The entire daily trading session of yesterday (March 5) was dominated by the bulls. The bull market feels so strong that the $0.04 resistance level could not hold them back. The buying increased so much that even the $0.05 resistance level could not block the bullish price progress. The bull market is still ready for more action, even though the bears are still nearby. The resistance level shifted to $0.054. Sellers have targeted this level, and from here, the bull market faces another strong resistance.
Key Levels
- Resistance: $0.060, $0.065, and $0.070
- Support: $0.020, $0.0025, and $0.030
Dash 2 Trade (D2T) Price Analysis: The Indicators’ Point of View—Bulls Feel Strong Above the Key Resistance
Today’s trading session started with a strong bullish move that launched the market above the $0.05 price level. The bulls felt strong above the key price level. However, on reaching the $0.054 price level, the bear market was triggered, but the bulls are trying to keep a firm grip on the $0.05 level as the demand line. Due to these new bearish activities, the Moving Average Convergence and Divergence (MACD) points to a weakening bull market as the histograms began to appear in faded green. But, according to the Relative Strength Index (RSI), the price retracement is just a result of a correction from overbought territory, which means the bulls still have more to offer in today’s market.
D2T/USD Short-Term Outlook: (1-Hour Chart)
The bear market is gaining momentum, and it seems like the bulls have been forced to take refuge at the $0.05 price level. Despite the bearish push on the price, there is still more bullish sentiment in this market. The selling activities are only creating a temporary price retracement; the main trend of this market is still being maintained. The Relative Strength Index from this 1-hour timeframe perspective portrays the market as being currently around the equilibrium point, and according to the Bollinger Bands indicator, the strong selling activities seem to be turning the trend to a sideways-ranging market since the price has fallen below the 20-day moving average. Despite these, the market still maintains a bullish sentiment.
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— Dash 2 Trade (@dash2_trade) March 6, 2023
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