Bitcoin trend
Bitcoin’s price reached multi-month highs not seen since May 17th with positive follow through price action to begin Tuesday’s daily candle. The aggregate crypto market cap also broke out above $1.83 trillion on the 1D timescale which dates back to a candle high close from February 21st so bitcoin bulls may be anticipating further damage is yet to come this week.
As shown below on this chart by MMBTtrader you can clearly see that bitcoin breaking above the 200 MA is an extremely important achievement for bulls.
The chart posits that a possible breakdown could occur with a normal fibonacci retracement back to low $40k level. Bears will hope they get that chance again to push the price back below an important support resistance of $42k.
Bulls however have their sights set on $49k and an obvious psychological overhead resistance of $50k that could truly trigger industry fomo and the space’s next bull run.
The Fear and Greed Index is reading 71 and +6 points from yesterday’s reading.
BTC’s 24 hour range is $42,790-$46,695 and the 7 day range is $37,595-$46,695. Bitcoin’s 30 day average price is $36,963.
Bitcoin closed Monday’s daily candle worth $46,293 and has closed in green figures for 15 out of the last 20 days. BTC also closed above the 200D MA that signifies bulls are currently in control of the market.
Polkadot Price Analysis
Polkadot’s price has broken out of a descending wedge on the 1D timescale and the formation looks extremely strong as it tries to climb back to the middle of its range.
Polkadot’s 24 hour price range is $20.33-$20.80 and the 7 day price range is $17.18-$21.34.
DOT’s 30 day average price is $15.53. Dr. Gavin Wood’s project is ranked #9 by market capitalization at $21,08 billion.
The world is observing what the Polkadot network’s parachains will look like now with a trial run on Kusama. The potential to enable dApp specific infrastructures through parachains leaves market participants wondering if this infrastructure is priced in on Polkadot with Kusama’s recent success.
Despite the wait for parachains on Polkadot’s mainnet the DOT price is 676.3% since the project’s reorg or ‘Denomination day’ on August 21, 2020 that changed DOT’s tokenomics.
Polkadot closed Monday’s daily candle worth $20.58 and in green figures following a close in red figures on Sunday.
The post Bitcoin and Polkadot Price Analysis and Trends appeared first on The Cryptonomist.
