Cryptocurrency Technical Analysis on 11/10/2017
The BTCUSD pair continues to be quoted above $ 7200, relying on the uptrend line, and in combination also the upper boundary of the ascending channel. During the trading session on Tuesday, Bitcoin already “historically updated one million” times this year, after which the bulls' enthusiasm was a little dull. This was followed by a correction, the impulse of which encountered an obstacle at the level of 200 daily moving average ($ 7100).
Given the current dynamics, as well as the fact that the technical picture continues to favor purchases (the cue was crushed by the entire EMA community, it is above the reference Pivot, and on the M30 it was completely faced with the convergence of prices and MACD), one should not rush into them. Do not forget about the true reason for the local dominance of the bears - the abolition of the planned hard fork, which supported the bull rally for three consecutive weeks. Probably, the downward potential of this news has not yet been won back, and for confidence sellers lack only technical support. Just fixing Bitcoin below the uptrend line of $ 7100 can serve as a good trigger for further correction with the goal at the level of the first Pivot support ($ 6950).
Dashcoin on sharply increased volumes overcame the resistance of $ 300, adding more than 10% of its own value per day. Weekly high is marked at $ 333.84. This activity of buyers was the result of price losses that bitcoin was forced to suffer on messages about the cancellation of the hard fork. AMarkets analysts recall that there is a correlation between the main cryptocurrency industry, as well as altcoins, which leads to the redistribution of capital between different assets. Those who decided to try their luck in the dasha on the weakness of the cue ball did not fail. Given the additional potential for lowering bitcoin, the growth of the DSHUSD pair may continue. In favor of this scenario, the pair is located in the channel of the rising channel, as well as a confident exit and consolidation above 100 Fibo level. In addition, the dash is trading above the EMA50 and EMA200, left far behind. We recommend waiting for Dashcoin to return to the opening level of the current session ($ 326), and then open long positions in order to reach the upper limit of the upward channel of $ 355, where 161.8 Fibo also lies.
Ethereum is trading in a narrow range at today's auction, mostly losing in price. Analysts at AMarkets note that yesterday's breakdown of the resistance of $ 316 left a good reserve for the future, which in turn should help to keep the exchange rate above the $ 310th mark. The moving EMAs (50,200) crossed, indicating a quick uptrend, but due to low trading volumes in the last 5 hours, the ETHUSD pair may continue to consolidate at current levels. It’s better not to consider short yet, but on a rebound from $ 310, you should think about opening long positions in order to return to previous highs at $ 330.
Material provided by the analytical department of AMarkets