The DASH exchange rate busted through a very important pivot zone yesterday. The large pivot at 0.0159 – which I outlined in my last DASH technical analysis – has now started acting as resistance. In fact, since yesterday, price has been unable to break back above 0.0159, even though several attempts were made. Unless price surmounts 0.0159 over the next few days, another sell-off is likely to follow.
There is also a minor pivot zone at the 0.015 price level, which has been used several times in the past two days; four times as support; once as resistance.
While the higher time frames are painting a very bearish scenario, the 30-minute chart shows some bullish signals. For example, there is a fairly clear Head & Shoulders pattern that has formed around the 0.015 price level, which suggest that price might make another attempt at the 0.0159 pivot.
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.
