Cryptocurrency technical analysis on 11/03/2017
For the BTCUSD pair, the second half of the week was a worthy continuation of the first. Bitcoin, feeling like an astronaut, continues to update historical highs. In such situations, it is very difficult to rely on technology, because all conceivable and unimaginable resistances designed to restrain the onslaught of bulls are shamelessly breaking. Whatever it was, but for one bitcoin they already give $ 7250.
It is worth noting that any uncontrolled growth, as, in fact, a fall, is always based on a strong fundamental foundation. This time was no exception. Demand for the cue ball has increased many times against the background of CME Group Inc., the world's leading derivatives trading platform, which announced on Monday that it plans to launch trading in bitcoin futures by the end of 2017. I add that for all of Wall Street it is hardly possible to find a more interesting asset. Bitcoin is hypervolatile, is traded 24 hours a day, seven days a week, and also presents tremendous opportunities for arbitrage trading, given the vague idea of its pricing on different world platforms. Judging by the latest dynamics, the news potential has not yet been won. According to analysts, AMarkets can only mark the line that falls under the argument of technical analysis, to which the bulls are unlikely to calm down. I suppose that we are talking about the boundary resistance R2, deferred from the reference Pivot, at the level of $ 7770.
Dasha's goal is exceeded. Sellers not only dragged the asset into the support area of $ 260, but also ventured to rewrite the September low of $ 240. Silenok, however, has not yet been enough. Testing the technical formation of the wedge convinced the bears that the decline in the asset would continue. Given a weekly low of $ 242.53, we have the opportunity to talk again about giving fidelity to the borders of the downward channel, in the range of which it has been held for several months in a row. At the Asian session on Friday, DSHUSD tests the resistance of $ 260, which coincides with the median mark of the specified correction channel. The growth impulse is based on the obvious desire to get above the zero Fibo mark, and also leave behind not only a fast EMA25, but also a longer-term EMA50. The only thing that can spoil plans for the DSHUSD pair is the desire of traders to get rid of altos to transfer capital to bitcoin. Despite the reasonable pragmatism of such an intention, so far no aggressive sales have been observed. According to experts at AMarkets, as long as the dash is above $ 260, you can safely consider buying to test the upper limit of the downward channel at $ 285.
The ether remains clamped in the range of $ 275-310. As part of this consolidation channel, we have been observing developments for several consecutive weeks. One gets the feeling that the ether also needs a significant fundamental trigger. Analysts at AMarkets recall that on November 13 the next annual summit will be held on the prospects of the main competitor of bitcoin. It is possible that traders will not be left without interesting news. Prior to this event, one cannot count on high volatility. For this reason, who can’t wait - we offer to work with the current capabilities of the obvious sidewall. At the Asian session on Friday, the situation is in favor of the bulls. As the rebound from support of $ 275, as well as zero Fibo level, consumer volumes seriously increased. The asset received an acceleration of increased demand and several hours ago confidently overcame the EMA25 and EMA50. The MACD histogram also climbed into positive territory. At the moment, the ether is trying to overcome the Fibo level 23.6 ($ 292), if successful, the buyers will have support also in the form of powerful support, which repeatedly incited the couple to move to new local highs. With that said, we recommend buying $ 310 for the second test.
Material provided by the analytical department of AMarkets