What happened with bitcoin, ethereum and dash rates over the past 24 hours.
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).
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.
Neutral scenario proposes fluctuations in the $6,605 – 6,727 range with a gradual upward drift.
Bears can expect a breakthrough of the lower boundary of the wedge and a sharp decline into the $6,017 – 6,222 area.
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.
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.
Neutral scenario proposes a drift towards the $483 level.
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.
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.
Bullish scenario foresees an attack on the $260 level and a movement to the resistance of $270 – 275.
It’s rather possible to expect fluctuations in the current area with a drift in the $252 – 255 direction.
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