What happened with bitcoin, ethereum and dash rates over the past 24 hours.
On Thursday the market has developed in accordance with a bearish scenario. As it was expected, bitcoin (Bitcoin) has tested the lower border of the triangle (by confirming it), returned to the control price and began an attack on the minimum mark.
This morning bitcoin was consolidating in the high-volume area, which began way back on June 24, tested a local minimum mark and returned to the benchmark price set on June 24.
Bullish scenario proposes a return to the $6,055 - 6,132 area, but it’s unlikely. In these conditions we expect a consolidation on the current levels and another attack on the minimum mark.
Neutral scenario proposes a consolidation in the $5,800 - 5,930 range with a test of both borders. In the coming days it will be possible to see another triangle, which is limited with a downward trend and a support in the $5,760 - 5,780 area.
We can expect a consolidation in the high-volume area, a test of the $5,904 level and a decrease to $ 5,750 - 5,708 - 5,650.
Ethereum (ETH/USD) has perfectly executed the bearish scenario. It first fell to the control price of $417, jumped aside to the upper border of the high-volume region ($426), and then tested its lower border ($ 403). Today, the most likely scenario are fluctuations in the $403 - 426 range.
Bears will meet a consolidation in the current area, an attack at the $426 level and a return to the upper range.
Ethereum will consolidate in the $ 412 - 426 area.
Bears are hoping to test the $421 mark, then return to the $417 level with a subsequent attack at $403 - 398.
Dash (DASH/USD) has also performed in accordance with the bearish scenario but not in the way it was expected. The test of the upper border was weak, followed by a decline. Then dash rebounded to the $226 level and returned to the minimum mark. We can expect a breakthrough of the support area and a strong fall in the near future.
It will probably return to the $225 - 230 area.
Neutral scenario will show a consolidation in the current area ($217 - 222).
Bears haven’t succeeded in testing the $220 level and now are going to meet a breakthrough of the support and a decline to $210.
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