Cryptomarket Analysis July 24
Main page Finance, Cryptocurrency, Bitcoin, Ethereum, Dash
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24 July

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

Yesterday ethereum came down and bitcoin and dash chose generally neutral scenarios. As expected, bitcoin launched an attack at the resistance and tested a border of the high-volume area $7,590 (the test was very fast, indicating the buyers’ strength). Ethereum returned to the control price of Saturday and was consolidating within its borders. Dash chose a neutral scenario gravitating towards some weakness.

Bitcoin

In the morning bitcoin (Bitcoin) has made an expected attack at the $7,800 resistance level. Currently, the cryptocurrency is fluctuating in the ​​$7,930 – 8,040 area. The most likely scenario for today is an attempt at further growth.

Daily Scenarios

1. Bullish

The main goal for bulls today is $ 8,225 - the level with the highest volume of trading for the last 8 months. Some resistance is possible at the $8,156 level.

2. Neutral

Neutral scenario proposes a consolidation in the current range and a test of both its borders ($7,930 – 8,040). This scenario seems unstable and unlikely.

3. Bearish

In the current situation, bearish scenario involves a decline to $7,704 after an unsuccessful attempt to continue the growth.

Ethereum

Ethereum (ETH/USD) has made a ‘shot’ towards the $483 level. It’s worth to note, that the morning growth has begun with the level, that coincides with Saturday’s control price. Moreover, this level has launched an attack at $483 on July 16.

Daily Scenarios

1. Bullish

The main task for bulls is to test the upper border of the high-volume area ($483). In case of success, ethereum may rise in price to $497. If sellers behave actively, a rollback to $489 – 483 will be possible. Lack of bearish interest will be a sign to buy, targeting $510 - 516.

2. Neutral

Neutral scenario is unlikely today.

3. Bearish

In general, ethereum remains in the high-volume $442 – 482 area. Yesterday and on Saturday ethereum made a good work within the lower part of the area. Now it's time to tackle the upper one. Under this conditions, bearish scenario supposes a decrease to $466 with a subsequent test of $461.

Dash

On Monday dash (DASH/USD) chose a neutral scenario with a tendency towards weakness. The test of $256 level turned out to be very fast and unconvincing, and most of the time the cryptocurrency has spent at the $238 support.

Daily Scenarios

1. Bullish

Today, the main task for buyers is to conduct an attack at $260 and fix in $ 252 – 256 area. In case of success, the $272 test is possible (but unlikely).

2. Neutral

Neutral scenario foresees further consolidation in the $238 – 252 range with tests of its borders.

3. Bearish

Bearish scenario hasn’t changed: a decline to $226 with a subsequent test of the upper border of the wedge ($220).

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.

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