Technical market analysis from cryptobroker Amarkets, Insider.pro partner.
The BTC/USD (Bitcoin) pair remains in bearish trend. Following the Wednesday’s results, where another downward impulse caused the breakthrough to the nearest peg of $6500. After that, the rate has dipped into an absolutely uncontrolled peak, which has stopped only near the $6000 level. The active sales triggered the pending SellStop order at the level of $6500.
Amarkets forecast: Bitcoin has recovered by 11:00 (Moscow time), through its reliance on the crushed moving average EMA25 and the moving average convergence/divergence (MACD), which has almost overcome the negative zone. The Alligator indicators (combination of moving averages by using fractal geometry and nonlinear dynamics) which managed to move upwards, also point at some local growth. We recommend fixing at that level. There is a possibility of continued growth.
Dash (DASH/USD) has demonstrated a similar dynamic to bitcoin. After the renewal of the multi-month low level of price at $200, the local initiative has moved over to buyers. Unfortunately, we were not able to catch on to another wave of sales. Nevertheless, the lack of extra profit is still much better than the loss.
Amarkets forecast: As in the case with bitcoin by 11:00 (Moscow time) the technical picture inviting for buyers. DSH/USD pair overcame the moving averages EMA25 and EMA50, and also stepped out the sliding Alligator indicator (combination of moving averages by using fractal geometry and nonlinear dynamics). The growth potential is also confirmed by the expanded range of Bollinger Band (standard deviations of moving averages). We recommend considering a possible short-term purchase starting at $237 with an end target of $260. But for this deal it's better not to use more than 25% of the usual working volume.
Amarkets forecast: Price of ethereum (ETH/USD) has also dropped following the rest of the cryptocurrency market. The quote currently stands (11:00 Moscow time) at $473. We have managed to fix the profit near the $450 level. For those that haven’t done it yet, we recommend doing so right now. The technical picture has undergone significant changes, the potential for a greater decline is unlikely.
The ETH/USD pair is just about to overcome the moving average EMA50, and is set to gage some help from the positive moving average convergence/divergence (MACD). We will join the long positions in case it successful overcomes the local resistance of $490. Until now, we will watch the market from the sidelines.
By Yana Sher