Bitcoin dipped below $57k
Bitcoin’s price again dipped on Monday below the $57k level and finished its daily candle -$2,491.
Below is the BTC/USD 1D chart from TradingShot with the last two bulls cycles. Traders will note just how little divergence there’s been between the last two cycles. One difference was the market’s reaction to China’s ban on bitcoin mining during this cycle but BTC’s price quickly recalculated and began tracking upward again to match 2017’s chart once more.
The BTC/USD 1D chart below is from a more focused viewpoint of the last few months and of where this cycle is now. This cycle is mimicking last cycle’s price action and if history continues to rhyme, the next move is by bulls and of the parabolic variety.
On the BTC/USD 4hr chart bitcoin bulls are still trying to reclaim the $58,343 level. The $58,4k level is a pivotal point and the current location for a tug of war between bullish and bearish market participants.
The Fear and Greed Index is 33 Fear and -17 from yesterday’s reading of 50 Neutral.
BTC’s 24 hour price range is $55,865-$59,299 and its 7 day price range is $55,861-$63,062. Bitcoin’s 52 week price range is $16,592-$69,044.
The price of bitcoin on this date last year was $18,390.
The average price of BTC for the last 30 days is $61,644.
Bitcoin [-4.24%] closed its daily candle worth $56,299 and in red figures for a second consecutive day.
Ether’s price also dipped on Monday and Ether bulls and bears are again battling at the $4k level.
The ETH/USD 1D chart below from ripple10usd illuminates how similar Ether’s price action also is to 2017’s bull market. ETH’s price just like in 2017 is trying to hold an important level of inflection in November.
In 2017, ETH’s price rallied in late November to the upside before it went parabolic to close its bull cycle in January of 2018.
ETH’s 24 hour price range is $4,051-$4,315 and its 7 day price range is $3,981-$4,496. 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 $4,391.
Ether [-4.26%] closed its daily candle on Monday worth $4,086 and in red figures for the second straight day.
Avalanche’s price continued its divergence from the macro market’s price action on Monday and AVAX finished its daily candle +$5.72.
The AVAX/USD 1D chart below from readCrypto allows market participants to see the tear that AVAX is on during a seemingly parabolic November.
Avalanche bulls are currently trying to flip the $137 level to become support instead of overhead resistance, at the time of writing. Above $137, AVAX bulls are seeking to crack the $154 level and then the $159 level. If Avalanche bulls continue on and breach $160 to the upside, the next fib is above $170, so Avalanche could continue to markup to that price level [$170.88] before a potential pullback.
AVAX’s 24 hour price range is $127.43-$144.24 and its 7 day price range is $87.97-$143.54. Avalanche’s 52 week price range is $2.82-$144.96.
Avalanche’s price on this date last year was $4.07.
The average price for AVAX over the last 30 days is $86.83.
Avalanche [+4.43%] closed its daily candle on Monday worth $134.78 and in green figures for the fourth straight day.