What happened in the cryptocurrency world over the past weekend.
On Friday and Saturday the situation on the cryptocurrencies’ market developed according to a bearish scenario. Bitcoin fell to the primary target ($6,090), with $6,021 level acting as support. The decline of ethereum and dash turned out to be more dramatic than it had been predicted. Sunday for all three currencies was a day of consolidation and rest.
Bitcoin
Bitcoin (Bitcoin: BITCOIN) tested the $ 6,021 to 6,207 area and returned to Thursday’s range. The border between further decline and growth lies in the $6,180 level - over the last few days the cryptocurrency has repeatedly tested it on both sides. This level is notable because in July it was the level of new growth and in June it was when the final test of minimum mark ($5,788) began.
Daily Scenario
After unsuccessful attack at $6,534 this morning, the price is naturally striving to the $6,302 – 6,419 area. So today it’s worth expecting a bullish attack on $6,534 with a further test of $6,628. The global target is $6,800.
Ethereum
Ethereum (BITFINEX: ETH/USD.BITFINEX) is stuck between two high-volume areas. Such position seems unstable and today the currency can return to one of the control prices ($298 or $330). Besides, the lower area is much greater and thus more attractive.
Dash
Dash (EXANTE: DASH.EXANTE) fulfilled all the goals of the bearish scenario. The support level at $170 didn’t work and the cryptocurrency fell to $162, returning to the range of last year’s July.
Daily Scenario
Today bears are interested in testing the local minimum mark ($162). The nearest powerful support is located in the $152 – 157 area.
Aside from bitcoin, ethereum and dash, there are several other interesting digital currencies from the 1,700 available which are worth taking a look at. The losers and winners of the past 24 hours are: Auctus - 67,69% growth and Bitcoin File - 46,52% 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.