Bitcoin and Ethereum price rebounded
Bitcoin and Ethereum price rebounded
Trading

Bitcoin and Ethereum price rebounded

By R.L. Bryer - 22 Nov 2021

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Bitcoin price rebounded 

Bitcoin’s price rebounded a bit over the weekend after a week that was lacking much demand for the world’s number one crypto asset by market capitalization [$1.12t]. Despite BTC’s price rallying some on Saturday, the asset finished its weekly candle -$6,681. 

The BTC/USD 1D chart below from AlanSantana allows traders to visualize the most critical battlezone levels for traders participating in the bitcoin market.

The most critical level right now on the 1D chart for BTC bulls is the 0.382 [$57,772.29]. If bulls lose that level bears can quickly send the price down to the 0.5 [$54,312.95]. If bears push the price below the 0.5 fibonacci level, the next level of support for bulls is the 0.618 fib [$50,853.61]. 

Bitcoin's price
$57k is a critical level for Bitcoin

BTC’s 24 hour price range is $58,843-$60,323 and its 7 day price range is $55,861-$66,136. Bitcoin’s 52 week price range is $16,592-$69,044. 

The price of bitcoin on this date last year was $18,360. 

The average price of BTC for the last 30 days is $61,997. 

Bitcoin [-1.59%] closed its daily candle worth $58,790 and in red figures after two consecutive green closes the days preceding.

Ethereum analysis 

Ether’s price also rebounded a bit over the weekend as sellers ran out of ammunition and buyers scooped up ETH’s price dip. The buyer demand eventually emerged at an inflection point for Ether’s price just below the $4k level.

The ETH/USD 4hr chart below from Yahabu_ shows that ETH’s price is holding the $3,9k level as support resistance and is trading above $4,2k, at the time of writing.

Ether bulls hope to again regain control of price action and that could be ushered in by what looks to be an inverse head & shoulders on the 4hr chart in development. 

If ETH bulls reclaim the territory above $4,5k again, the odds of a re-test of the $5k level grow increasingly probable.

Conversely, if Ether bears can breach the $3,9k level, then a longer term correction could be forthcoming for Ether market participants. 

Bitcoin's price
ETH is trading above $4,2k

ETH’s 24 hour price range is $4,317-$4,448 and its 7 day price range is $3,981-$4,746. Ether’s 52 week price range is $501.45-$4,878. 

The price of ETH on this date in 2020 was $608.27. 

The average price of ETH for the last 30 days is $4,388. 

Ether [-3.17%] closed its daily candle on Sunday worth $4,268 and in red figures after finishing in green figures the two days before. 

Solana analysis

Solana’s price bounced just below the $190 level this week and had one of the best weekends of any project across the space, finishing +$14.02 to close its daily candle on Sunday.

The SOL/USD 1M chart below from Umyoung shows Solana on the monthly time frame in a long term ascending channel. 

Bullish Solana participants reclaimed the 1 [$198.82] fib level over the weekend and are now trying to go back up and test the 1.618 [$245.05]. If SOL bulls can break that price to the upside, they’ll seek higher territory and the next fibonacci level at 2 [$273.62]. 

If things turn sour for Solana bulls and they again lose the territory below the $198 level, bears will try to test the 0.618 at $170 that they weren’t quite able to push Solana’s price down to test last week. 

SOL is in a long term ascending channel.

Solana’s 24 hour price range is $211.4-$233.26 and its 7 day price range is $190.73-$245.86. SOL’s 52 week price range is $1.03-$259.96. 

Solana’s price on this date last year was $2.27. 

The average price of SOL over the last 30 days is $2.27. 

Solana [+6.44%] closed its daily candle on Sunday worth $231.82 and in green figures for a 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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