Cryptomarket Analysis September 4

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

On Monday the cryptocurrency market developed according to a neutral scenario.

After bitcoin’s (Bitcoin: BITCOIN) move to a new area (above $7,238) and such a strong resistance of sellers under the attack at $7,412 it would be logical to see further activity by both parties. But it hasn’t come through. In such conditions before the fall resumed, another attack on the $7,600 - 7,700 area seems realistic.

Time lapse: on September 4, 2017 bitcoin price was at $3,015 and prepared for a great rebound.

BTC chart by TradingView

Today a bullish scenario is most likely. Bitcoin is saving energy to attack the control price of $7,412 and the upper border of the $7,590 area. Let's see how successful the buyers will be. The global target is $7,704.

In general, over the past 24 hours ethereum (BITFINEX: ETH/USD.BITFINEX) was pursuing the neutral scenario. This morning there was a slight expansion of the trading range downwards. The cryptocurrency remains within the high-volume area, price movements aren’t effective as the market is in balance between demand and supply. In such conditions the best strategy is to play from the borders to the center by buying from local minimum mark ($267 - 270) and sell at the maximum mark ($320) with a primary goal of $298. However, it’s worth to remembering: ethereum is consolidated in the current are for quite a long time, so its exit will be very rapid.

Time lapse: on September, 2017 ethereum price was $314,55 before it slowed down further.

ETH chart by TradingView

In recent days we witnessed bearish behaviour: a slow, unhurried consolidation is replaced by rapid slowdown. In the longterm, bears can try to develop their success by attacking the minimum marks of last Thursday / Friday. The global target is $259.

Dash (EXANTE: DASH.EXANTE) preferred a consolidation within the framework of a neutral scenario before attacking the local minimum marks. Over the day, the situation hasn’t changed and the main scenario remains the same.

Time lapse: on September, 2017 dash price was $333,13, then we saw a great upward leap.

DASH chart by TradingView

The next bullish target is at $236. After fixing in the $236 - 257 range, the cryptocurrency will be able to prepare for an attack at $280 - 290.

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: BitcoinDark with 278,88% growth and Namecoin with 28,89% 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.