Cryptomarket Analysis July 20
Main page Finance, Cryptocurrency, Bitcoin, Ethereum, Dash
Hot topic
20 July
1094 1k

What happened with bitcoin, ethereum and dash rates over the past 24 hours.

Bitcoin

Bitcoin (Bitcoin) remains in the high-volume $7,250 – 7,590 area and continues to gather steam. The more time bitcoin spends in this area, the faster it will get out of its borders. At night, we witnessed a test of the upper border of $7,590, so today it’s possible to see an attack at $7,250.

Daily Scenarios

1. Bullish

Bulls may test the lower border of $7,250 with active buy-back and attack at $7,590. Then we can fix a movement to $7,700 – 7,800.

2. Neutral

Neutral scenario proposes a consolidation in the current range with tests of boundaries. If today the situation develops according to this scenario, at the weekend we can see a rapid buy-back (with a target of $7,800) at the moments of low liquidity.

3. Bearish

Bearish scenario has not changed. The main support lies in the $6,721 area. Buyers can also step up at $7,145 and $7,034.

Ethereum

Ethereum (ETH/USD) looks weaker than the market. Currently, the cryptocurrency is moving towards the target, provided by the bearish scenario of Thursday ($445). Today, consolidation in the $443 – 453 area seems most likely. The slowdown can be explained by the increased demand for ERC-20 tokens, many of which are traded in pair with ethereum. In the future it can send a bullish signal.

Daily Scenarios

1. Bullish

Bulls expect to return to the $475 level with the possible test of $483. Some resistance may be seen at the $466 mark.

2. Neutral

Neutral scenario involves returning to the $463 – 470 area.

3. Bearish

Bearish scenario foresees a decrease to the $442 – 453 range with a subsequent consolidation.

Dash

Dash (DASH/USD) has tested the $272 mark and returned to the $257 – 263 area. The cryptocurrency is consolidating by repeating the dynamics of bitcoin. After the breakthrough of the resistance, we can witness a rather active growth (especially in case of typical buy-backs).

Daily Scenarios

1. Bullish

In this scenario the main task for buyers remains a breakthrough of the resistance at $272. Further growth is likely to reach $292.

2. Neutral

Neutral scenario also remains the same and provides fluctuations in the $257 – 263 area with temporary attacks at $272.

3. Bearish

Bearish scenario has not changed since Thursday: a decline into the $242 – 252 area and a test towards the $238 direction.

Trading 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

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