DASH Price Analysis – February 1. DASHBTC in a Descending Wedge
DASHUSD is on a slope move; the momentum is nearing an end as price bars appear choppy on the falling triangle. DASHBTC moves in a descending wedge style. Their simultaneous move is set for bull-run.
Resistance levels: $85, $95, $105
Support levels: $56, $50, $45
DASH-USD Market 4h Chart
The trading session is inactive and volatility is low. As it approaches the angle of the trend line, Dash price is set for a cross. Most especially, this pattern is commonly followed by a bullish rally to the beginning of the decline at $85 resistance level. However, the probability of breaking low is thin. And if it does, $56 support would be visited. Nothing is impossible!
Since the decline, the Stochastics has been hovering between the overbought and oversold; indicating the low pressure of market volatility. It closes oversold as price sits on the downtrend line. The pull has been exhausted.
On the 4 hours RSI, the trend is currently shooting low and closing oversold. Since December 2018, the price has not tested the oversold zone; Tuesday marks the reach. In disguise, this could be signaling a reversal.
DASH-BTC Market 4h Chart
Looking at the market structure, it is significant the current downtrend could be traced back to the December 2018 incline at 0.024 BTC; followed by lower lows, lower highs pattern which now forms a descending wedge. The bears have been in control for a long period.
Using the trend lines as support and resistance level, the candles formation keeps maintaining the wedge. The impulsive and retracement move are now forming small as trend line closes. It indicates Dash market strength is becoming weak. As it appears, a strong supply might force the price of Dash to the bottom of 0.018 BTC support. By then, the RSI should be lying in the oversold.
The selling pressure on the Stochastics is now nearing the oversold at the lower trend line. A push is likely to occur once the price gets to the oversold area. In this area, a strong buy might surge price to the next support at 0.021 BTC.
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