Bitcoin Analysis
Bitcoin’s price closed its daily candle at its lowest level since December 16th, 2020 on Monday. When traders settled up to close Monday’s session BTC’s price was down nearly 16% and -$4,183.
Monday’s daily session also saw the highest daily volume on BTC since May 19th, 2021.
Today we’re leading off our analyses with the BTC/USD 1D chart below from CryptoPatel. BTC’s price has clearly broken down from support at the $29k level and the measured move on BTC from the last breakdown was 29%. A move that resembles the prior breakdown could send BTC’s price back down to the 2017 bull market top just under the $20k level.
The primary target for bearish traders of the BTC market is obviously the $20k level and then the former ATH. Conversely, bullish traders seek to reverse course and retest the $29k level which was strong support for bulls for nearly a month.
BTC/USD 1D chart: the price has clearly broken down from support at the $29k level
Bitcoin’s Moving Averages: 5-Day [$28,921.44], 20-Day [$29,693.03], 50-Day [$34,746.41], 100-Day [$38,010.41], 100-Day [$44,899.51], 200-Day [$44,899.51], Year to Date [$38,595.59].
The Fear and Greed Index is 8 Extreme Fear and is -3 from Monday’s reading of 11 Extreme Fear.
The Fear and Greed Index is 8 Extreme Fear
BTC’s 24 hour price range is $21,953-$26,951 and its 7 day price range is $21,953-$31,522. Bitcoin’s 52 week price range is $21,953-$69,044.
The price of Bitcoin on this date last year was $40,500.
The average price of BTC for the last 30 days is $29,601.8 and its -20% over the same timespan.
Bitcoin’s price [-15.68%] closed its daily candle worth $22,487 and in red figures for a seventh consecutive day on Monday.
Ethereum Analysis
Ether’s price is trading below its 200W MA at the time of writing and sold-off just a bit more than BTC’s price on Monday. ETH’s price concluded its daily trading session on Monday -$228.95.
The ETH/USD 1W chart below by Mendenmein-Capital shows Ether’s price trading between the 0.786 fibonacci level [$1,007.50] and 0.618 [$1,728.83].
It’s been over 10 consecutive weeks now of bearish price action for Ether and bears are in the process of attempting to will ETH’s price to an 11th straight week in negative figures.
The immediate target to the upside for Ether bulls to restore some short-term confidence is the 0.618. While bearish traders wish to send BTC’s price down to test an area of historically strong support 0.886 [$578.14].
ETH/USD 1W chart: the price trading between the 0.786 fibonacci level [$1,007.50] and 0.618 [$1,728.83]Ether’s Moving Averages: 5-Day [$1,671.10], 20-Day [$1,848.69], 50-Day [$2,430.78], 100-Day [$2,649.31], 200-Day [$3,223.07], Year to Date [$2,728.85].
ETH’s 24 hour price range is $1,165.45-$1,455 and its 7 day price range is $1,165.09-$1,849.05. Ether’s 52 week price range is $1,165.45-$4,878.
The price of ETH on this date in 2021 was $2,581.43.
The average price of ETH for the last 30 days is $1,854.58 and its -37.06% for the same timespan.
Ether’s price [-15.95] closed its daily candle on Monday worth $1,206.34 and in red figures for a seventh consecutive day as well.
Polkadot Analysis
Polkadot’s price continued its unwinding to match the behavior of the macro crypto market on Monday and concluded its daily session -$0.35.
The third chart we’re doing analysis on today is the DOT/USD 4D chart below from bL1TZZ. DOT’s price is trading between 0.786 [$4.10] and 0.618 [$7.15].
The target for bullish DOT traders are 0.618, 0.5 [$10.56], and 0.382 [$15.60]. Bearish traders have a first target of 0.786 with a secondary target of 1 [$2.02].
DOT/USD 4D chart: the price is trading between 0.786 [$4.10] and 0.618 [$7.15]Polkadot’s 24 hour price range is $6.93-$7.08 and its 7 day price range is $6.50-$9.39. DOT’s 52 week price range is $6.34-$54.98.
Polkadot’s price on this date last year was $25.91.
The average price of DOT over the last 30 days is $9.64 and its -18.91% for the same time frame.
Polkadot’s price [-4.70%] closed its daily session on Monday worth $7.03 and in red figures for the fourth day in a row.
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