Bitcoin bulls weren’t timid to start a new week despite BTC’s price closing below an important trendline at $55k. In fact, bitcoin bulls sent the price over $57k during Monday’s daily candle and closed the day +$2,767.
The 1M BTC chart below from wallyinstripes illuminates an interesting trend that’s appeared during the last two bull market cycles.
During those two previous cycles the large bull runs came only after BTC’s price broke above 70 on the Relative Strength Index [RSI].
While BTC reached profit taking levels for some traders on the 4hr chart on Monday, bitcoin’s 1D chart is still showing upside before traders may take profits above the $61k level.
Bitcoin bulls are very much in control of BTC’s price action above $55k and a lot more upside could be forthcoming if the $60k level is indeed breached soon.
For bears to get back on track they need to send BTC’s price below $55k but it’s been all bulls over the last 30 days as BTC’s price is +26% over that duration.
The Fear and Greed Index is 78 Extreme Greed and +7 from Monday’s reading of 71 Greed .
Bitcoin dominance is at its highest levels since August and it looks like it could be heading back to test the 50% dominance level.
BTC’s 24 hour price range is $55,454-$57,859 and the 7 day price range is $49,265-$57,859. Bitcoin’s 52 week price range is $11,268-$64,804.
BTC was worth $13,060 on this date in 2020.
Bitcoin’s 30 day average price is $47,691.
Monday’s daily candle close for bitcoin was $57,468 and it’s finished in green figures for 7 out of the last 9 days.
Ethereum’s price continues to straddle $3,5k and has yet to really test the $4k level since BTC dominance began to climb.
This 1D ETH chart from Pharmlord shows the tight range that Ether’s been trading in for over 8 days. ETH’s price action is respecting support resistance at 0[$3,368] and respecting the overhead resistance at the .618[$3,628] level.
ETH’s 24 hour price range is $3,463-$3,615 and its 7 day price range is $3,375-$3,668. Ether’s 52 week price range is $365.41-$4,352.11.
ETH’s price on this date last year was $387.26.
The average Ether price for the last 30 days is $3,281.
Ether closed Monday’s daily candle worth $3,545 and has finished in green digits for 5 out of the last 7 days.
XMR’s price action is responding much like the vast majority of the alt coin market right now.
The XMR 1D chart below from zakpodmore highlights the key levels for Monero bulls to eclipse to send the price to the next level.
If XMR can hold the $274 level then bulls will have a chance to again test the $328-$340 level. If Monero bulls can break that level to the upside the secondary target is $377.80.
Bearish Monero traders will hope to push XMR’s price below $274 and over time send the price back to the $221 price level.
XMR’s 24 hour price range is $266.42-$280.21 and its 7 day price range is $261.78-$295.93. Monero’s 52 week price range is $212.4-$321.7.
Monero’s ATH is $542.33 [January 9th, 2018] and was $130.28 on this date last year.
The average XMR price for the last 30 days is $256.78.
Monero closed Monday’s daily candle worth $276.7 and has completed 6 out of the last 9 days in