Bitcoin’s price pulled back less than 1% on Tuesday after running to its new all-time high [$68,641] during the first 4hr candle of Tuesday’s session.
The BTC/USD 1D chart below from logindaten shows overhead targets for BTC bulls on the daily time frame now that bitcoin’s reached price discovery.
The overhead targets on the 1D are 1.272 [$73,086.85,] 1.414 [$76,712.07,] and finally the 2.272 [$98,616.57] before bulls have a crack at six figures at the 2.414 [$102,241.79] fib extension level.
Bearish ambitions have looked a bit bleak but without true follow through price action on Tuesday of Monday’s bullish engulfing candle, bears will hope to stall the bullish rally. To stall that rally bears need to push BTC’s price back below $67,276 for a 4hr close and follow it up with a close on a higher time frame.
If bears get a close on a significant time frame like the daily below the former ATH, they’ll then set their sights back on the $66,142.77 level and eventually the $60,679.41 level. The final hurdle before bears take back control to the downside is $56,390.41 on the 1D chart.
BTC’s 24 hour price range is $66,565-$68,641 and its 7 day price range is $60,493-$68,641. Bitcoin’s 52 week price range is $15,177-$68,641.
Bitcoin’s price on this date in 2020 was $15,335.
The average price of BTC for the last 30 days is $61,499.
The Fear and Greed Index is 75 Greed and -9 from Tuesday’s reading of 84 Extreme Greed.
Bitcoin [-.88%] closed its daily candle worth $66,935 and in red figures breaking a streak of three straight closes in green figures.
The ETH/USD chart below from CheddarBizcuitz allows traders to visualize the rejection that Ether suffered on the 4hr timescale at $4,836 and the top of its ascending channel.
The chartist posits Ether could hold support at the $4,650 level [Upper Trend Average]. While bulls might like that outlook, what do Ether bears need to do for a short-term victory?
For ETH to win a battle in the interim, Ether bears need to send ETH’s price back down to test the Upper Trend Average before testing the Expected Trend Average at the $4,5k level. If that level is breached to the downside, the next stop could be the Lower Trend Average at $4,475 on the 4hr chart.
ETH’s 24 hour price range is $4,738-$4,857 and its 7 day price range is $4,372-4,857. Ether’s 52 week price range is $443.72-$4,857.25.
The price of ETH on this date in 2020 was $449.82.
The average price of ETH for the last 30 days is $4,155.28.
Ether [-1.59%] closed its daily candle on Tuesday worth $4,731.68 and in red digits for the first time in four days.
Litecoin’s price marked up massively on Tuesday and finished the day +$33.3 per unit. For the last 12 months LTC is +348.9% against The U.S. Dollar, +1.58% against BTC, and -58.42% against Ether, at the time of writing.
The LTC/USD 1W chart below from TradingMula illuminates where Tuesday’s strong impulse to the upside for LTC came from – a huge cup and handle on LTC had formed and is now playing out.
LTC bulls are now taking aim at much higher prices above with targets at fib extension levels of 0.75 [$283.72,] 1 [$370.7,]and 1.25 [$457.84].
Litecoin bears, however, are looking to send LTC’s price back down to retest the 0.618 [$237.75]. If bears can somehow stop bullish momentum and send the price below the $237.75 level, the next target on the weekly timescale will be 0.5 [$196.66].
LTC’s 24 hour price range is $228.21-$273.4 and its 7 day price range is $193.48-$273.4. Litecoin’s 52 week price range is $57.91-$401.47.
LTC’s price on this date last year was $57.91.
The average price for Litecoin over the last 30 days is $196.94.
Litecoin [+14.55%] closed its daily candle on Wednesday worth $262.2 and in green figures for a third straight day.