Technical market analysis from cryptobroker AMarkets, Insider.pro partner
Summarizing the first half of May, we can say that buyers remain much weaker than sellers. Despite the repeated attempts to return Bitcoin (EXANTE: Bitcoin) rate above $10 000, the trend did not become upward.
Earlier we have opened a long position from $ 9000. Considering the current rate of $8300, the deal is in negative stage. The peg’s level of $8215 has already stopped the sellers three trading sessions in a row. We suppose, that if this level falls the descending dynamics will continue.
The technical picture remains on the seller’s side. The expectations that bitcoin will reach the benchmark of$8000 is high due to the price being below the key sliding average as well as the negative MACD. Considering the above, we recommend distributing the stop-loss of the previous purchase at the level of $8160. We will take it from here.
Dash (DASH/USD) descending dynamics is more expressive than BTC/USD. About an hour ago, Dash successfully overcome the 100 Fibonacci level, enhanced with the $365 peg. In the light of rather high volumes in Sell, the initiative is likely to remain by the sellers. The last stand before the deeper correction remains the peg of $350. If the buyers do not approve here, the decreasing goal may be the level of $300.
We are still holding down the long positions but the potential overturn is close. The technical review is completely on the side of the bears, however it is likely to leave the purchases before opening new deals. As noted above, we do not recommend doing this until the DSH/USD rate is above $ 350.
Ethereum (ETH/USD) rate recovered from the local minimum – from $630 to $730. The growth of 10% in front of general crypto market decline is an excellent result. Nevertheless, the buyers of Asian session on Monday still passed the sellers who had already managed to return the asset below $700.
The opened long positions are still relevant. Despite the local decline, the buyers remain with enough technical support. Ethereum quotes are above EMA50, the MACD is still on positive stage, RSI is also far from the overbought zone. We suppose that the chances Ethereum to return again above the level of $700 are extremely high.