Technical market analysis from cryptobroker Amarkets, Insider.pro partner.
Over the last trade session, the BTC/USD (EXANTE: Bitcoin) pair could recover from the lower mark of $7300 up towards $7600. The alarming signal for sellers was the pair’s peg above the long-term Exponential Moving Average 200 (EMA), which lies along the $7500 level.
Amarkets forecast: Even though the technical outlook has become more favourable for purchases, we don’t recommend denying sales till the $7800 resistance ends. Bitcoin needs fundamental support to overcome the level of $7800. This resistance is increased by 23.6 Fibonacci retracement level (areas, where price stops going lower or higher), over which the upper limit of an increasing channel. According to the Moving average convergence/divergence (MACD) and Relative strength index (RSI) the bitcoin resell rate increases the chances for a backward turn.
In contrast to bitcoin DSH/USD (DASH/USD) demonstrates a more sluggish dynamics. The previously announced goal of $260 has become more distant, however, it is not worth giving it up. Even though dash managed to climb above the EMA25, EMA50 and EMA200, the growth did not follow.
On the hourly time frame, you can see how hard it is for buyers to be near this resistance cluster. If the purchase interest remains restrained, the initiative will move to sellers once again.
We saw a rebound on top of a general wave of optimism for ethereum (ETH/USD) as it tested the resistance of $600 during the Asian trading session on Thursday and activated the previously pending sales offer. Now we are in the game. The short-term goal is near the $550 support level.
Amarkets forecast: In case of ethereum’s leaving the uptrend, we recommend increasing sales starting from the $585 level.
Despite the growth of a local upward trend, the sales volumes leave much to be desired, so there is no need to expect significant movements. We will leave the sales only in case of working off an alternative triangle (technical chart pattern created by drawing trendlines along a converging price range) formation. Ethereum rate must overcome the resistance of $615 in order to reach this goal. If this scenario does become a reality, we will sell immediately.
By Yana Sher