Bitcoin price consolidation
Bitcoin’s price continues to consolidate in a rather tight range for BTC considering the price is trading above $60k, at the time of writing. BTC’s price has been trading between $58k-$64k since October 21st – that’s just a 9.8% spread over that duration.
The BTC / USD 1D chart below from TradingShot shows bitcoin’s price with nice support above the 1D MA 100. BTC’s price has found strong support above that moving average during this bull cycle a number of times.
Bearish traders must be wondering if there’s any chance of bitcoin demand slowing down at this point. Bears need to push BTC’s price back below an important inflection point at $60k and then break strong support resistance for bulls at $57,5k.
If bears fail to push BTC’s price back below $60k, a trip back up to challenge BTC’s all-time high could be forthcoming.
BTC’s 24 hour price range is $61,587-$63,546 and its 7 day price range is $58,501-$64,210. Bitcoin’s 52 week price range is $14,101-$67,276.
The price of bitcoin on this date last year was $14,101.
The average price of BTC for the last 30 days is $59,402.
Bitcoin [-0.55%] closed its daily candle worth $62,904 and in red figures after finishing Tuesday in green figures.
Ethereum Analysis: a new ATH
Ether’s price made another new all-time high on Wednesday and continues to climb upward against The U.S. Dollar and BTC.
ETH’s +1,102% against The U.S. Dollar for the last 12 months and +161.5% against BTC over that same timeframe.
The ETH / USD chart below from Tolberti shows Ether broke its ascending triangle to the upside and then ETH’s price cleared the $4,5k level.
So, will ETH continue to markup to again head back to the top of it’s long term channel on the 1W timescale?
If ETH bulls can clear the $5k level and close above that on the weekly timescale, the buzz will really accelerate surrounding a 5 figure Ether price yet this cycle.
The chart above shows the potential to reach $20k per ETH in 2022 if this bull cycle continues until the end of Q1 2022.
Bears of course will hope they can put the brakes on this two year long bull market for Ether sooner than later and once again send the price below $4k.
This could prove to be a tall task however, Ether bulls have been carving out nice support resistance along the way in pursuit of the $5k level for the first time in the asset’s history.
Ether’s price is currently trading above all important moving averages, at the time of writing.
ETH’s 24 hour price range is $4,465-$4,674 and its 7 day price range is $3,948-$4,674. Ether’s 52 week price range is $398.24-$4,674.
The price of ETH on this date in 2020 was $401.73.
The average price of ETH for the last 30 days is $3,947.
Ether [+0.36%] closed its daily candle on Wednesday worth $4,602 and in green digits for the third straight day.
Avalanche’s price marked more than 11% on Wednesday and finished the day +$7.8 per unit. AVAX’s price now looks to break the last two overhead resistance levels between it and $100 on the daily timescale.
The AVAX / USD chart below from IAMTHEONEE shows those two resistance levels for AVAX to breach on the 1D chart are $80.05 and $84.62. Once those levels are broken to the upside by bulls, a trip for AVAX to three figures for the first time ever may be imminent.
For bears to crush bullish dreams, AVAX bears need to send AVAX’s price back inside of the structure it just broke out of at the $66 level. If they’re successful, in time bearish traders will look to send AVAX’s price back to the bottom of that structure at the $40 level.
Avalanche is +2,236% against The U.S. Dollar over the last 12 months, +386.7% against BTC, and +84.3% against ETH over the same duration.
The 24 hour price range for Avax is $67.35-$77.06 and its 7 day price range is $60.86-$77.06. Avalanche’s 52 week price range is $2.82-$79.31.
Avalanche’s price on this date last year was $3.36.
The average price for AVAX over the last 30 days is $62.19.
Avalanche [+11.51%] closed its daily candle on Wednesday worth $75.54 and in green figures for a fourth straight day.