Technical market analysis from cryptobrokerAmarkets, Insider.pro partner.
The BTC/USD (Bitcoin) pair continues to hand out money to the sellers, perfectly demonstrating the basic patterns of the technical analysis. Another profitable sale led to a more than 30% growth of our deposit. It is a rather ambitious result considering the fact, that we were in deal for less than three weeks. For those who did not fix a profit at about $7000 - it's time to do it now. The current quotes (12:00 Moscow time) are at $ 6700.
Amarkets forecast: We will not deny the potential for a deeper downward correction, but according to the moving average convergence/divergence (MACD) and relative strength index (RSI) the resell is way too obvious. The upwards impulse can follow any moment and it's better not to participate in it. We are planning to re-enter the market in case of a recovery of the exchange rate at around the $7200 level. You can place the Sell limit order right here. We are watching from the sidelines for now.
The energetic sales of bitcoin logically affected the interest in DSH/USD (DASH/USD) negatively. Over the past weekend dash has lost more than 20% of its own value thereby we finally reached our profitable benchmark of $260. The dash decline continues by 12:00 (Moscow time).
Amarkets forecast: The confident fixing of a prices under the fast and long moving averages, the descending Alligator indicators (combination of moving averages by using fractal geometry and nonlinear dynamics), and Bollinger Bands (standard deviations of moving averages) as well as the overcoming of the 131 Fibonacci retracement level (areas, where price stops going lower or higher) are justifying the bearish impulses. Nevertheless, the sell volumes are gradually reducing and the moving average convergence/divergence (MACD) needs to unload the combined short. We recommend not hurrying with new orders based on this.
The ethereum deal was very effective. The ETH/USD (ETH/USD) pair successfully tested the previously indicated target of $550 and then fell below - to the area of $500, as trading closed yesterday. The only thing to regret is not seizing to gain extra-profit. Unlike bitcoin and dash, the situation with ethereum remains different. Over the last 12 hours the sellers allowed the bulls to recoup a little. The dynamics of the Moving average convergence/divergence (MACD) and Relative strength index (RSI) highlight that. However, the overall technical picture remains bearish.
Amarkets forecast: We recommend preparing for another wave of great sales due to this reason. We believe that the situation can develop after the peg of $500. Here we will place the SellStop order.
By Yana Sher