Technical analysis of cryptocurrencies for 22.11.2017

BTCUSD

Bitcoin continues to rewrite historical highs, and the past trading session was no exception. Yesterday evening, the BTCUSD pair reached a new price extreme at $8360, fulfilling our previous target. According to AMarkets analysts, the capitalization of the world's main cryptocurrency is going off the charts, accumulating more and more investment liquidity.

Against the backdrop of such feverish demand, it is very difficult to resist the growing trend; the only thing left is to yield to the general market euphoria based on expectations of bitcoin soon touching the 10-thousand mark. During Wednesday's Asian session, bitcoin is holding above the long moving average (EMA200), leaning on the lower boundary of the ascending channel, as well as the zero Fibonacci level. The picture is slightly darkened by the divergence between price and MACD; however, this is still not enough for a full-fledged reversal. Given the above, as before, we recommend looking at buys, for example, after another rebound from the $8000 support. Target: $8500.

DSHUSD

According to AMarkets analysts, the start of the week turned out to be even more productive for DSHUSD. The pair not only rewrote Saturday's high at $480, but also went much higher, reaching the psychological resistance of $500. It is worth noting that active growth continues even now. During Wednesday's Asian session, dash is adding more than 6% in value, clearly intending to turn the $500 slab into strong support. The only obstacle in the bulls' path remains the zero Fibonacci level, a confident overcoming of which will allow us to count on new growth horizons. The case for buys is also supported by the price being above the moving averages, as well as a positive MACD, whose bars have been gaining mass since early morning. Nevertheless, opening long positions from current levels looks like an extremely risky undertaking. We recommend waiting for a breakout of the upper boundary of the ascending channel at $527 and only after that betting on growth above $550.

ETHUSD

Ethereum has not yet fulfilled our target at $374; however, it remains on the way to this mark. Judging by volumes, market activity has been lower over the last few hours, and the MACD histogram is in the negative zone, which is a signal of a very likely pullback. Nevertheless, the previous breakout of the $338-$352 area (a cluster of resistances) left a good reserve for the development of long-term recovery dynamics. As long as this corridor remains behind the price, all conditions are in place to wait for ether around $400. We remind you that the nearest target is more modest, at $374, and is quite suitable for partial profit taking.

Material provided by the analytical department of AMarkets