Cryptomarket Analysis August 3

Yesterday the market adhered to a bearish scenario as all the goals within the scenario framework were fulfilled.

Bitcoin (Bitcoin) returned to the high-volume $7,238 – 7,590 area.

Last month the cryptocurrency was in high-volume $7,238 – 7,590 area for four days (from July 18 to 22), so today the most likely scenario (of the - bullish, neutral, bearish) is a neutral scenario - a consolidation in this area with tests of both of its borders.

Ethereum (ETH/USD) tested the bottom of the triangle and continued its fall. The local support is presented by the $388 mark. After its breakthrough the reduction to $366 seems possible.

Taking into account a current downward trend the bearish scenario still seems the most possible. Bears are interested in testing the lower border of the current range ($388). Next step is a possible decline to $366.

Thursday’s downtrend for dash (DASH/USD) is likely to continue, that contributes to the bearish activity. The nearest important supporting level for bears lies in the $186 – 190 range. At the same time the cryptocurrency still fluctuates in the $205 – 215 area.

Stepping aside from bitcoin, ethereum and dash, lets take a quick look at some of the 1,700 digital currencies available, the losers and winners of the past 24 hours: Speed Mining Service - 218,23% growth and DigiPulse - 72,88% decrease. Keep an eye on cryptocurrencies, study them and use our quotes page to keep up to date.

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.