Cryptocurrency technical analysis on 10/30/2017
On the weekend, bitcoin proved to be in all its glory, implementing a script to update the historical maximum. The most productive for the asset was the second half of Sunday, when in 6 hours the BTCUSD pair added more than $ 500, touching a new price extreme at $ 6291. As a rule, any move a priori should be accompanied by correction, if only so that buyers have the opportunity to regroup and lay a new technical foundation for even greater growth.
The current situation is no exception. Bitcon on the rollback retreated to the zero Fibo level and, despite the high probability of an even greater decline, we recommend relying on the current technical picture, which, frankly, is not very different from the old one. True, buy signals have become more apparent. Bitcoin left behind a whole cluster of Pivot resistances (R1, R2, R3). Somewhere far below, fast and long movings continue to be built. Even the EMA25, as the fastest of them, can not catch up with the price. BTCUSD is at the median mark of the long-term upward channel, which has held back the “cue ball" within its borders for several months. Guided by past experience, the accumulation of volumes in similar conditions may end with another growth wave to the next target at $ 6650.
Dashcoin succumbed to general euphoria and left the descending channel area on sharply increased volumes. However, it is worth noting that at first he pleased us, touching the target at the level of $ 274.6. Last Sunday, the initiative completely passed to buyers who threw a dash above the Fibo level of 38.2. At the moment, DSHUSD very successfully relies on the local uptrend line, which is able to bring the asset to the 50 Fibo level already in the coming hours. MACD also speaks in favor of continued growth: the indicator remains in positive territory, acting in synchronous conjunction with the signal line. In addition, Dash was able to gain a foothold above the moving averages and the first reference level Pivot (R1). By the way, this milestone was overcome without the slightest correction, which indicates the clear presence of a powerful growth catalyst. The simplest explanation of the activity of buyers can be related to the growth of the main crypto asset - bitcoin, which supports market sentiment. Given the above, the current bullish impulse may be quite enough for no less successful overcoming the next Pivot mark - the R2 level, corresponding to the price of $ 291.80.
The air worked perfectly on the technical formation of the triangle and, having overcome the previously designated goal of $ 302.11, it consolidated above. The main growth of the asset also fell on Sunday. It is worth noting that the movements on the air went earlier than on bitcoin, which involuntarily suggests the idea of a true barometer of market sentiment. Be that as it may, ETHUSD remains cheerful at the Asian session on Monday, preparing to test the next Fibo level with a border mark of 50. The air is steadily holding above resistance 300.00, EMA 200, 50 and 25. The divergence that has formed on MACD radar, however, finding the asset above all Pivot resistances, delayed from the weekly market rotation, easily suppresses all doubts. On the side of buyers is the general market mood, which forces all altcoins represented in the industry to grow. Against this background, we recommend a closer look at the possibility of fixing ETHUSD above $ 315.00. Stop can be placed below support 300.
Material provided by the analytical department of AMarkets