Technical market analysis from cryptobroker Amarkets, Insider.pro partner.
Bitcoin
The BTC/USD (Bitcoin) pair continues to consolidate slightly above $ 6700. It's clear that the fundamental negative, related to the South Korean exchange CoinRail cyberattack will not be overcome swiftly. The previous scenario of bitcoin selling at $ 7200 is not relevant any more.
Amarkets forecast: The sellers were able to reduce the oversell without significant upward backslides. However, the moving average convergence/divergence (MACD) and relative strength index (RSI) indicate the market’s readiness for yet another wave of selling. That is what we suggest doing. The peg of $6650 seems to be a good sales target. At this point the prices have stopped the last time and here we notice the zero Fibonacci retracement level (areas, where price stops going lower or higher). If this level falls, bitcoin will become much cheaper. On this basis we recommend placing a SellStop order at the $6650 level.
Dash
DSH/USD (DASH/USD) buyers have not given up just yet. Dash quotes have recovered from $231 up to $247 at the Asian session on Tuesday. The pulsing growth over the last hours indicates the possibility of a continued positive dynamic. The technical picture is also on the bulls’ side. The rate has fixed above the Alligator indicators (combination of moving averages by using fractal geometry and nonlinear dynamics), breaking the fast moving average EMA25. The EMA50 can be also overcome soon.
Amarkets forecast: With this consideration in mind, the level of uncertainty does not allow us to return to actively speculating on dash. Similar to before, the recommendation is rather invariable - we will keep watching and waiting.
Ethereum
By an analogy with bitcoin, ethereum is on a local drift. The ETH/USD (ETH/USD) pair is holding above the level of $510 at 11:00 (Moscow time). However, the quotes have managed to to test the peg of $500 yesterday, which has activated pending sales order. The ethereum quotes are consolidating within the triangle (technical chart pattern created by drawing trendlines along a converging price range) formation right now.
Amarkets forecast: As a rule of thumb, for the development of a downshift trend, the exiting price in the alike patterns happens in the direction of the trend. Unless this case is an exception, by the end of day the ETH/USD price will fix below the $500 level. The moving average convergence/divergence (MACD), which is failing to reach the positive territory, points in favor of this scenario.
By Yana Sher