Over the last couple of days, the price of Dash has been in an upward trajectory until yesterday when it came up to $96.9642 at its highest spike. From there the price started moving sideways but overall in an upward trajectory as it came down from the mentioned level to $93.16394 at yesterday and then again going to the upside to $96.3768 and back again to $93.82 slightly higher only to attempt another increase beyond the current resistance but has been stopped out at the $96.618.
On the hourly chart, you can see that the price action created an ascending wedge which could be interpreted as an ending diagonal as the price increase in a five-wave manner. The ending diagonal can be usually seen around the ending point of the 5th wave which could be an early indication that soon a movement to the downside should be expected as the structure looks near completion.
As you can see the price came up to the vicinity of the prior high which was the ending point of the C wave out of the ABC correction to the upside where it found resistance which could be indicated by the current signs of a struggle. The price could increase further from here if the ascending structure was the 4th wave correction and the 5th wave gets extended in which case interaction with the upper resistance point at $100.71 would be expected but judging by the currently shown momentum and the price action movement I don’t believe that is likely.
If the C wave from the previous upside correction ended on the 18th’s open we are seeing the development of another wave to the downside out of which the current upswing would be the second wave.
Zooming out on to the 4-hour chart you can see that the price of Dash has entered the resistance zone which is why we are seeing the momentum starting to struggle as the price has encountered the seller’s pressure. The median line from the resistance range has been interacted with so if the resistance proves to be strong we are to see an immediate start of another decrease, but if the resistance encountered there won’t be enough to stop the bullish momentum another increase to the upper resistance level could be made although not likely.
The price has ended its downfall around 15th of December last year when the current structure started forming which is in my mind corrective in nature and is most likely been the 4th wave out of the higher degree impulse which means that after it ends I would be expecting another retest of the low made on 15th of December which would be around $58.234. As we have seen an impulsive increase at first after which a corrective downfall occurred with the price formin a higher low after which another increase was made slightly lower but then another higher low was developed the current corrective structure formed an ascending triangle. This indicates that the buyers are more aggressive but the sellers are putting pressure below $100.
As we are getting close to the apex of the triangle soon a decisive move is to occur and if we are to see a trend continuation after the WXY correction ended an impulsive breakout to the downside would be expected.