Bitcoin bulls sent BTC’s price once again above the $50k threshold during Tuesday’s daily candle and made a high on the day of $51,970.
The below 1M chart from TradingShot shows two different potential scenarios. One scenario is based on the Japanese candlestick chart and typical TA and the other scenario is based on the log curve.
The two scenarios couldn’t be more at odds. If a new channel top plays out then BTC is looking at much higher prices and potentially another ATH.
If BTC’s price follows the logarithmic curve then bitcoin’s price is more likely to head lower and the bull cycle’s top has already been made.
If bullish traders do indeed send the channel back up to the 2.382 fib extension level then bitcoin’s price will reach 6 figures and eventually may hit $250k.
If bearish traders win and the logarithmic channel is the one traders should be focusing on and BTC’s price is heading back to $30k and potentially back down to the $20k level over the coming months.
The Fear and Greed Index is 68 Greed and reading +9 from Tuesday’s reading of 59 Greed.
BTC’s 24 hour price range is $49,173-$51,970 and the 7 day price range is $41,246-$51,970. Bitcoin’s 52 week price range is $10,577-$64,804.
Bitcoin’s price on this date last year was $11,435.
BTC’s average price for the last 30 days is $45,950.
Bitcoin [+4.58%] closed Tuesday’s daily candle worth $51,508 and in green figures for the third straight day.
Today we’re looking at ETH’s 1D chart which could be in the midst of a super bullish cup and handle pattern. This pattern may be the path for $10k+ Ether if the macro market sentiment enables the opportunity.
As traders can see below from Wolf_Of_Alt_Street’s chart, the $3,420 level is currently being held by Ether bulls as support resistance. On this timescale and this interpretation of ETH’s 1D chart the $3,9k level may be the most important target to breach to the upside for bulls before the ATH of $4,356.
If the next move is continuation upward and does indeed replicate the first wave on the chart above then ETH’s price would hit $6,6k before reversing. It would only be after another consolidation phase if this chart is correct that Ether hits a 5 figure valuation.
ETH’s 24 hour price range is $3,377-$3,540 and the 7 day price range is $2,817-$3,540. Ether’s 52 week price range is $337.42-$4,352.11.
Ether’s price on this date last year was $341.44.
ETH’s 30 day average price is $3,265.
Ether [+3.98%] closed Tuesday’s daily candle worth $3,518.81 and in green digits after closing Monday’s daily candle in red digits.
Algorand is in a consolidation phase and is currently holding a 4hr trendline shown on the chart below from marcosdaunte, at the time of writing.
Overhead targets for bullish traders are $2.4 and $3.
Conversely, bears will attempt to push the price lower and break the trendline that dates back to September 10th. If ALGO bears succeed the next target below the trendline for bears is $1.6.
ALGO’s +514.57% against The U.S. Dollar over the last 12 months, +28.89% against BTC, and -37.97% against ETH over the same duration.
ALGO’s 24 hour price range is $1.93-$2.05 and the 7 day price range is $1.57-$2.07. Algorand’s 52 week price range is $.2235-$2.54.
ALGO’s price on this date last year was $.304.
Algorand’s 30 day average price is $1.86.
ALGO [+.79%] closed Tuesday’s daily candle worth $1.95.