DASHUSD finds support at 20-day moving average
Dash/US Dollar Index (DASHUSD) Technical Analysis Report for Nov 10, 2018 | by Techniquant Editorial Team
DASHUSD ended Saturday at 162.58 gaining $2.12 (1.32%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (DASHUSD as at Nov 10, 2018):
Saturday's trading range has been $6.53 (4.07%), that's slightly above the last trading month's daily average range of $6.11. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DASHUSD.
After trading as low as 158.62 during the day, the market found support at the 20-day moving average at 158.92. After having been unable to move above 166.22 in the prior session, DASH/USD ran into sellers again around the same price level today, missing to move higher than 165.15. The last time this happened on November 3rd, DASHUSD actually gained 6.51% on the following trading day.
Although Dash is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Further selling might move prices lower should the market test October's nearby low at 149.75.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 20" stand out. Its common bullish interpretation has been confirmed for DASH/USD. Out of 93 times, DASHUSD closed higher 49.46% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.99% with an average market move of 11.70%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.7% and ETHUSD closing 1.26% higher. On the flipside the worst performer has been ETCUSD closing -0.11% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 5.34% and DOGEUSD closing 3.88% higher. The worst performers of the day have been ZECUSD tanking -2.84% and ZECBTC closing -2.72% lower. Read more