ForexMinute.com — After crashing from 0.0161 to 0.0111 BTC last week, Dash was attempting to find a strong foot near the latter to initiate yet another rally. Demand at bottom neatly helped the former Darkcoin establishing a near-term bullish correction. But even the upside movements failed to get extended as Bitcoin, on the other side, was itself moving in a sideways pattern.
Dash therefore is replicating the Bitcoin’s price action, moving within strict trading parameters. In over the last 24 hours however, Bitcoin has broken below its range support and is now attempting to establish a bottom further to the downside. Meanwhile, Dash has also bounced back upon teasing the in-term resistance near 0.0126 BTC. Will the downside levels hold the price from falling into an extended bearish bias? Let’s check out:
Dash 4H Chart May 7
As you can see the chart above, the DASH/BTC is continuing on its prevailing bearish trail, and has already broken below the daily moving average curve near 0.01206. The Bollinger Bands, as you can notice, are also contracting and limiting the oversold-overbought gap. This also indicated a comparatively low volatility in the Dash market, possibly arising due to the buying opportunities arising in the Bitcoin USD trades. The 4H RSI meanwhile has dropped below 50 — a selling region — and might continue to this southward trail until it hits 30. At this point of time, Dash traders will be finding buying opportunities within 0.01184-0.0120 area, also the point where price could attempt a correction towards the near-term upside target 0.0122.
At this point, we are not expecting any massive fluctuations to the downside.