Bitcoin, Ethereum, ATOM price analyses
Bitcoin, Ethereum, ATOM price analyses
Trading

Bitcoin, Ethereum, ATOM price analyses

By R.L. Bryer - 17 Nov 2021

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Bitcoin analysis 

Bitcoin’s price had its lowest daily candle close since October 27th on Tuesday and finished the day [-$3,438].

The BTC/USD 1D chart below from T_V_TreeTrader shows BTC’s price flirting with the demand line at $60,774 which BTC’s price inevitably closed below on Tuesday. 

It’s critical for bitcoin bulls to regain positive territory above that demand line again or a trip to the $52k-$53k level becomes increasingly more probable. 

Bitcoin's price
For Bitcoin, $52k-$53k level becomes increasingly more probable

On Tuesday, Bitcoin’s RSI was also at its lowest level since September 30th of this year on the daily time frame.

The Fear and Greed Index is 52 Neutral and -19 from Tuesday’s reading of 71 Greed. 

Fear and Greed Index is in the Neutral zone

BTC’s 24 hour price range is $59,150-$64,599 and its 7 day price range is $59,150-$69,044. Bitcoin’s 52 week price range is $16,592-$69,044. 

The price of bitcoin on this date last year was $17,651. 

The average price of BTC for the last 30 days is $62,619. 

Bitcoin [-5.41%] closed its daily candle worth $60,124 and in red figures for the second day in a row. 

Ethereum analysis 

Ether’s price trended further downward on Tuesday and finished the day [-$354.62]. 

The ETH/USD 4hr chart below from burtnette shows the support levels below for bullish Ether traders on that time frame. 

Ether bulls failed on Monday to hold support resistance at fib level 3.618 [$4,560.94] and surely want to reclaim that major level of inflection before real technical damage is done on significant timescales.  

Important battlegrounds ongoing between bulls and bears are at fib level 1 [$4,384.43] and at the 0.618 [$4,384.43]. 

Bullish Ether traders have lost those  levels, at the time of writing and will soon need to pivot or face the potential of a slide to the 2.618 [$3,221.58].

Ethereum support levels

ETH’s 24 hour price range is $4,160-$4,627 and its 7 day price range is $4,160-$4,849. Ether’s 52 week price range is $460.46-$4,878. 

The price of ETH on this date in 2020 was $471.32. 

The average price of ETH for the last 30 days is $4,331. 

Ether [-7.7%] closed its daily candle on Tuesday worth $4,208.42 and in red figures for a fifth straight day. 

ATOM analysis

ATOM’s price action didn’t separate itself from the aggregate price action across the market on Tuesday and sold off as well. COSMOS finished the day [-$3.09]. 

Thus far however, no serious technical damage has occurred on ATOM yet, as traders can see in the ATOM/USD 1D chart below from LochubT

At the time of writing, bullish ATOM traders have lost support at the 0.618 fib level [$31.2437]. 

Cosmos bears are now aiming lower, their next target is to send ATOM’s price back down to the .5 [$26.9941]. If successful there, bears have the 0.382 [$22.7444] fib level to crack before sending ATOM’s price back to the sub $20 level.

Bullish COSMOS traders are hoping bullish divergence emerges on a lower timescale first that can send ATOM’s price back above the 0.618 [$31,2437,] – if so, bulls will have a good opportunity to get ATOM’s price back to the 0.786 [$37.2941].

ATOM lost 9% but with no serious damage

ATOM’s 24 hour price range is $28.11-$32.26 and its 7 day price range is $28.11-$36.92. ATOM’s 52 week price range is $4.27-$44.42. 

The price of COSMOS on this date last year was $5.09. 

The average price for COSMOS over the last 30 days is $35.22. 

COSMOS [-9.83%] closed its daily candle on Wednesday worth $28.36 and in red figures for the third straight day. 

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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