Cryptocurrency Technical Analysis on 11/22/2017
Bitcoin continues to rewrite historical highs, and the past trading session was no exception. Last night, the BTCUSD pair reached a new price extreme at $ 8360, fulfilling our previous goal. According to AMarkets analysts, the capitalization of the main cryptocurrency in the world goes off scale, accumulating more and more investment liquidity.
Against the backdrop of such rush demand, it is very difficult to resist the growing trend, the only thing left is to succumb to universal market euphoria, based on the expectations of a quick touch of the 10-thousandth mark. In the Asian session on Wednesday, Bitcoin is held above the long moving average (EMA200), relies on the lower border of the upward channel, as well as the zero Fibo mark. The divergence between price and MACD darkens the picture a little, however, for a full reversal this is still not enough. In view of the foregoing, as before, we recommend to shop around, for example, after another rebound from support of $ 8,000. The goal is $ 8500.
According to analysts at AMarkets, the start of the week for DSHUSD was even more productive. The couple not only rewrote Saturday's high at $ 480, but also went much higher, reaching psychological resistance of $ 500. It is worth noting that active growth continues today. At the Asian session on Wednesday, the dash adds more than 6% of the cost, clearly intending to make powerful support out of the 500-dollar plate. The only obstacle in the way of the bulls remains the zero mark of Fibo, confident overcoming of which will allow us to count on new growth horizons. In favor of purchases, the price is also above the moving averages, as well as the positive MACD, whose bars are gaining weight in the morning. Nevertheless, opening long positions from current levels looks like an extremely risky venture. We recommend that you wait for the breakdown of the upper boundary of the ascending channel at the level of $ 527 and only then bet on growth above $ 550.
Ethereum has not yet fulfilled our goal of $ 374, however, it remains on the path to this landmark. Judging by the volumes, the last few hours on the market are reduced activity, the MACD histogram is in the negative zone, which is a signal of a very likely rollback. Nevertheless, the past breaking through the $ 338- $ 352 area (resistance cluster) left a good reserve for the development of long-term recovery dynamics. As long as this corridor remains behind the price, there are all conditions to wait for the broadcast in the region of $ 400. We remind you that the closest target is more modest - $ 374 and is quite suitable for partial profit fixing.
Material provided by the analytical department of AMarkets