Bitcoin holds $60k level: BTC, Ethereum and Polkadot Price Analyses
Bitcoin holds $60k level: BTC, Ethereum and Polkadot Price Analyses
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Bitcoin holds $60k level: BTC, Ethereum and Polkadot Price Analyses

By R.L. Bryer - 2 Nov 2021

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Bitcoin Analysis 

Bitcoin’s price continues to respect the $60k level since bouncing at a major inflection point at the $58k level last week.

Today, the chart being analyzed is the BTC / USD 2hr chart below from YMGroup. This chart resembles the 4hr and the backtest of the $60,640 level, if this level holds it could be the spring that takes BTC’s price back to the $65k level.

BTC’s price had spent nearly two weeks in that falling channel before breaking out to the upside, market participants should know within the next few daily candles whether this breakout is real.

Overhead BTC bulls are seeking the $65k level in the interim but their main target overhead is BTC’s all-time high of $67,276 and the continuation of price discovery.

Bitcoin analysis
Bitcoin could come back at $65k

Bitcoin bears will be hoping they can muster up a stronger defence soon and push BTC’s price back inside that falling channel and then to test the bottom of it at the $54,2k level.

BTC’s 24 hour price range is $59,823-$62,507 and its 7 day price range is $58,501-$63,333. Bitcoin’s 52 week price range is $13,401-$67,276. 

The price of bitcoin on this date last year was $13,558. 

The average price of BTC for the last 30 days is $57,995. 

Bitcoin [-0.66%%] closed its daily candle worth $60,927 and in red figures for the third consecutive day. 

Ethereum Analysis 

Ether’s price bounced back on Monday to start the new week and finished back in green figures after two straight daily closes over the weekend in red figures.

The ETH / USD 4hr chart below from CheddarBizcuitz shows Ether’s price trending back towards the top of its long-term ascending channel.

Above $4,3k bullish sights are set on $4,436, Ether’s all-time high from just four days ago [October 29th]. If a secondary target of $4,5k is breached, bulls will try to send the price above the $5k level quickly.

Bitcoin Analysis
Ether’s bulls are trying to push the price to $5k level

Ether bears need to send ETH’s price back below its major moving averages and back down to test the bottom of its current channel which corresponds with the $4k level. If bears fail here, Q4 2021 could be dominated by bullish market participants. 

ETH’s 24 hour price range is $4,171-$4,370 and its 7 day price range is $3,944-$4,467. Ether’s 52 week price range is $380.83-$4,467.57. 

The price of ETH on this date in 2020 was $394.94. 

The average price of ETH for the last 30 days is $3,832.64. 

Ether [+0.78%] closed its daily candle worth $4,320.91 on Monday.

Polkadot Analysis 

Polkadot’s price marked up $7.27 on Monday to start the month of November and breached the $50 threshold for the first time in the asset’s history.

DOT had been tapping on overhead resistance at $49.35 much of Monday –  that price was DOT’s all-time high made on May 15th earlier this year.

The DOT / USD 1d chart below from CRYPTOPICKK shows DOT again above the middle of its ascending channel on the daily timescale in log scale. 

The chartist posits DOT’s target price for mid-December on the daily time frame and in log scale is $77.84.

Bitcoin analysis
DOT is in the middle of an ascending channel

Another chart to look at is the DOT / USD 1D chart below from Alecto. This chart shows DOT’s potential targets to the upside if bulls continue their possession of the ball. 

The most prominent overhead target now for DOT bulls is $100 and a trip to triple digits for the first time in the asset’s history. This price level will be achieved with a [101.52%] move from the breakout level emphasized in the chart.

Bitcoin analysis
DOT price target at $ 100

For DOT bears to muster a rally, bears need to send DOT’s price back down to the $42 level and break the asset’s current trendline. 

DOT’s 24 hour price range is $42.03-$50.87 and its 7 day price range is $40.4-$50.87. Polkadot’s 52 week price range is $3.94-$50.87. 

Polkadot’s price on this date last year was $4.02. 

The average price of DOT for the last 30 days is $39.33. 

DOT [+17.08%] closed Monday’s daily candle worth $50.03 and has finished in green digits for back to back days. 

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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