What happened in the cryptocurrency world over the past 24 hours.
The market reacted to the decision on VanEck ETF by the U.S. Securities and Exchange Commission (SEC) with a blistering collapse. All the main cryptocurrencies have fallen in price.
Bitcoin
As it was expected bitcoin (Bitcoin) attacked the $6,665 – 6,775 gap, but the seller’s inflow was so big that the cryptocurrency couldn’t hold in this area and tested a high-volume level of $6,357 at the peak of its fall.
Daily Scenario
There are no signs that we are to expect any growth today so the bearish scenario is still a trend-setter. The main task for the bears is to hold on to their success until the buyers have no time to come to their senses and enter the market. Their primary goal is $ 6,357. The next step will be a further attack at $6,296 and a decline to $6,207 – 6,236.
Ethereum
Ethereum (ETH/USD) pierced the triangle and fulfilled all the targets of the bearish scenario (the drop stopped at the level of $367,4). Currently, the cryptocurrency is traded between two high-volume areas, so it’s possible to expect a “tumble” into one of them, either $360 – 370 or $376 – 384.
Daily Scenario
Like bitcoin ethereum is likely to follow the bearish scenario. The bears are interested in the $358 – 366 area. In late March / early April, it was a support level. In the case of a breakthrough, it’s possible to see a reduction to $347.
Dash
The fall of dash (DASH/USD) was so strong that the support in the $186 – 190 area had almost no effect on the cryptocurrency. Dash fell below the minimum marks of April, June, and July.
Daily Scenario
After such a big drop there is almost no chance for growth, so the bears behave extremely actively. First of all, they are interested in the local minimum mark ($177,5). Then an attack at $170 is possible.
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: SRCOIN - 92,82% growth and Scroll - 55,76% 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.