Bitcoin Analysis
Bitcoin market participants are wondering if Monday’s price action was only a reprieve from the incessant sell-pressure of bearish traders or if a reversal is now underway. BTC’s price marked-up for the first time in four days on Monday and finished its daily trading session +$289.6.
This Tuesday we’re beginning our price analyses with the BTC/USD 1M chart by userfan. BTC’s price is trading between the 0.5 fibonacci level [$13,935.6], and the 0.618 fib level [$19,809.78], at the time of writing.
BTC’s price lost more than 20% of its value last week. For those that believe a reversal is now imminent, they’ve targets to the upside on the monthly timescale of 0.618, 0.786 [$32,685.87], and the 1 fib level [$61,856.96].
Bearish BTC market participants conversely are aiming to push BTC’s price below the 0.5 fib level followed by targets of 0.382 [$9,803.29] and a full retracement at 0 [$3,139.52] from the covid crash of March 2020.
The Fear and Greed Index is 22 Extreme Fear and is -2 from Monday’s reading of 24 Extreme Fear.
Bitcoin’s Moving Averages: 5-Day [$17,151.21], 20-Day [$19,351.88], 50-Day [$19,510.85], 100-Day [$20,644.36], 200-Day [$28,456.42], Year to Date [$29,867.67].
BTC’s 24 hour price range is $15,815-$17,190 and its 7 day price range is $15,742-$20,630. Bitcoin’s 52 week price range is $15,603-$66,320.
The price of Bitcoin on this date last year was $63,562.
The average price of BTC for the last 30 days is $19,355.2 and its -14.1% over the same span.
Bitcoin’s price [+1.77%] closed its daily candle worth $16,616.9 and in green figures again on Monday for the first time since last Thursday.
Ethereum Analysis
Ether’s price also posted a small rebound on Monday and when traders wrapped-up Monday’s daily candle, ETH’s price was +$21.22.
The second chart we’re examining for today is the ETH/USD 1D chart below from YL_PRO. ETH’s price is trading between the 1.618 fib level [$830.09] and the 1.414 fib level [$1,325.63], at the time of writing.
There’s been strong sell-pressure by bearish market participants since the week leading up to Ethereum’s Merge from PoW to PoS. For those that are longing the Ether market and believe upside is next, they’ve targets on the daily timescale of 1.414, 1.272 [$1,670.57], 1 [$2,331.29], 0.786 [$2,851.13], and 0.618 [$3,259.22] over the short-term.
However, bearish ETH traders are in pursuit of further technical damage. Those traders have a primary target of the 1.618 fib level but first need to set a fresh 12-month low for ETH below the $883.62 level.
Ether’s Moving Averages: 5-Day [$1,258.84], 20-Day [$1,418.52], 50-Day [$1,413.75], 100-Day [$1,464.93], 200-Day [$1,981.06], Year to Date [$2,099.34].
ETH’s 24 hour price range is $1,171.13-$1,291.2. and its 7 day price range is $1,095.18-$1,571.01. Ether’s 52 week price range is $883.62-$4,878.
The price of ETH on this date in 2021 was $4,563.04.
The average price of ETH for the last 30 days is $1,408.46 and its -3.47% over the same span.
Ether’s price [+1.74%] closed its daily trading session on Monday valued at $1,242.63 and in green digits for the first time in four trading sessions.
Cardano Analysis
Cardano’s price action was controlled by bulls on Monday and when the day’s candle was painted, ADA was +$0.0024.
The final chart we’re interpreting for Tuesday is the ADA/USD 1D chart by cryptovatsik. ADA’s price is trading between the 100.00% fib level [$0.018624] and 61.80% fibonacci level [$1.194], at the time of writing.
The targets to the upside on ADA are 61.80%, 50.00% [$1.557], 38.20% [$1.92], 23.60% [$2.37], and the 0 fib level [$3.096].
The primary aim for bearish ADA traders is the 100.00% fib level which would be a 94.3% decrease on ADA’s price, at the time of writing.
Cardano’s 24 hour price range is $0.314-$0.341 and its 7 day price range is $0.314-$0.411. The 52 week price range of ADA is $0.31-$2.01.
Cardano’s price on this date last year was $2.01.
The average price of ADA over the last 30 days is $0.375 and its -11.86% over the same stretch.
Cardano’s price [+0.73%] closed its daily session on Monday worth $0.332 and in green digits like BTC and ETH, for the first time in four trading sessions.
