & 26th, but when price broke underneath 0.017 on the 27th, this area started acting as resistance. Since the 27th, price has tried to break above 0.017 about five times, but each attempt has been unsuccessful.
The market is now essentially sandwiched between support at 0.0159, and resistance at 0.017. A break of either pivot level will be a very significant event from a technical viewpoint.
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_dash
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.