Price Analysis of Bitcoin ($ 47k) and Ethereum ($ 3.3k)

Loading...
Advertisements

Bitcoin price

The price of Bitcoin continued to rise in the last week and also managed to get a potentially major bounce above the 20-MA. The BTC price had not bounced above this level since the liquidity crisis of March 2020, and the VincePrince chart below illustrates this well.

BTC is now in a major ascending channel that appears to set the industry’s six-digit digital gold standard in the near future.

The following 4-hour chart of CryptocurrencyMagnet shows that the first intermediate target for bitcoin is $ 50k, which for the bulls is a key psychological level to penetrate. Above that, $ 51,158 is the first goal above $ 50k that could come quickly once you cross $ 50k.

The key levels to check for the bulls right now are between $ 47k- $ 61k and between $ 41k- $ 47k. If the bears manage to push the price below the second control level and then below $ 40k, there is a good chance that a long bear market could be imminent. The duration of the next bear market is likely to be longer than what the industry has seen since late 2019.

BTC’s Fear and Greed Index is reading 72; it is +1 from yesterday’s reading and is still in the Greed part of the index.

Bitcoin’s 24-hour range is $ 45,471- $ 47,858 and the 7-day range is $ 43,054- $ 47,858. BTC’s 52-week range is 9,964.1- $ 64,374.

Bitcoin closed the daily / weekly candle on Sunday with a value of $ 47,031 and in red numbers for the 2nd consecutive day.

On a weekly scale, however, the close of Sunday’s candle marked a fifth consecutive higher weekly close.

Loading...
Advertisements

Ethereum analysis

A year ago, if your Ether target for this cycle was $ 7.5k or $ 10k, you might have gotten some weird looks, but ETH is charting new ATH potentials and peaks that would have been hard to believe not long ago.

The Aziraphale chart below shows that the Ether bulls party starts above $ 4,330 on the 1D chart. The chart speculates that ETH is in the middle of the fifth wave towards much higher prices that could send Ether to some of the previously unlikely targets above $ 5k.

If the bulls control the level above $ 2,270 moving forward, they could indeed be in a big 2021 close. If the bears are hoping to invalidate the aforementioned targets that the bulls have set, then they will need to push Ether price below. of $ 2,277.

ETH is now comfortably above the MA50 [$2.382] and the MA200 [$2.268].

The price range of Ethereum over the past 24 hours is $ 3,112- $ 3,299 and over the past seven days it is $ 2,934- $ 3,323. The average price of Ether over the past 30 days is $ 2,517.

The ETH / BTC pair is + 17.7% in the last 30 days, -6.78 %% in the last 90 days and + 92.47% in the last 12 months.

Ether had a daily / weekly Sunday close of $ 3,308. Ether closed the weekly in green for five consecutive weeks.


Loading...
Advertisements

Leave a Comment