Cryptocurrency DASH

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.

DASH

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.  

 

Daniel Sand Daniel Sand
With 10+ years of experience in the financial services industry I use my knowledge and skills to help educate readers. My insight into the industry means I understand the current investment climate and can (I hope!) help you navigate the evolving financial world!
Rate this post
Total: 0 Average: 0

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.