DASHBTC closes above its opening price after recovering from early selling pressure


Dash/Bitcoin Index (DASHBTC) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team

Highlights

DASHBTC closes above its opening price after recovering from early selling pressure
DASHBTC unable to break through key resistance level
DASHBTC stuck within tight trading range
DASHBTC closes within previous day's range

Overview

DASHBTC ended Saturday at 0.02290 gaining BTC0.00005 (0.22%) on low volume. Trading up to BTC0.00036 lower after the open, DASH/BTC managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on March 11th, DASHBTC gained 10.08% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (DASHBTC as at Mar 16, 2019):

Daily technical analysis candlestick chart for Dash/Bitcoin Index (DASHBTC) as at Mar 16, 2019

Saturday's trading range has been BTC0.00063 (2.75%), that's slightly below the last trading month's daily average range of BTC0.00078. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DASHBTC. Prices continued to consolidate within a tight trading range between 0.02253 and 0.02338 where it has been caught now for the last three trading days.

Three candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern, one bearish pattern, the Northern Doji and one neutral pattern, the Doji.

Prices are trading close to the key technical support level at 0.02246 (S1). Unable to break through the key technical resistance level at 0.02304 (R1), the market closed below it after spiking up to 0.02316 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for DASH/BTC. Out of 348 times, DASHBTC closed lower 58.91% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after five trading days, showing a win rate of 58.05% with an average market move of 0.33%.

With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more


Market Conditions for DASHBTC as at Mar 16, 2019

Loading Market Conditions for DASHBTC (Dash/Bitcoin Index)...
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