Cryptomarket Analysis August 16
Main page Finance, Cryptocurrency exchanges, Litecoin, Dash, Ethereum, Bitcoin, Cryptocurrency
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16 August

What happened in the cryptocurrency world over the past 24 hours.

Over the past day, ethereum and dash performed only a part of the task assigned while bitcoin reached all targets within the bullish scenario. But we can’t say that the situation in the market developed according to a favorable scenario for buyers. Growth led to the sellers’ activity and as a result the cryptocurrencies returned to the levels of the previous morning. Bullish situation has become more complicated, because according to the logic unsuccessful tests of the upper borders should be followed by attacks on the lower ones.

Bitcoin

Bitcoin (Bitcoin) tested the lower border of the high-volume area of $6,646 – 6,920. It’s a line between further growth and fall (here lies the $6,800 level, which previously acted as a resistance). According to the price dynamics bears aren’t ready to give up and intend to defend their positions.

Daily Scenario

Today bulls desperately need to demonstrate their strength and mount an attack at $6,800.

Ethereum

Ethereum (ETH/USD) performed the basic task of the bullish scenario - it tested the most popular level of the current area.

Daily Scenario

Today the main task for bulls is to test the upper border of the high-volume area and the control price of Monday. For the subsequent attack ethereum needs to fix above $304.

Dash

Dash (DASH/USD) tested the past consolidation area ($164 – 168), but failed to fix in it.

Daily Scenario

Today bulls need to take a hold between $164 – 168. In case of favorable dynamics an attack at $173 seems possible.

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: Divi - 47,22% growth and HeroNode - 51,34% 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.

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