Technical market analysis from cryptobroker Amarkets, Insider.pro partner.
The BTC/USD pair have worked together perfectly through the previous growth scenario, which we used for more profitable sales. This past weekend bitcoin (Bitcoin) reached a $7600 resistance level, where our sales order was activated. Currently the deal brings in $70 in profit per contract. Considering the technical picture, bears may prepare for an even greater profit.
In Asian session on Monday the MACD indicator fell below a zero mark, bitcoin price got fixed below the EMA25 and EMA 50 sliding averages. The descending Alligator line indicates in favor of an upkeep of the bear impulse. In case BTC/USD can overcome the sliding EMA200 ($7350), we will increase the short. The overall sales goal is - $6000.
DSH/USD sale turned out to be yet another profitable deal. The initiative was finally passed to the sellers by 12:00 (Moscow time), but before that happened the Dash (DASH/USD) rate reached the activation level of a pending order Sell limit $305. In other words, we sold at almost the maximum price. We recommend keeping the Sell until asset's value reaches the peg of $260. Considering how swiftly the dash overcame the $300 mark, this can happen rather soon.
On the sellers’ side are the negative territory MACD, descending Alligator line as well as the price going beyond the lower Bollinger band. An upwards correction may come in the next few hours, but it should be considered as an inevitable part of any moving trend, which is now clearly heading downwards.
As for Ethereum (ETH/USD), we continue to adopt a standby position. We did not participate in any of the climbing and descending rallies. Since the Ethereum rate could recover back to $600, it’s less relevant to delay the Buy limit. It’s time to search for an appropriate level for a long-term sale. And if opening new Sell deals, then doing it before the peg of $550.
Before the sellers’ positions become stronger, bears must drag the rate below EMA200 ($560). We believe the movement to the specified target will require several days.
By Yana Sher