Bitcoin’s price on Tuesday was mostly static until the day’s final 4-hour candle, where the asset sold off considerably and finished the day at -$2,810. After bullishly engulfing its daily candle on Monday, BTC bearishly engulfed Monday’s positive daily candle.
The BTC/USD chart below from TradingShot shows the path for BTC to double and breach $138k but will this pattern be invalidated if bitcoin bears send the price below the current neckline of its pattern at $59,5k for a daily close on Wednesday?
The BTC/USD 4hr chart has been painting a head & shoulders for the last few days, and if this structure with bearish momentum does break out to the downside, it will be absolutely pivotal for bulls to hold the $57,5k-$58,4k price level for the interim.
The Fear and Greed Index is reading 73 Greed and -3 from yesterday’s reading of 76 Extreme Greed.
BTC’s 24 hour price range is $60,290-$63,569 and its 7-day price range is $60,290-$67,276. Bitcoin’s 52-week price range is $13,041-$67,276.
Bitcoin’s price on this date last year was $13,655.
The average bitcoin price for the last 30 days is $55,478.
Bitcoin [-4.45%] closed Tuesday’s daily candle worth $60,290 and in red digits.
Ether’s price continued with its bullish uptrend until bitcoin ruined the party for ETH and much of the aggregate market on Tuesday.
ETH’s price, however, did manage to hold the important support resistance level of $4k for its daily close. It will be imperative to hold this level for bulls if there’s a strong attempt to create follow-through selling pressure by bears on Wednesday’s daily candle.
The chart below from d0ggerel shows the Ether 2017 fractal in blue and the 2021 Ether fractal in black. Chartists will notice the bullish divergence between the 2021 fractal and the 2017 fractal – if the macroclimate continues to be led by Ether bulls, ETH could markup even steeper in price than the 2017 bull market cycle.
The late sell-off on Tuesday could lead to the chart below from Aureate-Invest playing out. If the 4hr chart below were to play out, Ether bulls will need to hold support at the $3,8k-$3,875 level – otherwise, a further downside for Ether bulls could be forthcoming if they lose that level.
ETH’s 24-hour price range is $4,125-$4,289, and its 7-day price range is $3,838-$4,361. Ether’s 52-week price range is $380.83-$4,361.
Ether’s price on this date last year was $401.73.
The average ETH price for the last 30 days is $3,640.
Ether [-2.15%] closed Tuesday’s daily candle worth $4,129.69 and has alternated red to green daily candles for the last five days.
Avalanche’s price has marked up considerably over the last week; AVAX is +19.5% over the previous seven days at the time of writing.
As traders will see on the 4hr AVAX chart below from FX_Professor, the overhead target for AVAX bulls is $100. AVAX’s price has backtested a long-term demand line on the 4hr chart below, and if it holds the $64 level in time, bullish traders may be able to send its price to 3 figures.
Conversely, bears will hope to break that demand line and send AVAX’s price back below the $60 level and potentially back to the $56.20 level.
AVAX’s 24-hour price range is $68.14-$72.14, and the 7-day price range is $56.88-$72.62. Avalanche’s 52-week price range is $2.82-$79.31.
AVAX’s price on this date last year was $4.13.
The average Avalanche price for the last 30 days is $61.92.