Dash Has A Bearish Short-Term Trading Bias: Analysis

Dash has a bearish short-term and also medium-term trading bias as per the latest price analysis that we have in our Dash news coin.

The four-hour time frame shows a strong bullish inverted head and shoulders pattern that has been invalidated and the daily time frame shows that a bearish head and shoulders pattern could be soon triggered. Dash remains under very strong pressure as the coin dropped to levels that were not seen since February 2017. The Dash/USD pair also dropped by more than 30 percent since the start of November and it is now trading over 50 percent below the current 2019 trading peak.

The technical analysis shows that the DASH/USD pair is heavily bearish while it is trading below the $57 level and it is at a strong risk of further protracted losses to the multi-year trading lows. The four-hour time frame shows there is a strong inverted head and shoulders pattern that was negated recently with the invalidation target located around the $42 level. The daily time frame shows another head and shoulders pattern forming after the $57.00 level breakout.

The bearish head and shoulders pattern was forming since 2016 and had a downside targeted extend below the Dash/USD pair all-time trading low. Dash has to start to even out above the $57 level just to stabilize itself and secure the medium and long-term prospects. The Relative Strength Index on the daily time frame shows clearly that the cryptocurrency is at its most oversold position since the crypto started trading. According to the latest sentiment data, the short-term sentiment for Dash is neutral at 43 percent while the long-term sentiment for the crypto is also neutral at 23.50%.

The four-hour time frame shows a key technical resistance located at the $57 and $68 level so the buyers have to rally the price above both of the levels just so they are able to form a large reversal pattern. The key technical resistance over the medium-term is located at the $75 and $83. According to the charts, we can also see that the DASH/USD pair has strong medium-term technical support near the $47 and $42 level. The critical long-term support for the pair is located at $33.00.