Technical Analysis of Cryptocurrencies for 03.11.2017

BTCUSD

For the BTCUSD pair, the second half of the week became a worthy continuation of the first. Bitcoin, feeling like a cosmonaut, keeps renewing historical highs. In such situations it is very difficult to rely on technicals, because all conceivable and inconceivable resistances meant to restrain the bulls' pressure are brazenly breaking. Be that as it may, one bitcoin is already fetching $7250.

It is worth noting that any unrestrained growth, just like a fall, is always based on a powerful fundamental foundation. This time was no exception. Demand for bitcoin surged many times over against the backdrop of comments from CME Group Inc., the world's leading derivatives marketplace, which said on Monday that it plans to launch bitcoin futures trading before the end of 2017. I will add that it is hardly possible to find a more interesting asset for all of Wall Street. Bitcoin is hypervolatile, trades 24 hours a day seven days a week, and also offers colossal opportunities for arbitrage trading, given the blurred notions of its pricing across different global venues. Judging by the latest dynamics, the potential of the news has not yet been fully priced in. According to AMarkets analysts, it only remains to mark out a threshold that fits the logic of technical analysis, beyond which the bulls are unlikely to calm down. I assume we are talking about the boundary resistance R2, projected from the reference Pivot, at $7770.

DSHUSD

The target for dash has been exceeded. Sellers not only dragged the asset into the $260 support area, but also dared to rewrite the September low of $240. They have not had quite enough strength yet, though. The working out of the wedge technical pattern convinced the bears that the asset's decline would continue. Given the weekly minimum at $242.53, we once again have an opportunity to talk about dash remaining true to the boundaries of the descending channel, within whose range it has been holding for several months in a row. During Friday's Asian session, DSHUSD is testing the $260 resistance, which coincides with the median mark of the specified corrective channel. The growth impulse is based on the obvious desire to break above the zero Fibonacci mark and also leave behind not only the fast EMA25, but the longer-term EMA50 as well. The only thing that could spoil DSHUSD's plans is traders' desire to get rid of altcoins in order to transfer capital into bitcoin. Despite the reasonable pragmatism of such an intention, no aggressive selling has been observed so far. According to experts at AMarkets, as long as dash holds above $260, one can confidently consider buys with the aim of testing the upper boundary of the descending channel at $285.

ETHUSD

Ether remains squeezed in the $275-310 range. Within this consolidation channel, we have been watching events unfold for several weeks in a row already. There is a sense that ether also needs a significant fundamental trigger. Analysts at AMarkets remind us that on November 13 the next annual summit dedicated to the prospects of bitcoin's main competitor will take place. It is quite possible that traders will not be left without interesting news. Until this event, there is no need to count on high volatility. For this reason, for those who cannot wait, we suggest working with the current opportunities of the obvious sideways market. During Friday's Asian session, the situation is developing in favor of the bulls. As it rebounds from the $275 support, as well as the zero Fibonacci level, buying volumes have risen sharply. The asset received acceleration from increased demand and several hours ago confidently overcame EMA25 and EMA50. The MACD histogram has also moved into positive territory. At the moment, ether is trying to overcome the 23.6 Fibonacci level ($292); if successful, buyers will gain support in the form of a powerful support level that has repeatedly spurred the pair toward new local highs. Given the above, we recommend buying with the aim of a repeated test of $310.

Material provided by the analytical department of AMarkets