DASH Technical Analysis for 05/23/2016 – Market Trading Above 0.0175 Pivot Zone

DASH has been in bullish mode since the beginning of the month and the market has overcome a number of significant pivot zones so far. The 0.0175 area – which acted as resistance towards the end of March and early April –  is now acting as support. If there is to be a continuation of the current trend, the market must stay above this pivot area!

Even if 0.0175 doesn’t hold as support over the next few days, the 0.017 area – which I wrote about in my DASH analysis on 04/03/2016 – may also hold as support in the near future. The 0.017 pivot acted twice as resistance during the rally that took place on May 15th, and this level subsequently turned into support when the market broke above it, four days later.

Since the 20th, the 2-hour chart shows that the price is trading in a triangle pattern, which indicates that the market may be getting for another big move. This type of compression of the trading range usually leads to a very violent reaction. A good example of this scenario can be seen in the DASH triangle patterns that preceded the big breaks on 04/25 and 03/24.

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.