Cryptomarket Analysis July 31
Main page Finance, Cryptocurrency, Bitcoin, Ethereum, Dash
Hot topic
31 July
675 675

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

On Monday the market finally saw a revival. Ethereum and dash chose a bearish scenario, bitcoin remained within the neutral one due to the powerful buy-back, that returned the cryptocurrency to the consolidation area.

Bitcoin

Yesterday we witnessed bitcoin's (Bitcoin) breakthrough followed by a quick buy-back. This sends a potentially positive signal, because unlike the fall of July 26/27 the price didn’t fix in the lower levels, which indicates the increasing buyers’ interest.

Daily Scenarios

1. Bullish

After the test down, it’s logical to expect an attack at the local maximum mark. Primary goal in this scenario is $8,325, the second at $ 8,455.

2. Neutral

Neutral scenario hasn’t changed (bitcoin remains in the high-volume area). It provides further consolidation in the $8,036 – 8,325 area with slow movement to $8,225.

3. Bearish

The $7,822 – 7,870 area rendered some support to the cryptocurrency. After yesterday's breakthrough bearish scenario doesn’t seem possible and bitcoin will most likely drift slowly to the $8,036 level with a subsequent downward breakthrough.

Ethereum

Ethereum (ETH/USD) is lagging behind. Yesterday's buy-back was much weaker than that of bitcoin, and now the cryptocurrency has come very close to Monday's minimum mark.

Daily Scenarios

1. Bullish

Today the main task for bulls is to return to the most popular level of the current area ($466) and fix there. Further attack at $471 and $475 seems possible.

2. Neutral

Neutral scenario proposes fluctuations in the $451 – 457 area.

3. Bearish

The goal for bears seems obvious: the lower border of high-volume area ($442). Some support is possible at the $446 level.

Dash

Yesterday dash (DASH/USD) preferred a moderate bearish scenario, but its primary target wasn’t achieved. Market activity seemingly almost non-existent - the cryptocurrency is just slowly drifting.

Daily Scenarios

1. Bullish

Keeping in mind the current dynamics, an attack at $240 – 242 would be a miracle. The main buyers' goals remain the same: $256 – 260.

2. Neutral

Neutral scenario foresees a consolidation in the $232 – 237 area.

3. Bearish

Bears can hope for an attack at $226 and further decline to $220.

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.

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