In general, yesterday the market adhered to a neutral scenario as main cryptocurrencies tested borders of the relevant areas and determined the consolidation ranges.
The high-volume $7,440 – 7,466 area provided a support to bitcoin (Bitcoin) and the control price of Tuesday ($7,670) acted as a resistance point. This morning bitcoin has overcome it and managed to fix in the $7,590 – 7,704 range by testing its upper border.
The most likely scenario (of the - bullish, neutral, bearish) for today is a bearish one. Yesterday the $7,440 – 7,666 appeared to support two times and today sellers can once again test this area. Bulls are not hoping for growth, as too many levels need to be overcome, for example, $7,704 – 7,822.
On Wednesday ethereum (ETH/USD) reached the first target of the bullish scenario ($426) and then tested the level proposed by the bearish one ($408). This behavior can be explained simply by the cryptocurrency exploring the current range, figuring out the boundaries and interest towards it from buyers and sellers.
Today, the most likely scenario is a bearish one. On Wednesday the $408 level took up a supporting role and today bears can test it again. The more general goal is a test of high-volume area ($403) border.
On Wednesday dash (DASH/USD) tested the $225 mark and returned to the consolidation area. This means that we can expect both bullish behavior (fixing at $225 level and attack at $233), and bearish with a test of $206 level followed by subsequent decline to the $186 – 190 area.
Not only bitcoin, ethereum and dash make up the diverse cryptocurrency market. The world knows more than 1,700 digital currencies. Here are the losers and winners of the past 24 hours: everipedia - 167% growth and zetacoin - 33% decrease. Keep an eye on cryptocurrencies, study them and use our quotes page to be aware of everything.
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.