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DASH / USD Technical Analysis: Failing Boosters

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  • DASH remains bullish in the short-term, with the cryptocurrency holding above its 200-period moving average on the four-hour time frame
  • Caution ahead as a bearish head and shoulders pattern is taking shape on the four-hour time frame
  • The medium-term outlook is bearish, with the cryptocurrency still in a downtrend on the daily chart

DASH / USD Short-term price analysis

 

DASH has a short-term bullish outlook, with the cryptocurrency still trading above its 200-period moving average on the four-hour time frame.

SIMETRI Research

The DASH / USD pair recently moved to a fresh 2019 trading high, although the cryptocurrency was quickly sold lower as the broader crypto market reversed lower. Warning signs are starting to emerge that a deeper technical correction may take place, as a bearish head and shoulders pattern is taking shape on the four-hour time frame.

In the near-term, the cryptocurrency has scope to trade marginally higher as technical indicators on the mentioned time frame remain bullish.

 

 

DASH / USD H4 Chart                                                                         (Source: TradingView)

 

 

Pattern Watch

Traders should closely monitor the head and shoulders pattern on the four-hour time frame, a sustained break of neckline support could see the cryptocurrency trading much lower over the short-term.

 

Key Moving Averages

Traders should monitor the 200-period moving average on the four-hour time frame, as it provides a key gauge of market sentiment in the short-term, as highlighted on the four-hour chart.

 

Relative Strength Indicator

The RSI indicator remains bullish on the mentioned time frame, although the recent recovery appears fairly weak.


DASH / USD Medium-term price analysis

 

Dash is bearish over the medium-term, with the cryptocurrency still trading at relatively depressed levels and also well below its trend defining 200-day moving average.

If bulls fail to rally the DASH / USD pair above its former monthly trading high, we are likely to see sellers push the cryptocurrency back towards the lows of last month.

Traders should carefully monitor the double-bottom pattern currently in place, as it is providing the only bullish sign on the daily chart.

 

 

DASH / USD Daily Chart                                                                         (Source: TradingView)

 

Pattern Watch

If buyers can rally the cryptocurrency towards the December 2018 high, a bullish inverse head and shoulders could start to take shape.

 

MACD Indicator

The MACD indicator on the daily time is slightly bearish and is signaling that downward pressure is building.

 

Relative Strength Index

The RSI indicator is bullish on the daily time frame, traders should watch for signs that a significant high is being formed.


Conclusion

 

Dash could start to come under selling pressure towards the worst levels of last month if buyers fail to ignite a sustainable rally above the DASH / USD pair’s current 2019 trading high.

Buyers will need to put in significant work to shift the cryptocurrencies medium-term bearish outlook, with DASH still trading firmly below its 200-day moving average.

 

Dash Chart

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DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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