Dash Stays in a Downtrend

Dash continues to be in downtrend on the daily charts. Ether almost joined in last week after the 0.074 BTC swing low was taken out but prices quickly reversed higher.

Ether Back in Range

After a strong V-shaped reversal ETH/BTC is back in a range on the daily charts. This range is marked with a yellow rectangle on the chart below. We are currently quoted at 0.07824 BTC.

ethbtcdaily-june7-copy

A break below the 0.07 round figure is needed to re-start the down move. This is where we bottomed out during the latest swing lower and it almost matches the low made back on May 1st (0.06994 BTC). A clearing of this strong support could lead to extended losses below. Further down weaker support can be found at 0.06606 BTC, the 0.06 round figure and this year’s low at 0.0524 BTC. The next round figure at 0.05 BTC may also act as temporary support to falling prices.

Higher up the bulls need a breakout above the 0.08542 BTC swing high for a new uptrend. Resistance above can be found at the 0.08829 swing high and the 0.09 and 0.1 BTC round figures. A decisive breakout above here may open to door to this year’s high at 0.121 BTC. On the weekly charts ETH/BTC is also range-bound. The monthly charts are still keeping the bullish bias.

Dash Stays in Downtrend

Dash prices continue to linger near the lows vs bitcoin. We are trading at 0.04078 BTC at the moment, only slightly off last month’s low at 0.03981 BTC. A breakout above the latest swing high at 0.04325 BTC may end the downtrend. A move beyond the 0.05 BTC round figure is needed for a new rally.

dshbtcdaily-june7-copy

On the lower end the key support is around 0.03981 BTC.  This is a major swing low for DSH/BTC as well as the low for the current year. A decisive breakdown below here could lead to more losses below. On the longer-term charts the picture here is the same as Ether. We are in a range on the weekly charts but in an uptrend on the monthly charts.

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Petar Kotevski

Petar is a forex trader and writer with 9 years of experience in financial markets. He has been following bitcoin since 2010. A year ago, as the BTC market matured, he started getting more involved by writing articles on bitcoin and other alternative currencies.

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