DASH Technical Analysis – October 15, 2019

DASH Technical Analysis – October 15, 2019

The DASH rose on Tuesday, increasing the price to more than 69.0. The price increases following a major economic release concerning initial jobless claims data on a monthly basis.  The technical bias might remain bearish because the DASH price printed a higher low in the recent upside move.

DASH Technical Analysis

As of this writing, the DASH is being traded around 69.5, the price is likely to come across a support level at 64.8, the trend line support. Another support level may come at 61.0, the psychological number and then 56.6, the key horizontal support may prevent the price from falling below this level as shown in the graph below.  

DASH

On the upside, the price may come across a resistance level at 76.3, the trend line resistance ahead of another trend line resistance which may restrict the price from passing through 97.3, and then 105.5, the 61.8% Fib level resistance as shown in the graph above. The technical bias may remain bearish as long as 105.5, the major horizontal resistance level is in place.

US Initial Jobless Claims News

The US Department of Labor release stats with respect to continuing jobless claims recently. The figures constitute of the number of applicants who are not having any job and receiving compensation from the government. It is to be noted that the initial jobless claim is considered as one of the key factors for predicting the trend of the US Economy.

The figure remained 1.684 Million this month, as compared to 1.655 Million during the month before, up beating the economists’ expectation which was 1.653. Generally speaking, a high reading is taken as an indication of a bullish trend for the digital currency whereas a low reading suggests a bearish market ahead.

Trade Idea

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

 

By Desislava Yunakova
Desi was one of our financial journalist trainee, someone who's now moved on to be a Strategic Analyst at Whirlpool.
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