Cryptomarket Analysis August 7

What happened in the cryptocurrency world over the past 24 hours.

Yesterday the situation on the market was developing according to a neutral scenario. It seems like daily traders rule in the market and other players are waiting and forbearing from transactions.

Bitcoin (Bitcoin) spent most of the previous day in an extremely limited range ($6,900 – 7,000). The minimum mark night test wasn’t too convincing either. In general, everything is signalling further weakness.

Despite the positive start of the day, the main scenario for bitcoin today is bearish. Major bearish interest is concentrated in the $6,665 – 6,775 area. In the past this was the area where active growth began. But low buyers’ activity at these levels may sign further decline.

Ethereum (ETH/USD) forms a triangle of a higher order in the graphs. Usually such figures turn in the direction of the prevailing trend (in our case downward).

We can expect some consolidation in the $401 – 409 range but still the bearish scenario is more probable and provides an attack at the border of the triangle and the subsequent fall into the $388 – 391 area. Then we might see a test of the $366 level.

Dash (DASH/USD) remains in the downtrend. Yesterday the cryptocurrency fulfilled the first target of the bearish scenario - it tested a local minimum mark, but without any follow-ups.

The bearish scenario still is the most realistic one. Bears need to make a successful attack at the local minimum mark ($198 – 200). Then some decrease to $195 is possible. The main goal for sellers today is $190.

Aside from bitcoin, ethereum and dash, there are several other interesting digital currencies from the 1,700 available. The losers and winners of the past 24 hours are: X-Coin - 172,58% growth and Seele - 31,25% decrease. Keep an eye on cryptocurrencies, study them and use our quotes page to keep up to date.

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.