Cryptocurrency technical analysis on 11.29.2017
Bitcoin without any hesitation overcame the psychological resistance of $ 10,000, getting close to the level of $ 10,500. In just over two weeks, the most popular cryptocurrency in the world became more expensive by 61%, increasing the cost by 10 times since January 2017.
According to AMarkets analysts, the Bitcoin rate continues to support the rush demand from investors from Japan and South Korea. The growth of the asset may also be connected with the expectation that in 2018, the largest derivatives exchange in the USA, CME, plans to launch trading in bitcoin futures. If global regulators are loyal to Bitcoin, large investment funds will join the cryptocurrency purchases, which were previously deprived of the opportunity to work with digital currency in an unregulated space. Given that the derivatives market exceeds $ 630 trillion, even a drop from this sea can provoke even greater growth in bitcoin. Against the background of such a rally, we propose to leave the equipment for a while aside. The next target is $ 11,000. Stop is placed under the support of $ 10 thousand.
According to AMarkets analysts, the recovery dynamics is still typical for Ripple. High volumes of purchases helped the coin to break beyond the upper limit of the uptrend and get closer to the cherished target of $ 0.280. However, the combination of resistance of $ 0.280 and a weekly level of R3 turned out to be too tough for buyers, which caused a local correction at the Asian session on Wednesday. At the current stage, we are testing the area of $ 0.25- $ 0.26 from above. There are no signals for a downward turn, but we can expect a return to the lower boundary of the channel and further movement in its channel to the targets at $ 0.280- $ 0.298. Based on the foregoing, we recommend that additional longs be recruited as prices return to the $ 0.25 area. The maximum goal is $ 0.3.
The bearish dynamics in Bitcoin Cash remains, despite the narrowing of the trading range, the bulls can not seize the initiative. The loss of the weekly Pivot ($ 1539) and the 50% Fibo level is fraught with acceleration of the downward dynamics of the BCHUSD rate towards the support of S1 ($ 1300). According to MACD, an upward rebound is possible, however, taking into account the minimal effect of growth in purchase volumes (2.5 times) on the BCHUSD rate, we suggest that we wait until the support for S1 is renewed ($ 1300), with EMA200 just above it. Given the above, while acting short orders.
Material provided by the analytical department of AMarkets