After trading in the red for almost the entire daily candle on Sunday, Bitcoin returned to a price of $50k, rising from the ashes about 2 hours after the week’s close.
In fact, the BTC closed in the green for the sixth consecutive weekly candle close.
With Bitcoin trading near the top of its range at the time of writing, the Bull managed to break through the 50k door.
There has been a great deal of bullish momentum over the past month and a half, and bullish traders will want to monitor the price above the 50k mark.
The Fear and Greed Index, which measures how ‘greedy’ traders are, is reading 79 and +3 from yesterday’s reading which was already in the same category as ‘Extreme Greed.’
The chart below from MasterPlayer shows that Bitcoin may be headed back towards the middle of the range on the 1 million charts considering the upward channel of 2012.
The chart believes that $100k is a naive target and that BTC is setting itself up for much higher prices before this cycle ends.
Analysis of Ethereum
Bullish Ether traders are trying to keep the price above $3k, which has proven to be a strong support resistance in the last week.
The longer the Bulls manage to hold this level, the greater the likelihood that $3.5k and then $4k will be tested.
If the Bears manage to send Ether below $3k, then they will set their sights on $2,870 and then $2,700. The bearish remain watching beyond the $3k level.
In TheSignalyst’s chart below, you can see that Ethereum is currently bouncing in this large $3k-$3.5k range.
If bullish traders can send the price higher and break the strong resistance above $3.5k, then $4k looks like the next target with little resistance left on multiple time scales.
Ether’s 24-hour price range is $3,126-$3,272, and the 7-day price range is $2,983-$3,321. ETH’s average price over the past 30 days is $2,834.
ETH closed Sunday’s daily/weekly candle at $3,238 and in the green for the day.
Ethereum also closed the weekly in green digits after closing last week’s candle in red digits – ETH has closed 5 of the previous six weeks in the positive.
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.
