DASH Price: Was Expected To Go Down, But Tests New Months Highs Instead. Tuesday, November 6th
DASH Has No Clear Trend, But Breakout is Guaranteed
DASH has bounced off resistance levels, as well as support levels, indicating it is stuck in a consolidation period or an accumulation phase. It might be a short or mid-term consolidation, but the market will be expecting a breakout one way or another. Currently, it appears that a short-term downtrend has the highest probability of continuation because Dash remains below the 200 moving average and has rejected the midline of the channel. This, along with Fib resistance screams downward breakout. If it breaks and closes below the newest support of $147, the next support level at $140 is likely to be tested. This is where buyers may liquidate, in fear of further loss, and that would simply increase the rate of loss and make $100 support levels very real.
Markets Follow Their Own Rules
Now, before you run and sell your DASH, this is one of those times where the market shows that it does not have to follow the rules of mere mortals and that it can do anything it wants, regardless of what the charts say.
Instead of testing those support levels, DASH broke through the resistance level of $163, a clear signal of bullish momentum. The next resistance target is located at $188, that is 61.8% Fibs, where highest trade volume has been recorded recently. With the support level at $147, Resistance at $188 and DASH currently trading at $167, directly in the middle, it is anyone’s guess on where it can go.
DASH/USD Price Chart, Tuesday November 6th:
DASH Goes Up, DASH Goes Down, Maybe
Overall, there is no clear short-term trend that can be seen. This usually indicates that the price can be expected to consolidate. With the ways things have been happening over the past couple of days, keeping a close eye on things is the most prudent option. Waiting for a price breakout and then a couple of extra confirmations could be the way to go with Dash.
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