DASH Technical Analysis for 02/24/2016 – Price Ready to Rally Again?
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DASH Technical Analysis for 02/24/2016 – Price Ready to Rally Again?
DASH Technical Analysis for 02/24/2016 – Price Ready to Rally Again?
Traderman February 24, 2016
In the past two days, the DASH digital currency has made it back above a major pivot zone. The 0.009 area – which I outlined in my prior technical analysis article on the 19th of February – has now turned into support. In fact, price used 0.009 as support about three times in the past two days.
The 4-hour shows a Head & Shoulders formation, which seem to be suggesting that the market may be getting ready to break higher.
As I described in my previous DASH article, the 0.01 is a big pivot zone and the market will very likely encounter problems once it hits this pivot. The 15-minute chart also shows another pivot zone at 0.0097. The market has bumped against this area five times since the 21st, and price has traded lower on every single occasion. If price can make it above 0.0097, and also above the big pivot at 0.01, then a real rally towards 0.012 is very likely!
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_dash
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http://themerkle.com/technicalanalysis/dash-technical-analysis-for-02242016/
Home
DASH Technical Analysis for 02/24/2016 – Price Ready to Rally Again?
DASH Technical Analysis for 02/24/2016 – Price Ready to Rally Again?
Traderman February 24, 2016
In the past two days, the DASH digital currency has made it back above a major pivot zone. The 0.009 area – which I outlined in my prior technical analysis article on the 19th of February – has now turned into support. In fact, price used 0.009 as support about three times in the past two days.
The 4-hour shows a Head & Shoulders formation, which seem to be suggesting that the market may be getting ready to break higher.
As I described in my previous DASH article, the 0.01 is a big pivot zone and the market will very likely encounter problems once it hits this pivot. The 15-minute chart also shows another pivot zone at 0.0097. The market has bumped against this area five times since the 21st, and price has traded lower on every single occasion. If price can make it above 0.0097, and also above the big pivot at 0.01, then a real rally towards 0.012 is very likely!
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_dash
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.