Following the previous idea on Dash / Bitcoin, the price has bounced off the key resistance level at btc 0.08, that was also a strong psychological level. After rejecting the resistance, Dash immediately dropped down to btc 0.036, losing over 50% to Bitcoin in just one week.
Fibonacci applied to the corrective wave after the uptrend trendline breakout show that there are two support levels to watch. First is 127.2% at btc 0.044 which was already broken. Nevertheless, a clean bounce off it could result in the change in trend.
But at this point, another wave down towards the second support at 161.8% Fibonacci level at btc 0.033 can be expected. This is a strong support for Dash as in the beginning of November it was rejected twice.
At the same time, the btc 0.05 resistance area should be watched closely, as a break above could establish an uptrend. All-in-all the downside risk remains and buying Dash at the current price could be a premature investment.