Bitcoin ($44k) and Ren ($0.5) price analysis
Bitcoin ($44k) and Ren ($0.5) price analysis
Trading

Bitcoin ($44k) and Ren ($0.5) price analysis

By R.L. Bryer - 18 Aug 2021

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Bitcoin Analysis

After ripping +45% upward for the last 30-days, bitcoin is only +1.7% at the time of writing over the previous 7-days. The relatively static price action over the previous week’s provided altcoins the opportunity to run to the upside, but where will BTC go next?

The below chart from D7R shows how steep BTC is on the daily timescale and that this asset has displayed a loss of momentum over the last week.

There’s currently overhead resistance and many cluster orders at $47k and $50k that need to be broken down before bulls can officially crack $50k again with continuation to the upside.

The volume on bitcoin looks a bit exhausted, and the asset could spend some time at the bottom of the range before regaining momentum to the upside or breaking down further.

If bears can push the price beneath $44,500, the next stop on the 1D chart for bulls to hold is $41,499 as support resistance. That is a crucial level for bulls and bears alike moving forward and could be pivotal in determining how the rest of 2021 plays out.

Bitcoin’s Fear and Greed Index is reading 73 and +1 from yesterday’s reading and is still in the ‘Greed’ zone.

BTC’s 24 hour price range is $44,441-$47,167 and the 7-day price range is $43,965-$47,862. Bitcoin’s 30-day average price is $40,262. BTC’s 52-week range is $9,964-$64,374.

Bitcoin [-2.7%] closed Tuesday’s daily candle worth $44,698 and in red figures for a 4th consecutive day.

REN Analysis 

Ren’s price has marked up 83.3% over the last 30-days after finding a bottom in the downtrend at $.268. Republic Protocol is currently the #143 ranked blockchain project by market capitalization at just under half a billion dollars [$483,904,371].

Where is Ren heading in the interim? The chart below from jalapablo shows REN’s still near the dead center of its ascending channel – a level it’s been trading at for the majority of the last week.

Ren’s price action is still bullish, and if it can hold $.53 and flip it to support resistance, it has a legitimate shot at running to the Fibonacci golden level [1.618] at $.58.

An important level for bullish traders to control is $.50-$.56 in the short term; moreover, the longer bullish traders hold this level, the higher the probability becomes of reaching the golden level.

While Ren is still in a bullish trend, the asset remains -69.5% from its all-time high of $1.80.

Republic Protocol’s 24 hour range is $.567-$.595 and the 7-day range is $.46-$.596. Ren’s 30-day average price is $.42.

Ren’s +77.5% over the last 30-days against the U.S. Dollar, +22.35% against ETH, and +7.1% against BTC over the same timeframe.

Republic Protocol [+17.3%] closed Tuesday’s daily candle worth $.589 and in green figures. 

 

R.L. Bryer

Since 2009, the onset of the bitcoin network, R.L. Bryer has been covering the space. He is the author of Blockchain: Project Renaissance Volume I and II. He's also been the guest of countless bitcoin and cryptocurrency related podcasts throughout the world. Every opportunity, he speaks on or writes about Austrian Economics and how bitcoin is the world's preeminent money.

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