Technical Analysis of Cryptocurrencies for 13.11.2017

BTCUSD

The BTCUSD pair has finally rewarded sellers with the long-awaited correction, the depth of which makes one think about a likely change in the trend. As expected, the fundamental aftermath of the cancellation of the planned hard fork led to negative consequences for bitcoin's price dynamics.

From the local high of $7870 reached on November 8, bitcoin collapsed to $5493, a level that corresponds to the 50 Fibonacci level. How can one not believe in the resilience of Fibonacci supports after that? Considering the "selling" volumes with which traders piled into the main cryptocurrency, it will not be easy to stop them. A powerful fundamental positive is once again needed, one capable of acting as a compensator for market sentiment. Until it appears, the recommendations remain the same: only sell. Those who joined our sell trade earlier are advised to move the order to breakeven and wait for bitcoin around the 61 Fibonacci level ($4998). Those who are only looking for entry points are advised to consider selling from the upper boundary of the local descending channel at the level of $6180.

DSHUSD

Dashcoin also exceeded the plan. According to AMarkets analysts, the sharp weakening of bitcoin triggered a flow of capital into altcoins, which ultimately led to the growth of most of its competitors. Dash's results are beyond praise. The asset immediately overcame the previously designated target at $355, updating its all-time high. Now the bulls will have to fight for a new place in the sun located above $500. During Monday's Asian session, the DSHUSD pair is losing value, developing a fully logical corrective dynamic that traditionally follows every such rise. Nevertheless, Dash is still extremely attractive for opening long positions. The asset is trading above the moving averages, EMA25 has crossed EMA50 from below, signaling a high probability of continued growth, and the MACD histogram has lost momentum but is still far above zero. It is also worth noting a rather rare situation when the bulls manage to leave behind all resistance levels of the daily Pivot level at once. Against this background, we recommend keeping long positions with the goal of another new high. It is worth adding to positions after Dash consolidates above the $450 resistance, or on a rebound from the $400 support. It is better to wait with sales.

ETHUSD

According to AMarkets analysts, Ethereum remains committed to sideways dynamics and monotony in trading. Over the last three trading sessions, the entire movement of the ETHUSD pair has fit within the $300-$320 range. It is not surprising that with such dynamics traders are trying their luck in other crypto market instruments. However, the absence of interesting moves now does not at all mean that interest in the asset will not appear later. We remind you that ether still remains one of bitcoin's main competitors. If bitcoin's capitalization continues to decline, part of the capital may well flow into ether as well. Taking the above into account, we recommend keeping long positions, in favor of which are the price being above EMA25, EMA50, and EMA200, support in the form of the 50 Fibonacci level, the median mark of the daily Pivot, as well as MACD in positive territory. The target is the upper boundary of the ascending channel at $326.

Material provided by the analytical department of AMarkets