Since breaking under the big pivot at 0.0159 – on April 10th – the DASH exchange rate has slowly drifted lower. Additionaly, in the multiple minor sell-offs that have taken place since the 15th, price has been unable to stay under 0.0138! Why? Because this level provided support on the 17th and 18th of March, and it seems that the market is continue to respect this technical area. Including the two times this area acted as support in March – 0.0138 has propped-up price a total of six times so far.
However, what is more interesting is the descending triangle pattern that has been forming for the past 10 days. While the 0.0138 pivot zone has been holding steady, price has been trading in an increasingly narrowing range, which means that pressure has been building up. An ascending triangle pattern formed just prior to break-out that took place on the 24th of March, which I outlined in my technical analysis that same day. Are we about to see another violent move in the DASH exchange rate?? I think so!
If the triangle pattern breaks to the downside, the 0.013 area may come into play. This zone has been used before; once as resistance on March 5; twice as support between 14th and 15th of March. The 0.013 is an important pivot zone that needs to be marked on every trader’s chart.
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_dash
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