What happened with bitcoin, ethereum and dash rates over the past weekend.
Right now, bitcoin’s (Bitcoin) rate is balanced and has been fluctuating in the high-volume area over the last two days. We can expect that this dynamic to continue on.
Billing scenario assumes that bitcoin will test a benchmark price, then an upper boundary of the high-volume area ($6,608) and then return to the control level ($6,727).
In this scenario we can expect some fluctuations in the $6,270 - 6,420 range with a test of both boundaries.
It is possible to fix a decline into the $6,060 – 6,200 range. This scenario seems most likely, keeping in mind Saturday’s splash and the resulting dynamics. At the same time, bearish scenario may lay the foundation for further medium-term growth.
Ethereum (ETH/USD) is following the same dynamics as bitcoin in general. Currently, ethereum is traded in the lower part of high-volume area ($440 – 483).
Bulls are returning to the most popular level for the last seven months - $460 and the test of the upper boundary of the current area ($475).
It is likely to see a consolidation at the current borders of ($440 - 460).
Bears are waiting for a fall to the $426 - 440 area and a consolidation near the control price ($433).
The hourly charts of dash (DASH/USD) are demonstrating the formation of an upside down "Head and Shoulders" figure. In the case of success, we can witness a moderate growth in the upcoming days. The possible target is the upper boundary of the channel ($270).
Bulls will probably attack the resistance at the $246 level and test the $256 level.
Neutral scenario proposes a consolidation within the $234-244 boundaries.
Bears are hoping for unsuccessful test of the $246 level and a decrease to the $216 - 220 area.
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