Summary
Bitcoin Analysis
Bitcoin’s price spent the majority of Wednesday trading in red figures but did manage to finish Wednesday’s daily candle barely in green figures and [+$262.1].
The BTC/USD 1D chart below from TechnoLegend is a macro look at BTC’s price in log scale. Bitcoin’s price action appears to fit rather nicely when applied to this chart. Traders will note that after making new ATHs, BTC’s price has come back down and tested its demand line at $30k and $40k, could $50k be next?
Another chart to take a look at is the BTC/USD 1W chart below from steko170981, it shows how much room bitcoin still has to the upside yet predicted by the PI cycle top indicator. Traders will note BTC’s price has room to the upside but BTC’s RSI also looks to be set up to duplicate prior cycle tops as well and has plenty of room to run above.
While there’s still 4 days left before BTC’s weekly candle closes, it’s currently painting a large bearish engulfing candle. If ETH’s weekly candle is painted as is on Sunday’s close, it will wipe out the previous four weeks of positive price action.
BTC’s 24 hour price range is $58,994-$61,389 and its 7 day price range is $58,994-$67,784. Bitcoin’s 52 week price range is $16,592-$69,044.
The price of bitcoin on this in 2020 was $16,592.
The average price of BTC for the last 30 days is $62,604.
Bitcoin [+0.44%] closed its daily candle worth $60,386 on Wednesday, BTC’s candle close broke up a two day streak of closes in red figures.
Ethereum analysis
Ether’s price closed Wednesday’s daily candle on a positive note but there’s not a lot of stuff to be excited about yet on Ether regardless of timescale for bulls. ETH’s price did however break up the incessant selling over the last week and avoided a sixth straight daily close in red figures on Wednesday – ETH finished [+$82.57].
The ETH/USD 1D chart below from T_V_TreeTrader illuminates that while no real technical damage has yet occurred on the daily Ether chart, there’s still more potential downside. It wouldn’t be shocking if Ether tested a strong support level at $3,970-$4,100.
For additional perspective on Ether’s price, traders can look above at the ETH/USD 1D chart from AlanSantana. If ETH is currently in the midst of a real price reversal, the downside could still be another 30% and a trip back down to the $2,8k level.
ETH’s 24 hour price range is $4,109-$4,330 and its 7 day price range is $4,109-$4,816. Ether’s 52 week price range is $468.17-$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 $4,342.78.
Ether [+1.96%] closed its daily candle worth $4,290.99.
Avalanche analysis
Avalanche’s price action has not been a victim to the macro whims thus far this week. Despite the majority of projects across the cryptocurrency market with double digit losses by percentage for the week, AVAX has posted double digit gains by percentage and in fiat against the U.S. Dollar [+$22.26] over the last week.
The AVAX/USD 4hr chart below from @AltCryptoGems shows what AVAX’s chart looked like right before AVAX ripped upward to multiple new ATHs on Wednesday. AVAX eventually peaked at $110.18 during Wednesday’s daily session.
As traders can see above, the first target at $108 has been exceeded. The two fib extension levels overhead that bulls are targeting are the 1.618 [$112.94] and the 2 [$120.37] level.
Avalanche’s 24 hour price range is $92.49-$110.18 and its 7 day price range is $81.84-$110.18. AVAX’s 52 week price range is $2.82-$110.18.
AVAX’s price on this date last year was $3.76.
The average price for Avalanche over the last 30 days is $74.9.
Avalanche [+10.17%] closed its daily candle on Wednesday worth $107.68 and in green digits for the second day in a row.
