Technical analysis for cryptocurrencies on 27.11.2017

BTCUSD

Analysts at AMarkets note that over the past weekend the rate of the world's main cryptocurrency gained more than 15%, renewing the historical maximum at $9482. The growth continues during Monday's Asian session as well. By 9:00 MSK, the BTCUSD pair is quoted literally one step away from the long-awaited $10 000 mark.

Considering the colossal growth demonstrated by the asset over recent weeks, the classic Moore's law comes to mind again, implying a doubling of the value of a digital asset over certain equal periods of time. Judging by the current volumes on the part of buyers, the bullish rally has not only not run out of steam, but has also received support from several hundred million more dollars, which may well prove quite sufficient for bitcoin to master new horizons. In favor of keeping long positions still speaks the price remaining above long-term moving averages and key resistance clusters of the weekly Pivot. The next target is $10 000.

DSHUSD

According to AMarkets analysts, the DSHUSD pair is not lagging behind BTCUSD, which somewhat changes the market's established ideas about the behavior of cryptocurrencies. Considering that altcoins are growing together with the founder of the entire digital currency industry, it can be assumed that somewhere the bulls have clearly overdone it. Since in the case of bitcoin the technical picture is ideal from the point of view of continued growth, it is better to look for inconsistencies in Dash's technicals. During Monday's Asian session, the DSHUSD pair is testing the EMA25 and EMA50 moving averages from above, a move below which may activate the bears waiting for suitable signals. The MACD bars are in the immediate vicinity of the zero mark, while the formed divergence additionally signals a high probability of a reversal. Also on the sellers' side is resistance in the form of the zero Fibonacci level ($650), which can be used as a stop in short positions. The target of sell orders is support at the level of $550.

ETHUSD

Ethereum continues to hand out money to buyers. The ETHUSD pair is a few dollars away from the previously designated long-term target at $500, which took much less time to reach than previously assumed. Shorting in the current conditions is extremely dangerous at least because growth on long intervals is taking place with quite adequate volumes. This often indicates that the current trend will continue. Ether worked out the ascending triangle pattern perfectly on the daily interval, after which it successfully consolidated above support at $400. In favor of maintaining the upward dynamics point EMA50,100 and 200, left far behind, support in the form of the daily Pivot's S1, S2 and S3, as well as the MACD histogram above the signal line. As the next target, we suggest focusing on the $500-520 range.

Material provided by the analytical department of AMarkets