What happened in the cryptocurrency world over the past 24 hours.
Technically bitcoin fulfilled all the goals of the bullish scenario, but we can’t say that its dynamics is based on healthy demand. The entire growth was caused by manipulations related to trading suspension on BitMEX crypto exchange due to scheduled technical maintenance support. Growth of ethereum and dash was primarily caused by a close correlation with the largest cryptocurrency.
Bitcoin
On Tuesday, the situation with bitcoin (Bitcoin) developed according to the neutral scenario. This was expected before the SEC's verdict on an ETF. At night, the price jumped to $6,900 but bulls failed to develop their ‘success’. At the moment bitcoin lost half of it’s gains and today the most likely scenario provides a return to the previous consolidation area.
Daily Scenario
Today the bearish scenario (however, its bearish only because of a strong price fall, in fact it will be a return to Tuesday’s levels) provides some decrease into the high-volume area ($6,263 - 6,646).
Ethereum
Ethereum (ETH/USD) has almost completely lost the gains from overnight. Today the most likely scenario is a neutral one.
Daily Scenario
Basis for neutral scenario will be marked by a consolidation in the $277 - 292 area.
Dash
Dash (DASH/USD) broke through the support level of $144, and before the night splash its behavior developed according to bearish scenario. Today the most likely scenario is a bearish one.
Daily Scenario
The scenario provides a test of $138 level and a decline into the area of local minimum mark ($132 - 136).
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: OptitToken - 257,15% growth and Gold Bits Coin - 38,59% 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.