Following the previous idea on Dash / Bitcoin, the price has bounced off the key resistance level at btc 0.08, that was also a strong psychological level. After rejecting the resistance, Dash immediately dropped down to btc 0.036, losing over 50% to Bitcoin in just one week.
Fibonacci applied to the corrective wave after the uptrend trendline breakout show that there are two support levels to watch. First is 127.2% at btc 0.044 which was already broken. Nevertheless, a clean bounce off it could result in the change in trend.
But at this point, another wave down towards the second support at 161.8% Fibonacci level at btc 0.033 can be expected. This is a strong support for Dash as in the beginning of November it was rejected twice.
At the same time, the btc 0.05 resistance area should be watched closely, as break above could establish an uptrend. All-in-all the downside risk remains and buying Dash at the current price could be a premature investment.
Fibonacci applied to the corrective wave after the uptrend trendline breakout show that there are two support levels to watch. First is 127.2% at btc 0.044 which was already broken. Nevertheless, a clean bounce off it could result in the change in trend.
But at this point, another wave down towards the second support at 161.8% Fibonacci level at btc 0.033 can be expected. This is a strong support for Dash as in the beginning of November it was rejected twice.
At the same time, the btc 0.05 resistance area should be watched closely, as break above could establish an uptrend. All-in-all the downside risk remains and buying Dash at the current price could be a premature investment.
Kommentar:
If it breaks above resistance, trend could reverse to the upside