What happened with bitcoin, ethereum and dash rates over the past 24 hours.
Bitcoin
Bitcoin (Bitcoin: BITCOIN) is following the same scenario it had in the end of May and the first half of June, when prices consolidated the same way before breaking through. Each downward wave led to a roughly $1,600 decrease in price. If we take this value off from the current level of $6,800, we’ll get the next important supporting area of $5,200. It’s worth paying attention to the price behavior from April.
The stabilization was followed by several attacks on the lower marks, and then the quotes took off, providing a start to the uptrend. Currently, a lot of potential buyers are waiting for a similar signal, which will mark a powerful push, followed by intensive growth.
Daily Scenarios
1. Bullish
The bullish scenario considers a return to the $6,675 – 6,780 area with a possible test at $6,800 and a rollback to the $6,720 level.
2. Bearish
We expect a small consolidation in the current region, a break of the trend, and a rollback to the $6,640 level with a drop to $6,400.
Ethereum
The ethereum (BITFINEX: ETH/USD.BITFINEX) picture points out that the $490 – 500 area can lend support to the price.
In the best scenario, ethereum will gain in this area and strength for further growth. But in worst scenario we expect an attack on the lower mark ($460).
Daily Scenarios
1. Bullish
It’s possible to see a trend line test, a rollback to $516 and a breakthrough to the $536 – 539 level.
2. Bearish
An alternative is a fall to the $490 level with a subsequent stabilization in the $490 - 500 area.
Dash
Dash (EXANTE: DASH.EXANTE) still remains in the $250 – 270 channel but can fall out in case of a negative event or news.
Daily Scenarios
1. Bullish
We can predict a return to the top border of the channel ($270).
2. Bearish
We expect a break of channel’s lower border and an attack on the minimum mark.
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