DASHUSD closes within previous day's range after lackluster session
Dash/US Dollar Index (DASHUSD) Technical Analysis Report for May 29, 2020 | by Techniquant Editorial Team
DASHUSD ended the month -8.21% lower at 74.19 after losing $0.95 (-1.26%) today. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (DASHUSD as at May 29, 2020):
Friday's trading range has been $2.05 (2.73%), that's below the last trading month's daily average range of $3.80. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DASHUSD. Prices continued to consolidate within a tight trading range between 71.32 and 75.50 where it has been caught now for the whole last trading week.
After moving higher in the previous session, the market closed lower but above the prior day's open today, forming a bearish Harami Candle. The last time this candlestick pattern showed up on April 26th, DASHUSD lost -1.45% on the following trading day.
Prices are trading close to the key technical resistance level at 75.88 (R1). After having been unable to move above 75.19 in the previous session, Dash ran into sellers again around the same price level today, missing to move higher than 75.50.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 75.76 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 71.32 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Harami Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for DASH/USD. Out of 62 times, DASHUSD closed higher 51.61% 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 50.00% with an average market move of 4.69%.
With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BTCUSD losing -1.62% and XRPUSD closing -1.4% lower. On the flipside the best performers have been ETCUSD closing 5.1% higher and EOSUSD gaining 0.38%. Looking at the other Minor Cryptocurrencies, the winners of the day have been ETCBTC surging 6.98% and PIVXBTC closing 5.97% higher. The worst performers of the day have been STRATUSD tanking -2.94% and ZECUSD closing -2.43% lower. Read more