Bitcoin back at $55k level: BTC, Ethereum, Chainlink Price Analyses
Bitcoin back at $55k level: BTC, Ethereum, Chainlink Price Analyses
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Bitcoin back at $55k level: BTC, Ethereum, Chainlink Price Analyses

By R.L. Bryer - 7 Oct 2021

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Bitcoin at May level 

Bitcoin closed Wednesday’s daily candle +$3,823 as traders pushed bitcoin’s price to a daily high of $55,554. BTC’s price broke an important level at $53k and its price reached levels not seen since May’s pivot to the downside following BTC’s all-time high on April 14th.

BTC’s bumping up against the most important trendline left between it and it’s all-time high at $55k, at the time of writing. 

Traders can see on BTC’s 1D timescale below and the chart from AlanSantana, that bitcoin’s broken out of a falling wedge pattern to the upside.

Bulls sent BTC’s price past the .382 and above the 0.5 fib levels and now they’ve set their sights on .618 [$60,435.73].

Bitcoin level
Bitcoin can reach $60k level

Bitcoin bears will hope they can send the price back down to retest the breakout of that structure at $47k and push the price back into that pattern but bulls have now made a higher high. 

The Fear and Greed Index is 76 and +8 from Wednesday’s reading of 68.

Fear and Greed Index
Fear and Greed Index is growing

Bitcon’s RSI is at its highest level since July 26th of this year. 

Bitcoin dominance [BTCD] was +3.71% during Wednesday’s daily candle.

BTC’s 24 hour price range is $50,569-$55,554 and the 7 day price range is $41,680-$55,554. Bitcoin’s 52 week price range is $10,577-$64,804. 

BTC’s price on this date last year was $10,888. 

Bitcoin’s 30 day average price is $46,162. 

BTC [+7.42%] closed Wednesday’s daily candle worth $55,331 and made its highest daily candle close since May 12th.

Ethereum Analysis 

The cryptocurrency space’s most prominent ‘alt coins’ mostly traded sideways and had very neutral days on Wednesday and Ether was no different. The tug of war battle between bulls and bears at $3,5k Ether continues while bulls have yet to absorb the remaining supply at this level and send the price higher.

TradingShot asks whether or not this is the last opportunity to buy Ether before its next parabolic move to $10k begins?

The 1D ETH chart below shows where the price will go if Ether duplicates price action and fib extension levels from 2017’s bull market conclusion. 

Ethereum analysis
If Ether breaks $3.5k level, it can go to a new ATH

If bulls can conquer the $3,5k level and eventually make a new ATH and carry on above $4,5k, bullish traders will be eyeing the 4.382 fib level which corresponds with a $17k Ether price.

ETH’s 24 hour price range is $3,365-$3,629 and the 7 day price range is $2,857-$3,629. Ether’s 52 week price range is $339.38-$4,352.11. 

Ether’s price on this date last year was $377.16. 

ETH’s average price for the last 30 days is $3,253.37. 

Ether [+1.64%] closed Wednesday’s daily candle worth $3,575.58 and in green figures for the second consecutive day. 

Chainlink Analysis 

LINK’s price action resembled the bulk of the cryptocurrency sector’s best projects on Wednesday and finished -$0.46 per unit for the day.

The 4hr LINK chart below from ForgeTrades shows LINK tightly consolidating at the $26 level.

LINK analysis
Link is consolidating at the $26 level

LINK bears will try to send the price back below the $26 level and back down to test the $23 level again soon or bulls could be ready to test the $30 level again in the days forthcoming. 

LINK’s 24 hour price range is $25.32-$28.01 and the 7 day price range is $23.55-$28.01. Chainlink’s 52 week price range is $8.57-$52.7. 

LINK’s price on this date last year was $10.74. 

Chainlink’s 30 day average price is $26.27. 

LINK [-1.69%] closed Wednesday’s daily candle at $26.79 and in red digits. Nonetheless, LINK closed 6 out of the last 8 daily candles in green digits.

 

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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