What happened with bitcoin, ethereum and dash rates over the past 24 hours.
Bitcoin
Bitcoin’s (Bitcoin: BITCOIN) rapid growth leaves behind a rather weak market structure, which can be studied further during the next few days. Quotes have returned to the A high-volume region, that leads to the main Tuesday’s idea - consolidation within the borders.
Daily Scenarios
1. Bullish
It’s possible to expect a test of upper border of A, a small correction and then an attack on the level of $ 7,200. This scenario seems unlikely, as the explosive growth which happened yesterday was caused mainly by closure of short positions.
2. Neutral
It’s worth expecting a valuation within the boundaries of a high-volume region.
3. Bearish
Highly likely is a valuation within the boundaries of the high-volume region, followed by a drift to the $6,470 level.
Ethereum
Ethereum’s (BITFINEX: ETH/USD.BITFINEX) chart is behaving similarly to bitcoin. After yesterday's growth, the price ended up in the lower part of double high-volume region - A. The area consists of two sub-regions with a border in-between, which is Monday’s maximum mark.
Daily Scenarios
1. Bullish
It’s possible to expect a consolidation, or a breakthrough into the upper sub-region and an attack at $560 level .
2. Neutral
We can expect valuations within the boundaries of the region A with a possible transfer into its upper part.
3. Bearish
It’s possible to expect a consolidation followed by a price drift to $500 mark.
Dash
Dash (EXANTE: DASH.EXANTE) is being consolidated within the boundaries of a high-volume region. The main scenarios are similar to those for bitcoin and ethereum.
Daily Scenarios
1. Bullish
We can consider a consolidation in the high-volume region with a possible attack on the maximum level of $290.
2. Neutral
It’s possible to expect a valuations in the region of $262 - 270.
3. Bearish
It’s possible to see a gradual decrease down to $255 and a test of a local minimum of $250.
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