Dash Technical Analysis for 30/4/2015 Low Volume, Steady Decline!

As expected, Dash is progressing towards cheaper valuations while the volume activity remains muted. The virtual currency has again fallen more than 1% to be trading at 0. 01286BTC.

Dash has been maintaining a narrow trading range, which means that traders have even more opportunities to earn profits. Implementing technical analysis on the 360-minute DRK/BTC price chart helps us in determining the revised support and resistance levels and in applying a profitable, less risky trading strategy. Dash Chart Structure – A steady price decline in the past week has ensured that Dash will end this month near lows. In my previous analysis, I had mentioned that the market may offer a relief rally to build short positions in the counter; the price did advance to 0. 01320BTC before falling to 0. 01286BTC. Fibonacci Retracements – Fibonacci retracements offer important technical insights into the current consolidation. The virtual currency is trapped between two crucial Fibonacci retracement levels, 23. 6% (0. 012685BTC) and 38. 2% (0. 013338BTC). The lower level is acting as the support while the upper level is acting as a price cap.