DASH Technical Analysis – October 09, 2019

The DASH increases on Wednesday, increasing the price to more than 68.0. The price increases after a major economic release concerning PPI news. The technical bias might remain bearish because the DASH price printed a lower low in the recent downside move.

DASH Technical Analysis

As of this writing, the Dash is being traded around 68.6, the price may come across a resistance around 75.1, the major horizontal resistance which is likely to push the price back ahead of 92.7, the 68.1% Fib level.  A trend line resistance may also come around 98.2 restricting the price from increasing above the said level as shown in the given below chart.

Coming towards the downside, the key horizontal support is anticipated to come across the price at 63.9 ahead of 57.2 the trend line support. The price may also come across a major support level at 42.1, the low of May 06, 2018, as shown in the graph above.  The technical bias may remain bearish as long as 75.1, the key horizontal resistance level remains intact.

US Non-Farm Payrolls Release

The US Bureau of Labor Statistics released stats with respect to nonfarm payrolls showing the number of new openings made during the earlier month, in all non-farming businesses. The month to month changes in payrolls can be very unpredictable, because of its high connection with monetary strategy choices made by the Central Bank. The number is likewise dependent upon solid audits in the up and coming months, and those surveys additionally will in general trigger uncertainty in the forex board. Generally speaking, a high reading is viewed as positive (or bullish) for the USD, while a low perusing is viewed as negative (or bearish)

Trade Idea

Considering the price behavior of the digital currency over the last couple of days, buying the Dash around current levels may prove to be a good decision in the short to medium term.