Cryptocurrency technical analysis on 11/06/2017
Last weekend, the BTCUSD pair once again rewrote historic highs. According to AMarkets analysts, market participants continue to win back the upcoming hard fork, scheduled for November 13, as well as the potential launch of trading in bitcoin futures contracts before the end of this year.
Despite the still continuing potential for fundamental growth, technology is no longer on the side of buyers. At the Asian Monday session, Bitcoin overcame the moving averages EMA25 and EMA 50, seriously aiming for a breakdown and long-term EMA200. The MACD histogram has fallen into negative territory, having exceeded the signal line. Three hours ago, BTCUSD tested the support of the R1 daily Pivot reference. The level is still stable, however, amid growing volumes for sale, fixing below R1 is a matter of the near future. We recommend waiting for the cue ball to return to the channel of the upward channel and selling from the level of $ 6935 with the target of $ 6000.
The dasha situation has not changed over the past weekend. The asset still remains trapped in a narrow range of a non-profit market. Traders speculate on hypervolatile bitcoin, while alts are forced to wait for their high point. It is worth noting that the technical picture has become more bearish. DSHUSD entrenched below the EMA25, EMA50 and EMA200. The inability of the bulls to return above the long moving average may be the first signal of a lost initiative. In addition, Dashcoin was not able to overcome the Fibo level of 23.6, which was previously considered as a boundary for accelerating potential growth. The MACD indicator is also gaining volumes below zero, signaling the continuation of the correction. AMarkets analysts recommend that those who have previously opened long positions place a stop at the immediate support level of $ 260. For those who are eyeing sales, fixing below $ 260 is a good signal for the short to test the lower border of the downward channel of $ 232.
Material provided by the analytical department of AMarkets