Bitcoin approaches 70k and drops: new all time high
Bitcoin approaches 70k and drops: new all time high
Trading

Bitcoin approaches 70k and drops: new all time high

By R.L. Bryer - 11 Nov 2021

Chevron down
Listen this article
download

Bitcoin close to 70k level 

Bitcoin’s price continued its ascent during the first half of Wednesday’s daily candle and even made a new all-time high of $69,044. That momentum ended abruptly however after reaching a local top just shy of the $ 70k level. BTC’s price finished the day -$1,981.

The BTC/USD 1W chart below from CRYPTOPICKK paints an interesting picture for traders that are interested in a comparison between 2017’s bitcoin bull cycle and the 2021 edition the market is currently experiencing.

The chartist took a fractal from 2017 and applied it to this cycle and the chart matches up quite nicely. The chartist posits that a small retrace could be next. From the chart, it appears a trip back to the $58,5k level could potentially be in play if 2021’s fractal continues to follow the 2017 fractal.

Bitcoin analysis
A comparison between the 2017 and 2021 bull runs

If this log scale parallel channel continues and this bull cycle continues onward, the overhead target at the top of the ascending channel for bitcoin bulls is the $284k level.

Conversely, BTC bears will hope they can buck the historical trend and send BTC’s price to the bottom of this long term channel at the $15k level.

BTC’s 24 hour price range is $62,866-$69,044 and its 7 day price range is $60,493-$69,044. Bitcoin’s 52 week price range is $15,312-$69,044. 

The price of bitcoin on this date last year was $15,686. 

The average price of BTC for the last 30 days is $61,423. 

Bitcoin [-2.96%] closed its daily candle worth $64,954 and in red figures for the second straight day. 

Ethereum, new ATH 

Ether’s price also made another new all-time high on Wednesday of $4,878 before following the macro cryptocurrency market down during the second half of Wednesday’s daily candle. ETH’s price finished the day -$97.73. 

The ETH/USD chart below from Cheddar Biscuits shows Ether with another sharp rejection at the top of its ascending channel on the 4hr timescale.

Ether bears will now try to send ETH’s price below the Upper Trend Average [UTA] at $4,660. A secondary target for bears is the Lower Trend Average [LTA] at $4,500.

Bitcoin analysis
Another sharp rejection for Ethereum

Ether bulls will be looking to the rule of three and hoping to test the top of the channel once more, if they are successful ETH’s price will be over $5k for the first time in the asset’s history.

ETH’s 24 hour price range is $4,559-$4,878 and its 7 day price range is $4,372-$4,878. Ether’s 52 week price range is $443.72-$4,878. 

The price of ETH on this date in 2020 was $462.21. 

The average price of ETH for the last 30 days is $4,151. 

Ether [-2.07%] closed its daily candle on Wednesday worth $4,633 and in red digits for back to back days. 

Chainlink analysis

Chainlink’s price was at its highest levels in month’s during Wednesday’s session until the bulk of the crypto market dropped following bitcoin’s price reversal. LINK finished Wednesday’s daily candle +$.47. 

The LINK/USD 1D chart below from CRYPTOPICKK shows the primary targets for LINK bulls at fib extension levels of 0.65 [$39.84,] 0.786 [$44.44,] and 1 [$52.84].

Bearish Chainlink traders will be looking to send LINK’s price back below the 0.382 [$28.59] and if they succeed at that level then a secondary target at the 0.236 [$22.86] will be in their sights.

Bitcoin anlysis
Chainlink target levels

LINK’s 24 hour price range is $33.7-$37.99 and its 7 day price range is $30.5-$37.99. Chainlink’S 52 week price range is $10.07-$52.7. 

Chainlink’s price on this date last year was $12.80. 

The average price for LINK over the last 30 days is $29.59. 

Chainlink [+1.39%] closed its daily candle on Wednesday worth $34.27 and in green figures.

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.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.