DASH/USD sell opportunity
Updated
DASH/USD has shown a decisive break below strong support at 50-DMA at 967.92.
The pair hit session lows at 858 before paring some losses to currently trade around 900 levels.
Momentum studies are bearish, RSI is now biased lower. -ve DMI is on verge of crossover on +ve DMI.
Price action has dipped below daily Ichimoku cloud and we see scope for further downside.
Break below 50-DMA has raised scope for test of 61.8% Fib at 691 levels.
On the higher side, break above 5-DMA to see next major resistance at 20-DMA at 1065.
We see bearish invalidation only on breakout at 20-DMA while could then see resumption of upside.
Support levels - 870 (50% Fib retrace of 115 to 1625 rally), 691 (61.8% Fib), 651 (Dec 10 low)
Resistance levels - 973 (50-DMA), 979 (5-DMA), 1048 (38.2% Fib), 1065 (20-DMA)
Good to go short on rallies around 900/920, SL: 975, TP: 870/ 790/ 700
The pair hit session lows at 858 before paring some losses to currently trade around 900 levels.
Momentum studies are bearish, RSI is now biased lower. -ve DMI is on verge of crossover on +ve DMI.
Price action has dipped below daily Ichimoku cloud and we see scope for further downside.
Break below 50-DMA has raised scope for test of 61.8% Fib at 691 levels.
On the higher side, break above 5-DMA to see next major resistance at 20-DMA at 1065.
We see bearish invalidation only on breakout at 20-DMA while could then see resumption of upside.
Support levels - 870 (50% Fib retrace of 115 to 1625 rally), 691 (61.8% Fib), 651 (Dec 10 low)
Resistance levels - 973 (50-DMA), 979 (5-DMA), 1048 (38.2% Fib), 1065 (20-DMA)
Good to go short on rallies around 900/920, SL: 975, TP: 870/ 790/ 700
Note
TP 1/2 hit.Note
All targets hit
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