Cryptomarket Analysis July 5
Main page Finance, Cryptocurrency, Bitcoin, Ethereum, Dash
Hot topic
5 July

What happened with bitcoin, ethereum and dash rates over the past 24 hours.

Bitcoin

Bitcoin (Bitcoin) is forming an ascending wedge. The breakthrough from technical analysis figures usually happens downwards; the main goal in this case is the minimum mark in the $5,800 area. Before the breakthrough we can witness another movement to the local minimum ($6,800).

Daily Scenarios

1. Bullish

Bullish scenario involves an attack on the upper boundary of the wedge. The $6,800 level presents a serious resistance. If we see a breakthrough, bitcoin may rise in price to $7,200.

2. Neutral

Neutral scenario proposes fluctuations in the $6,605 – 6,727 range with a gradual upward drift.

3. Bearish

Bears can expect a breakthrough of the lower boundary of the wedge and a sharp decline into the $6,017 – 6,222 area.

Ethereum

Ethereum (ETH/USD) is showing a less prominent wedge, and in general the cryptocurrency remains balanced in the high-volume area. Its further dynamics will be determined by external forces (bitcoin’s behavior). After reaching the $483 level an initial growth to $494 and then to $516 is possible. When bitcoin breaks the wedge, we may probably fix a drop to $440 with a possible test in the minimum mark direction.

Daily Scenarios

1. Bullish

Bulls may test the upper boundary ($483) of the high-volume region. Further growth is possible if bitcoin breaks the upper boundary of the wedge. In this case, the real target will be $516.

2. Neutral

Neutral scenario proposes a drift towards the $483 level.

3. Bearish

Bears are waiting for a consolidation in the current area and hoping for a break of the lower boundary of the wedge with a fall to $440 and then to $433.

Dash

For the past few weeks dash (DASH/USD) has been consolidating near the comprehensive support level and in this sense looks to be in a better position than bitcoin. Such dynamics can be a good basis for future mid-length growth.

Daily Scenarios

1. Bullish

Bullish scenario foresees an attack on the $260 level and a movement to the resistance of $270 – 275.

2. Neutral

It’s rather possible to expect fluctuations in the current area with a drift in the $252 – 255 direction.

3. Bearish

Bears can test yesterday's minimum mark ($230) with a possible attack of the $220 – 222 levels.

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.

By Yana Sher

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