Cryptomarket Analysis September 6

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

Over the night the capitalization of the cryptocurrency market declined by more than $37 billion. Major cryptocurrencies lost about 12-20%. Today all traders are worried because of one simple question: will the crash continue?

Bitcoin descended into a consolidation area of ​​mid-August, which will naturally provide some support to the cryptocurrency. Ethereum is traded near the lower border of the triangle formed in the summer and autumn, 2017 (then it became a launch pad for rapid take-off in November-January). Dash broke through the uptrend line, but managed to stay above the local minimum marks.

Time favors the bulls. The longer the cryptocurrencies remain at the current levels, the higher will the interest be from the buyers.

Bitcoin (Bitcoin: BITCOIN) fell into the high-volume area with a control price of $6,442 limited by $6,263 and $6,598. Today the most predictable scenario is a consolidation within these borders.

Time lapse: on September 6, 2017 bitcoin price was $4,553.

BTC chart by TradingView

The situation in the market points at possibile V-shaped buyback. In this case the cryptocurrency will win back a significant part of the fall. Probable targets for this scenario are $6,718 and $7,049.

When consolidating in the current area, bulls are interested in testing the $6,534 level (the top of the nighttime jump) and the upper border of high-volume area of ​​$6,598. The global target is $6,789.

Ethereum (BITFINEX: ETH/USD.BITFINEX) dropped into the high-volume area of $209 - 238. The previous test of these levels ended with a rapid buyback. Global support level lies at $198.

Time lapse: on September 6, 2017 ethereum price was $329,14.

ETH chart by TradingView

Like bitcoin, ethereum has two scenarios for today. The first one involves a rapid buyback and a growth up to $259 with a subsequent return into the high-volume area ($267 - 320). The second scenario is less acute: a consolidation in the current area and gradual drift to the $238 - 247 range.

Dash (EXANTE: DASH.EXANTE) broke through the uptrend line, but managed to hold above $160.

Time lapse: on September 6, 2017 dash price was $337,94.

DASH chart by TradingView

Today we may see moderate growth and then a return to the $182 - 194 range.

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: OptiToken with 53,69% growth and KingXChain with 47,25% 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.