Bitcoin Analysis
Bitcoin’s price lost support resistance at $43k on Tuesday before heading into its final 4hr candle of the day.
The 4hr bitcoin chart below from VincePrince shows what appears to be a bear-flag forming with the potential for bearish continuation down to the $39,650-$40,600 level.
BTC’s RSI is at its lowest level on the 4hr timescale in more than one year, at the time of writing.
If bears are able to break the $40k level there’s not a lot of resistance on the 4hr chart between the $39k-$40k level and the price trading down to re-test $32k.
If bitcoin bulls want to stop BTC’s price from further bleeding they need to reclaim the price territory above $43,5k and optimally above $46,5k before the weekly timescale closes.
The Fear and Greed Index is reading 21 and in the Extreme fear region of the metric, the current reading is -6 from yesterday’s measurement of 27 and Fear.
BTC’s 24 hour price range is $40,203-$43,645 and the 7 day price range is $40,203-$48,852. Bitcoin’s 52 week price range is $10,255-$64,804.
Bitcoin’s 30 day average price is $47,397.
BTC [-5.44%] closed Tuesday’s daily candle in red figures for a 3rd consecutive day worth $40,664.
Ethereum Analysis
Ether lost $3k as support resistance on Tuesday and is now testing the next support levels mentioned in yesterday’s analysis at $2,955 on the 4hr chart and $2,620 on the daily timescale.
The chart below from AtlasTrades shows Ether consolidating at $2,965 on the 2hr chart which corresponds to the nearest aforementioned support resistance on the 4hr chart.
The chartist above posits the consolidation at this level is a good opportunity to go long. If Ether can flip $3k back to support resistance the next targets on the 2hr are $3,300 and then $3,660.
ETH’s 24 hour price range is $2,718-$3,098 and the 7 day price range is $2,718-$3,665. Ether’s 52 week price range is $320-$4,352.
ETH’s 30 day average price is $3,393.
Ether [-7.08%] closed Tuesday’s daily candle worth $2,765 and in red figures for a 3rd straight day.
Solana Analysis
There’s an ongoing battle at the $130 level between Solana bulls and bears that’s heating up. For the first time since September 2nd bears were able to send SOL lower than the $130 level and the price even wicked down below $120 briefly.
With so much positive price action over the last 60 days Solana’s now trying to find a true level to consolidate at while the negative momentum wains and positive momentum can again build. Solana is -40.2% from it’s all-time high of $215.19 that was made on September 9th.
The 1hr Solana chart above from quantmaven paints a short-term bearish outlook for SOL. The above analysis shows the potential for bears to push the price below strong support resistance at $130 and send the price all the way down to the $105 level.
Solana’s 24 hour price range is $119.47-$144.17 and the 7 day price range is $119.47-$170.14. SOL’s 52 week price range is $1.03-$215.19.
Solana’s 30 day average price is $133.31.
SOL [-13.23%] closed Tuesday’s daily candle worth $123.81 and in red digits for a third consecutive day.
Solana [-22.06%] also closed the weekly timeframe in red digits for the second straight week after rattling off eight consecutive green weekly candle closes prior.
The post Bitcoin, Ethereum, Solana Price Analyses appeared first on The Cryptonomist.
