What happened with bitcoin, ethereum and dash over the past 24 hours.
Most important crypto news affected bitcoin, ethereum and dash rates
- SEC Corporation Finance Director William Hinman declared that bitcoin and ethereum are not securities and not subject to relevant laws.
- Western Union stated that it sees no financial advantages from using ripple in transactions.
- The American cryptocurrency exchange Coinbase intends to enter the Japanese market since over than half of all bitcoins are bought with Japanese yen.
- British real estate agency Knight Frank made a survey revealing that 21% of well-off families hold cryptocurrency investments.
Bitcoin (Bitcoin) rate remains close to the vital support level of $6,000, at the same time daily charts show the descending triangle (technical chart pattern created by drawing trendlines along a converging price range), that can lead to the breakup of the support and a drop of bitcoin’s price down to $5,300. A neutral scenario worked out yesterday as sellers tried to attack bitcoin at the minimum price but their attempts didn’t succeed due to the news from the U.S.
A powerful evening purchase allows hope for further growth. Its worth to expect a possible short-term puncture after which the buyers are likely to activate which will move the quotes into the range of $6,670 -6,870. In the future, a further attack is possible at the level of $7,200.
The scenario suggests keeping the prices within the range of $6,545 - 6,670 with a possible drift into the $6,670 - 6,870 region towards the end of the day.
The scenario provides the gradual price decline at around $6,435 -6,535 and a subsequent minimum test of $6,320.
Yesterday ethereum (ETH/USD) returned to the double high volume of $510 – 535 but failed to do so in the upper part ($525 - 535). This morning ethereum tested the psychological mark of $500 and is now growing moderately.
The bullish scenario forces the return to the high-volume area of $510 – 535, fixing in the upper part and possibly testing both lines with a subsequent attack at the $560 level. But, considering the global downwards trend, it looks rather unlikely.
In this scenario the quotes can test the $500 level and then return to the high-volume area.
The scenario provides a further increase in pressure from the sellers, a return to the area of $480 - 490 and a possible test of the minimum at around the $460 mark.
Dash (DASH/USD) is following the rest of market. Recently, it has settled at just above the global support level of $225, and looks somewhat stronger than ethereum or bitcoin.
The scenario provides the return of dash to the high-volume area of $264 - 276. In the future, its possible to expect it to test both lines with an attack at the level of $284.
It’s possible to see an attack on the level at $256, with the following drift at around $264 - 276.
Bearish scenario presents a gradual price decline in the range of $254-262 with a possible decline towards $247 - 250.
The trade in the cryptocurrency market is associated with high risks and is not suitable for every investor. The above analysis should not be considered as a recommendation or a call to action. Each trader should assess the risks for themselves. Both the author and Insider.pro are not liable for the potential losses incurred.
By Yana Sher