Bitcoin price analysis
On Wednesday, Bitcoin bounced back from a session low of $47,250 to finish in green figures and up 2.67%.
There’s an emerging trend of Bitcoin finishing its daily candle near sessions lows or highs.
The below is the 2W chart from Babenski and their interpretation of a ‘make it or die’ moment for traders.
You can see that BTC is almost in the dead center of this long-time ascending channel that dates all the way back to 2013.
It will be imperative for bullish participants in bitcoin to get on the right side of the equator by pushing bitcoin’s price to new all-time highs in the coming months if they want a new all-time high in 2021.
Historically when bitcoin’s price has touched the middle of this range, a big reaction up or down has occurred.
If bears fail to push the price back below $47k and back to the low $40k level, the chart above could play out to the upside, and a 6 figure BTC price could become a reality.
The Fear and Greed Index is at 75 and +2 from yesterday’s reading of 73.
Bitcoin’s 24-hour range is $47,250-$49,255 and the 7-day range is $44,213-$50,311. BTC’s 52-week range is $9,964-$64,374 and the 30-day average price is $43,889.
Bitcoin closed Wednesday’s daily candle worth $48,989.
Ethereum Price Analysis
After a brief pullback, Ether is still inside its current range on the 1D chart, with zero technical damage done during the last 48 hours.
The chart below from gveton shows the importance of bulls holding the $3,008 level as support resistance if bears were to push the price lower in the coming days. Below $3k, the next significant support on the daily timescale for bulls is $2,4k – if that price falls, a more protracted bear trend becomes more probable.
Local overhead resistance for bulls is $3,647, but if that price is breached, $4k Ether could again be imminent.
Ether’s 24-hour range is $3,080-$3,250 and the 7-day range is $2,983-$3,346. ETH’s 52-week range is $320-$4,352. Ether’s 30-day average price is $2,936.
Wednesday’s daily candle close for Ether was $3,228, and it finished [+1.73%] in green digits.
The post Bitcoin: a 6-digit price could become a reality appeared first on The Cryptonomist.
