Published On: Fri, Aug 7th, 2015

Dash Price Technical Analysis – Sell Target Achieved

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Key Highlights
We highlighted yesterday that the Dash price might have completed a 5-waves up pattern and could move lower in the near term.
There was a break lower, as the price moved below a major trend line support area to test 0.0124BTC.
The Triple top pattern formed was valid and helped sellers to gain control.
Dash price finally moved lower and cleared a critical support area to open the doors for more losses.
Downside Break
As mentioned in yesterday’s post, we highlighted a couple of important patterns and were waiting for a break in the Dash price. There was a break noted as the triple top pattern formed around the 0.0130BTC resistance area was true and ignited a downside reaction. We also mentioned that there was a 5-waves pattern at 0.0130BTC that added to the bearish view. This is not all, as the price was below the 100 hourly simple moving average, suggesting that a break lower was possible. The price initially struggled to move lower and retested the broken trend line as well but failed to gain strength. As a result, the price fell and traded towards the next important support area of 0.0124BTC.

Now if the …

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