Cryptomarket Analysis August 1
Main page Finance, Cryptocurrency, Bitcoin, Ethereum, Dash
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1 August
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What happened with bitcoin, ethereum and dash rates over the past 24 hours.

Bitcoin

In just a day, situation in the market has completely changed. There are no more positive signs hinting at the possibility for further growth. Now the main task for buyers is to keep bitcoin (Bitcoin) above $7,238. At the moment the attention of the community is centered around two levels: $7,200 and $6,800. Falling below the $7,200 level is associated with the end of the bullish scenario. A breakthrough of the support in the $6,800 area threatens a further resumption of the decline.

Daily Scenarios

1. Bullish

The high-volume level ($7,466) took a supporting role. Under these circumstances, we can expect a return to $7,704 and a possible test of $7,822. Also, it’s worth noting the possibility of buyer’s activity. In this case, we can witness a rapid buy-back and a return to the $8,039 – 8,316 area.

2. Neutral

Neutral scenario proposes a consolidation in the $7,400 – 7,590 with some downward trend.

3. Bearish

Bearish scenario provides a test of the lower border ($7,238) of the current high-volume area.

Ethereum

The situation with ethereum (ETH/USD) looks very bad. The upper border of the triangle took a role of resistance (bullish hopes were associated with its breakthrough), and now the cryptocurrency is at the lower border. If that fails, a further decline may follow. The nearest moderate support lies in the $360 level, a powerful one is in $290 – 300 area. It’s important to note that yesterday's collapse started at $466 - the most popular level over the last 7 months. In other words, it stopped satisfying market players.

Daily Scenarios

1. Bullish

Bulls need to find a lodgment in the $426 – 442 area. To do this, it’s necessary to overcome the $426 level and the lower border of the triangle.

2. Neutral

Neutral scenario proposes fluctuations in the $413 – 424 area with a downward trend.

3. Bearish

Bears will attack the $403 mark. Some fluctuations are possible at the $413 level.

Dash

Dash (DASH/USD) completed all the tasks set out by a bearish scenario.

Daily Scenarios

1. Bullish

The main target for buyers now is the $224 mark with possible further attack at $233.

2. Neutral

Neutral scenario foresees a consolidation in the $213 – 220 area.

3. Bearish

Bearish scenario provides a test of the minimum mark ($206). The nearest serious support lies in the $186 – 190 area.

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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