DASHUSD dominated by bulls lifting the market higher throughout the day
Dash/US Dollar Index (DASHUSD) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DASHUSD finished Saturday at 93.56 gaining $2.65 (2.91%). Today's close at 93.56 marks the highest recorded closing price since December 20, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 92.87, the market confirmed its breakout through the previous session high after trading up to $1.13 above it intraday.
Daily Candlestick Chart (DASHUSD as at Mar 16, 2019):
Saturday's trading range has been $3.71 (4.08%), that's slightly below the last trading month's daily average range of $4.32. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DASHUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 94.57 (R1). After having been unable to move lower than 89.81 in the prior session, the cryptocurrency found buyers again around the same price level today at 90.29. The last time this happened on March 11th, DASHUSD gained 10.49% on the following trading day.
Crossing above the upper Bollinger Band for the first time since Wednesday, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 85.16 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 94.76 where further buy stops might get triggered.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for DASH/USD. Out of 266 times, DASHUSD closed lower 56.39% of the time on the next trading day after the market condition occurred.
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