Technical analysis for cryptocurrencies on 17.11.2017

BTCUSD

The BTCUSD pair is diligently making up for the losses incurred last week. Although the triumph of the bears looked promising, it ultimately did not lead to long-term consequences. Analysts at AMarkets note that such an aggressive seizure of the initiative looks very much like a strong desire by major buyers to squeeze out most short positions.

Judging by the current volumes supporting the "long" orders, they are clearly succeeding. During Friday's Asian session, bitcoin is hovering around the historical highs at $7850, not daring to take a new height. Perhaps bitcoin is giving one more chance to those who previously did not believe in it, and likewise in the possibility of reaching a new high at $10,000. We advise you to think about that. The moving averages left behind, the off-the-charts MACD, as well as the zero Fibonacci mark, which indicates that very soon we will need a new Fibonacci grid, still signal in favor of buying.

DSHUSD

According to analysts at AMarkets, against the backdrop of bitcoin's unrestrained growth, traders are trying their luck in it. Altcoins, meanwhile, have to put up with the lack of interest, which is expressed in low trading volumes and extremely sluggish dynamics. Over the past two days, the dash rate has remained at the same level of $414. As for the technical picture, it now favors sellers more. The fast moving average (EMA25) crossed EMA50 from top to bottom, indicating the potential for a downward trend to develop. MACD has moved into negative territory. Sell-offs are being restrained by the nearest Fibonacci level of 38.2 ($408), but if this support falls, the bears' target may be the 200-day moving average at $380. This is exactly the scenario we recommend counting on.

ETHUSD

Ethereum remains squeezed within the former range of $300-320. Traders clearly need additional fuel, either in the form of new smart contract capabilities or in the form of a decline in bitcoin capitalization, which would force traders to shift part of their capital into alternative crypto. Until then, commitment to the sideways trend will remain. For those who do not want to wait, as before, we recommend looking at buys. The asset's position above the long moving averages (EMA50 and EMA200), the MACD histogram above zero and the signal line, as well as the support Pivot at $325, all speak in favor of growth. It would have been better to enter buys earlier, but it is still possible now. We keep stops around $320.

Material provided by the analytical department of AMarkets