Although the collective consensus appeared to be anticipating further downside for bitcoin over the weekend that price drop never materialized.
Bitcoin’s price continues to hold an important level of inflection at $40k and bullish traders sent BTC’s price back to the top of its range during the day’s final 4 hour candle on Sunday.
While the fundamentals on bitcoin remain extremely positive, many were expecting the world’s best performing asset over the last decade to sell-off largely based on the news of China’s ban on cryptocurrency transactions and exchanges. Bitcoin bears couldn’t send the price below $40k for long however and bulls have since managed to right the ship and stonewall bearish desires for lower prices for now.
The 4hr BTC charts below from Worth_The_Ri5k paints two possible scenarios that could play out for bitcoin over the coming weeks.
Bitcoin could again go and test the top of its current larger range at the $52,9k level if it breaks out to the upside above $48,2k – that’s the bullish scenario for traders that believe BTC’s price is consolidating before an autumn and winter bull run.
Bears on the other hand will hope the bottom chart plays out which could send the price back to the $29,2k-$33,3k level. If bears want to see that level they’ll need to push BTC’s price below $40k soon or bulls may be able to gain enough momentum to test the first target at $48,2k again.
The Fear and Greed Index is 26 and in the Fear Zone. Yesterday’s reading was 27 and also in the Fear Zone.
BTC’s 24 hour price range is $40,890-$44,229 and the 7 day price range is $40,554-$47,373. Bitcoin’s 52 week price range is $10,476-$64,804.
Bitcoin’s 30 day average price is $46,699.
BTC [+1.1%] closed Sunday’s daily and weekly candle worth $43,180 and in green digits on the daily timescale.
Ether’s price again reclaimed $3k on Sunday and like BTC made session highs heading into the Sunday’s daily candle close.
Ether’s price has backtested a breakout at the $2,9k level of a long term descending channel on the 2hr chart. A 30% markup from here or the measured move that bullish traders will target is the $4k level.
Bears will hope to negate this breakout and send the price back into the channel and retest the bottom of Ether’s former channel at $2,5k.
ETH’s 24 hour price range is $2,745-$3,157 and the 7 day price range is $2,742-$3,323. Ether’s 52 week price range is $337-$4,352.
ETH’s 30 day average price is $3,375.
Ether [+4.84%] closed its daily and weekly candle worth $3,063.42 and in green figures on the daily timescale breaking two consecutive days in red figures.
Binance Chain Analysis
Binance Coin’s price action over the last 90 days has been some of its worst since the project gained notoriety.
While BNB is +1,232 against The U.S. Dollar over the last 12 months, +229.9% against BTC, and +53.15% against ETH over the same duration, BNB’s price action over the last 90 days hasn’t been as rosey.
Over the last 90 days BNB is +20.32% against The U.S. Dollar, -4.73% against BTC, and -18.07% against ETH.
BNB’s currently in the midst of a descending triangle pattern and in the middle of its current range, at the time of writing at $342.
If Binance coin breaks out to the upside and out of the current channel the first major price target overhead is $495.
Conversely, if bulls can get their way and send BNB’s price south and out of its structure to the downside then BNB bulls will be looking for a new support resistance at the $280 level.
BNB’s 24 hour price range is $321.11-$353.63 and the 7 day price range is $321.11-$408.73. Binance Chain’s 52 week price range is $26.26-$684.83
Binance Chain’s 30 day average price is $424.51.
BNB [-1.4%] closed Sunday’s daily and weekly candle worth $344.60 and in red digits on the daily timescale.