On Thursday the situation in the cryptocurrency market partly developed according to a bearish scenario.
Bitcoin
The low area level of $6,789 gave support to bitcoin (Bitcoin: BITCOIN). Thus, the cryptocurrency remained in the current high-volume area. The next logical step will be a return to its control price of $7,108 (today this is the most likely scenario). Then we may see a test of the upper border of the area ($7,238). But it should be noted that the previous three times bitcoin passed the $7,100 - 7,300 range rather rapidly and failed to fix there.
Daily Scenario
BTC chart by TradingView
The task for traders today is obvious: to overcome the support at $6,920 and to return the cryptocurrency to the high-volume area with the control price of $6,718.
Ethereum
Ethereum (BITFINEX: ETH/USD.BITFINEX) still can’t fix above $298. The test of the $272 - 274 area showed that buyers are still present and active. According to the global point of view, nothing significant has happened yet - ethereum remains in the high-volume $267 - 320 area. Favorable news may lead to the cryptocurrency moving to the upper part.
Daily Scenario
ETH chart by TradingView
Currently ethereum is balancing within a rather wide range, without an expressed zones. Under such conditions any scenario will be neutral without any tests of borders. In other words, the cryptocurrency can hold in $274 - 292 area during the weekend.
Dash
Dash (EXANTE: DASH.EXANTE) managed to hold above the critically important level of $172. Buyers returned the cryptocurrency to the levels of Thursday night. In general, the tasks for both buyers and sellers remain the same: bears are interested in $172 support, and bulls need to attack the local maximum marks.
DASH chart by TradingView
Aside from bitcoin, ethereum and dash, there are several other interesting digital currencies available from the 1,700 which are worth taking a look at. The losers and winners of the past 24 hours are: Soma with 118,44% growth and Gold Bits Coin with 48,18% 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.