DASHUSD breaks back above 50-day moving average
Dash/US Dollar Index (DASHUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DASHUSD finished Sunday at 71.53 gaining $1.63 (2.33%) on high volume. Closing above Saturday's high at 70.69, Dash confirmed its breakout through the prior session high after trading up to $1.55 above it intraday.
Daily Candlestick Chart (DASHUSD as at Nov 10, 2019):
Sunday's trading range has been $2.81 (4.01%), that's below the last trading month's daily average range of $3.99. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DASHUSD.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
The market managed to close back above the 50-day moving average at 71.42. After having been unable to move lower than 69.29 in the previous session, the cryptocurrency found buyers again around the same price level today at 69.43. The last time this happened on November 4th, DASHUSD gained 2.95% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 75.65 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 67.73 where further sell stops might get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for DASH/USD. Out of 121 times, DASHUSD closed lower 58.68% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more