Bitcoin, a rally in the weekend
Bitcoin’s price rallied over the weekend and set a new mark for the highest close in the asset’s history on the weekly timeframe.
The BTC / USD 4hr chart below from OptimoomFX illuminates just how tight of a range that BTC’s been trading in over the last few weeks. The chartist posits that further upside is more likely than heading to lower prices since the overall trend is still bullish.
Bitcoin bulls will be looking to close above $64,095 on the 4 hr and then the daily timescale for further confirmation that higher prices are forthcoming. Of course, if bulls succeed in their aim for higher prices, the next step after that accomplishment will be to test the $65k level and then BTC’s all-time high of $67,276.
Bearish BTC traders will look in the interim to win the battle at the $60k level yet again and send bitcoin’s price below $59,441. If they do win that short term battle then bulls will look again at the $57,5k level again for support resistance.
As you can see on another chart of the 4hr timescale above, BTC looks to be finishing up a bit of a scuffed inverse head & shoulders pattern. BTC’s price has already back-tested the breakout and bullish market participants are hoping that the $69,705.06 level is tested shortly.
Bearish BTC traders will again attempt to test the $61k level shown in harisonhbn9718’s chart above and try to push the price lower.
BTC’s 24 hour price range is $61,779-$65,649 and its 7 day price range is $59,979-$65,649. Bitcoin’s 52 week price range is $15,063-$67,276.
The price of bitcoin on this date last year was $15,496.
The average price of BTC for the last 30 days is $60,641.
The Fear and Greed Index is 75 Greed and +2 from Sunday’s reading of 73 Greed.
Bitcoin’s price had had a major impulse to the upside during Sunday’s last 4hr candle and BTC closed its daily / weekly candle worth $63,259 [+2.87%] and in green figures for a second straight day.
Ethereum, a new ATH
Ether’s price also closed the weekly timescale at its highest price ever on Sunday [$4,611.73].
The ETH / USD 4hr chart below from Bixley outlines the potential that Ether is heading to the 5th point on the chart. If ETH creates a ‘W’ and reaches the target, ETH’s price will be $4,980 and probably eclipse the $5k level for the first time in history.
Naturally, ETH bears will want to spoil the party and again test the trendline at $4,5k before taking ETH’s price lower and getting a significant candle close on a longer timescale.
ETH’s 24 hour price range is $4,543-$4,729 and its 7 day price range is $4,212-$4,729. Ether’s 52 week price range is $443.72-$4,729.39.
The price of ETH on this date in 2020 was $462.21.
The average price of ETH for the last 30 days is $4,078.09.
Ether [+2.09%] closed its daily candle on Sunday worth $4,611.73 and in green digits.
Ether’s price also made a new ATH of $4,729.39 just minutes after Monday’s daily candle opened.
BNB close to a new record
Binance Coin’s price marked up considerably over the weekend and finished the day +$13.2. BNB is quickly approaching it’s all-time high of $686.31 made on May 10th of this year.
The BNB / USD 1D chart below from Dave-FX-Hunter shows the upside for BNB bulls if they can again push the asset’s price back to the upper-bound of a long-term ascending channel.
Bearish Binance Coin market participants will need to hold BNB’s price back from breaking another new ATH if they want to have any hope of BNB’s price not making another trip into price discovery.
BNB’s 24 hour price range is $639.19-$671.09 and its 7 day price range is $516.95-$669.7. BNB’s 52 week price range is $27.02-$686.31.
BNB’s price on this date last year was $28.27.
The average price of BNB over the last 30 days is $502.93.
Binance Coin [+2.07%] closed its daily candle on Wednesday worth $649.5 and in green figures for a third straight day.