Technical analysis for cryptocurrencies on 06.11.2017

BTCUSD

The BTCUSD pair once again rewrote its all-time highs over the past weekend. According to analysts at AMarkets, market participants continue to price in the upcoming hard fork scheduled for November 13, as well as the potential launch of trading in bitcoin futures contracts before the end of this year.

Despite the still-preserved potential for fundamental growth, the technical picture is no longer on the buyers' side. During Monday's Asian session, bitcoin broke through the EMA25 and EMA50 moving averages, seriously aiming for a breakout of the long-term EMA200 as well. The MACD histogram fell into negative territory, moving beyond the signal line. Three hours ago, BTCUSD tested the R1 support of the daily reference Pivot. The level has held so far; however, amid growing selling volumes, a move below R1 is a matter of the near term. We recommend waiting for the coin to return to the upward channel and selling from the $6935 mark with a target of $6000.

DSHUSD

The situation for Dash has not changed over the past weekend. The asset still remains squeezed in a narrow range of a directionless market. Traders are speculating on hypervolatile bitcoin, while the alts are forced to wait for their finest hour. It is worth noting that the technical picture has become more bearish. DSHUSD has settled below the EMA25, EMA50, and EMA200. The bulls' inability to return above the long moving average may be the first signal of lost initiative. In addition, Dashcoin was never able to overcome the 23.6 Fibonacci level, which had previously been considered a threshold for accelerating potential growth. The MACD indicator is also gaining volume below zero, signaling a continuation of the correction. Analysts at AMarkets recommend that those who opened long positions earlier place a stop at the nearest support level of $260. For those looking at selling, a move below $260 is a good short signal with a target of testing the lower boundary of the descending channel at $232.

The material was provided by the analytical department of AMarkets