What happened with bitcoin, ethereum and dash rates over the past 24 hours.
Currently bitcoin (Bitcoin) is consolidating in the $6,222 – 6,264 area after the rise at night. The $6,078 level has marked the supporting point on several occasions, but the subsequent growth has not lasted.
Today, the drift towards $6,125 is most preferable outcome, but don’t risk saving short positions for the weekend – the probability of the manipulative purchases of June 30 and July 8 is rather high.
Bullish scenario hasn’t changed since Thursday: a return to the high-volume area, with a test of $6,391 and a resistance at $6,400. In case of a rise overnight, the main target will the $6,500 mark. In the long term, buyers are trying to return the cryptocurrency to the $6,800 level.
The main goal of the neutral scenario is to reach the $6,125 level. However, we may see a test of $6,264 and $6,222 levels.
Bearish scenario provides a decrease to $6,125, an attack at $6,078 with a possible breakthrough in the direction to $6,021.
Ethereum (ETH/USD) has received some extremely important support. As already noted, a drop below $400 is highly undesirable. On the daily chart we can see a formation of a triangle, and if ethereum leaves it in the direction to a long-term uptrend, this may mean the beginning of a new bullish market (at least medium-term).
The main task for buyers is the quotes return to the high-volume area ($440 – 483). To do this, it’s necessary to leave the $440 level and fix in the $447 – 453 range. In the future, this level will provide a good background for attacking the upper border of the triangle. But don’t forget about the possible night-time rise to the $466 – 470 area.
Neutral scenario proposes a consolidation in the current area ($433 – 440) with a possible attack at $445.
Bears may meet a test of $440, a rollback to $433 and then a decline to $426.
The overnight rise seems to be represent an avalanche-like closure of short positions. Buyers have moved dash (DASH/USD) to a downward trend, which acted as a barrier for any further growth.
Bullish scenario demonstrates the $219 – 222 area as a supporting point, from where an attack on $235 can begin.
It’s possible to wait for a decrease to $219 and a subsequent consolidation in the $219 – 224 area.
Bearish scenario provides a decrease to $213.
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