Bitcoin, Ethereum, Chainlink Price Analyses
Bitcoin, Ethereum, Chainlink Price Analyses
Trading

Bitcoin, Ethereum, Chainlink Price Analyses

By R.L. Bryer - 16 Sep 2021

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Bitcoin Price Analysis

Bitcoin’s back on the right trajectory if you’re a bullish trader. BTC spent the majority of Wednesday with greater than 3% gains and finished its daily candle +2.25%. 

With September halfway over now, could bitcoin be beginning its next leg up which could take it up to challenge its all time high of $64,804?

The below 1D chart from TradingShot shows bitcoin’s recent crossover of the MA50 crossing over the MA200. This occurrence is well known in technical analysis as a Golden-Cross which often signifies bullish price action is ahead for the market.

Bitcoin experienced a golden cross

BTC’s 24 hour price range is $46,923-$48,570 and the 7 day price range is $44,031-$48,570. Bitcoin’s 52 week price range is $10,255-$64,804.

BTC’s average price for the last 30 days is $47,804. The Fear and Greed Index is reading 53 and +4 from yesterday’s reading which was also in the neutral zone.

The aggregate crypto market capitalization is $2.27 trillion and bitcoin dominance accounts for 39.8% of that sum.

Bitcoin closed Wednesday’s daily candle worth $48,136 and in green digits for a second consecutive day.

Ethereum price

Ethereum’s price movement is also trending back upward and is battling an important region right now at the $3,5k level. ETH closed Wednesday’s daily candle +5.26% and the momentum seems to be shifting back to bullish traders.

 

ETH is battling at the $3,5k level

The above 1D chart from Investroy shows just how much respect Ether’s price is displaying for the $3,2k price level. 

Now it appears an attempt at a reversal is indeed underway with potential bullish continuation to the upside since the $3,5k level was broken and verified with a close above that price level on an important timescale [the daily]. 

Ether’s 24 hour price range is $3,377-$3,607 and the 7 day price range is $3,173-$3,607. ETH’s 52 week price range is $320-$4,352. 

Ether’s 30 day average price is $3,399. ETH accounts for 18.5% of the aggregate cryptocurrency market capitalization and Ether dominance appears to be in the midst of a rising wedge structure.

ETH closed Wednesday’s daily candle valued at $3,611 and in green figures for a second straight day. 

Chainlink analysis

Chainlink marines as LINK enthusiasts are known are ready for LINK to break out again to the upside as the asset is up ‘only’ 170% for the last 12 months, at the time of writing. While LINK led the space’s major bull market last year, it’s price has been underwhelming in 2021.

So are LINK bulls about to have their day again or will bears continue to ruin their parade?

The 1W LINK Chart from Tolberti shows the respect that LINK’s had for its trend line during a long term rising channel dating back to late 2018.

The rising channel of LINK from 2018

If LINK bulls do send the price higher and they hit the .618 Fibonacci extension the price will reach $116. Despite that lofty price target, there’s still further room to the upside in that channel before it’s broken and traders get a blue sky breakout. 

If bears want to hold the price down in the short term they should have special emphasis on holding it below the $31 level. In time that price level will send LINK out of its long term channel to the downside. 

Chainlink’s 24 hour price range is $29.85-$31.38 and the 7 day price range is $25.84-$31.38. LINK’s 52 week price range is $7.61-$52.36. 

The average LINK price for the last 30 days is $28.12. 

LINK is the #13 cryptocurrency project with a market capitalization of $13.8 billion.

Chainlink [-0.36%] closed Wednesday’s daily candle worth $30.68 and in red digits for the day. 

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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