Technical Analysis for Cryptocurrencies on 15.11.2017

BTCUSD

The BTCUSD pair continues to rise, recovering price positions after substantial sell-offs over the past weekend. AMarkets analysts note that the flow of investment capital from bitcoins into altcoins was the result of the cancellation of the planned "hard fork", that is, a modification of the source code that results in the creation of new derivative instruments.

It was previously reported that the bitcoin system's block size would be increased from 1 to 2 MB, which would have increased its throughput. Nevertheless, adoption of the new protocol was postponed. Judging by the current dynamics, traders' sentiment has clearly improved. Technical analysis also supports further growth. During Wednesday's Asian session, bitcoin managed to consolidate above the 200-day moving average, and the presence of bullish momentum is also confirmed by the leading growth of EMA25 above EMA50. BTCUSD quite confidently overcame the 23.6 Fibonacci mark, which now serves as support, and MACD is also on the buyers' side: the histogram broke through the signal line, continuing to build on positive territory. We recommend entering long positions after breaking above the R1 level of the daily Pivot at $6900. Target: $7500.

DSHUSD

Dashcoin is in no less demand than bitcoin. After reaching a new high at $511, buyers, although taking a local pause, did not abandon the asset. Dash continues to be held in the $450-400 range. We recommend considering the levels of this corridor as a good opportunity to build up long positions. During Wednesday's Asian session, Dash is developing confident bullish dynamics accompanied by rising volumes. Buying interest is supported by moving averages that are located below the price, clearly signaling the presence of potential for the development of an upward trend. MACD moved into positive territory and, without the slightest hint of divergence, a harbinger of a price reversal, crossed the signal line. It is worth noting that the current situation with the DSHUSD pair is practically ideal from the point of view of the clarity of MACD signals. If the technical picture does not fail, the asset's growth will continue. At the same time, the target may be the psychological resistance at $500.

ETHUSD

According to AMarkets analysts, Ethereum preferred not to lag behind the rest of the cryptocurrencies claiming a renewal of historical highs. The previous target of $326 has been reached and even exceeded, indicating the long-awaited exit from the sideways range of $300-320 that had grown tiresome to everyone. Apparently, ether has decided to explore new horizons, and the return of its status as bitcoin's main competitor only strengthens confidence that the chances of success are very high. At the very least, the asset's capitalization is growing again, serving as evidence of an inflow of new investments. With such support, ether may dare to test the October high at $350, especially since only a few dollars remain to it. Moving averages (EMA 25,50,200), the broken 76.4 Fibonacci level, as well as MACD, whose volumes indicate that the growth momentum is being maintained, also speak in favor of growth. You can buy now, or on a rebound from the uptrend line at $325.

Material provided by the analytical department of AMarkets