Technical market analysis from cryptobroker Amarkets, Insider.pro partner.
Bitcoin
The BTC/USD (EXANTE: Bitcoin) pair continues to consistently decline to the former marked target of $6000. The profit from a previously opened short positions is growing by leaps and bounds. In Asian session on Tuesday the sellers managed to overcome the long-term Exponential Moving Average 200 (EMA). This border was passed by with a red candlestick (downward price movement), which clearly indicates a substantial increase in sales volume.
Amarkets forecast: As bitcoin price left behind EMA25, EMA50 and EMA200, the chances that the initiative will move again to the buyers is rather low. According to Moving average convergence/divergence (MACD) and Relative strength index (RSI) indicators of bitcoin resell rate is slightly alarming. However, the bitcoin is easy to unload with a small pullback to the moving average line of $7400. Under the resistance retesting we recommend increasing the sales.
Dash
The DSH/USD (DASH/USD) pair is almost one footstep away from the goal of $260, with only $24 remaining up till the level by 11:00 AM (Moscow time). The probability of a descending course is very high. Dash successfully broke below the EMA200 and keeps moving along the lower bound of Bollinger Band (standard deviations of moving averages), relying on impulse support of the descending Alligator indicator (combination of moving averages by using fractal geometry and nonlinear dynamics).
Amarkets forecast: According to MACD and RSI indicators dash sales can be suspended due to an accumulated oversell. However, even in the case of a possible pullback, it will not be significant because of large accumulated volumes.
Ethereum
In contrast to dash and bitcoin ethereum (ETH/USD) was unable to gather sufficient seller support to fix below EMA200. Moreover, with the aid of buyers’ activity the exchange rate restored to the resistance of $600 during the trading session on Tuesday. The technical picture is contradictory. Even though the MACD indicator is gradually kicking back, the descending Alligator indicator signs in favor of sales.
Amarkets forecast: We still do not see favourable levels for the manifestation of trading activity. However, those who do not mind taking a risk we recommend placing a pending order of Sell limit of $600 with a view to a most likely rebound due to the powerful resistance.
By Yana Sher