• Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
What's Hot

Turkey’s Defense Industry Experiences Rapid Growth and Record Arms Exports

March 28, 2023

How Rising Tobacco Prices are Affecting Smoking Cessation Around the World

March 8, 2023

Is it possible to buy NFT and help the Ukrainian army at the same time?

February 17, 2023
Facebook Twitter Instagram
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
Home»Trading»Bitcoin risks a trip down to $30
Trading

Bitcoin risks a trip down to $30

Donald MunnBy Donald MunnJanuary 31, 2022Updated:September 29, 2022No Comments4 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Bitcoin down 

Bitcoin’s price dipped on Monday [-$842] and began the new week with a bearish engulfing candle on the daily time frame.  

The BTC/USD 1D chart below from NightRocker shows that it’s again decision time for bitcoin’s price. 

As traders will note there’s very little support between $42k and the 1 fib level [$39,718.51]. If bearish BTC traders have their way they’ll soon be testing that fib level again and if they successfully crack that level the trip down to $30k could be harsh and abrupt for bitcoin bulls. 

If bullish BTC market participants can somehow hold the low $40k level and rally to the 0.786 fib level [$46,025.44] their secondary target is the 0.66 [$49,738.87]. If bulls can send BTC’s price above the 0.66 fib and the last stop before the $50k level, the third target overhead is the 0.618 [$50,976.67].

Bitcoin down Bitcoin Fibonacci levels

The Fear and Greed Index is 24 Extreme Fear and +2 from Sunday’s reading of 22 Extreme Fear.

Fear and GreedFear and Greed index is in “Extreme fear” zone

Bitcoin’s price is trading below all important moving averages: 20-Day [$45,466.38], 50-Day [$51,052.74], 100-Day [$52,219.], 200-Day [$47,331.7], Year to Date [$43,262.17].

BTC’s 24 hour price range is $41,640-$43,256 and its 7 day price range is $41,628-$44,142. Bitcoin’s 52 week price range is $28,991-$69,044. 

The price of bitcoin on this date last year was $35,804. 

The average price of BTC for the last 30 days is $45,828. 

Bitcoin’s price [-1.95%] closed its daily candle worth $42,242 and has alternated green / red daily candle closes for the last 6 days.

Ethereum analysis 

Ether’s price followed BTC’s price lower to start the new week and closed its daily session on Monday -$137.22. 

The ETH/USD 1D chart below from stikytrading shows Ether’s price bouncing between the 88.6% fib level [$2,998.94] and the 61.8% fib level [$3,547.72]. Bullish Ether market participants are still hoping to crack the 61.8% fib and test the 50.00% fib level [$3,789.35] but over the last few days bids have been rather weak from bullish traders.

Conversely, bearish ETH market participants still appear to be in possession of the Ether market momentum and are trying to crack the 88.60% fib level [$2,998.94]. If bears can crack that level a trip back down to test the 100%.00 fib level [$2,765.50]and a full retracement should enlighten market participants to whether a longer bearish trend is in store for ETH traders.  

Ethereum analysis ETH’s price is in a range between $3,000 and $3,500

Ether’s price is trading below all important moving averages: 20-Day [$3,580.94], 50-Day [$3,988.23], 100-Day [$3,838.84], 200-Day [$3,245.21], Year to Date [$3,367.32].

ETH’s 24 hour price range is $3,156-$3,363 and its 7 day price range is $3,070-$3,395. Ether’s 52 week price range is $1,110-$4,878. 

The price of ETH on this date in 2020 was $1,229.

The average price of ETH for the last 30 days is $3,640. 

Ether’s price [-4.10%] closed its daily candle on Monday worth $3,209.25 and Ether bearishly engulfed to start the new week.

Polygon analysis

Polygon’s price closed its daily session on Monday -$.12 and in red figures for a second consecutive day.

The first MATIC chart we’re analyzing today is the MATIC/USDT 1D chart from MohammadWaezi. This chart shows MATIC’s price bumping up against the 1 fib level [$2.76] and the bottom of that range at $2.34. 

MATIC bulls are hoping if they do fail to crack the 1 fib level that they can maintain a long term trendline that dates back to March 2021. If they do fail to hold that trendline, the next stop below is the 0.382 fib level [$1.42].

Polygon analysisMATIC’s fib levels

The second chart we’re looking at today is the MATIC/USD 4HR chart below from doublejay. Traders will note that MATIC’s price on the 4HR is trading in a long term ascending channel that dates back to July of 2021. If MATIC’s bulls are able to maintain this ascending trend and a 5th wave of its current harmonic is forthcoming, a trip up to test the $4 level would become more probable.

Polygon analysisMATIC is trading in a long term ascending channel

MATIC is +6,267% against The U.S. Dollar for the last 12 months, +5,383 against BTC, and +2,378% against ETH, at the time of writing.

Polygon’s 24 hour price range is $2.17-$2.44 and its 7 day price range is $2.07-$2.44. MATIC’s 52 week price range is $0.02-$2.92. 

Polygon’s price on this date last year was $.036.

The average price for MATIC over the last 30 days is $2.37. 

Polygon’s price [-4.76%] closed Monday’s daily candle worth $2.21.

The post Bitcoin risks a trip down to $30 appeared first on cryptodailynews24.com.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Donald Munn
Donald Munn
  • Website

Related Posts

Bitcoin (20k), Ethereum (1.5k), Solana Price Analyses

September 1, 2022

Bitcoin (20k), Ethereum (1.5k), Algorand Price Analyses

September 1, 2022

Bitcoin (19k), Ethereum (1.4k), Binance Coin Price Analyses

September 1, 2022

Bitcoin (21k), Ethereum (1.6k), Chainlink Price Analyses

August 29, 2022
Add A Comment

Comments are closed.

Advertisement
Top Posts

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

The latest news about Bitcoin, ICO, blockchain and fintech.

Top Insights

Turkey’s Defense Industry Experiences Rapid Growth and Record Arms Exports

March 28, 2023

How Rising Tobacco Prices are Affecting Smoking Cessation Around the World

March 8, 2023

Is it possible to buy NFT and help the Ukrainian army at the same time?

February 17, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
© 2023 cryptodailynews24.com Submit news release

Type above and press Enter to search. Press Esc to cancel.