Bitcoin’s price continued to bounce around inside an area of inflection on Wednesday and finished its daily candle -$393.
The BTC/USD 1W chart below from TradingShot shows bitcoin painting a very similar fractal to the one from April-October that ushered in BTC’s next parabolic move. Bitcoin bulls are hoping that a similar parabolic breakout ensues after BTC again bounced off of the 1W MA50 as it did back in August.
The targets for bulls to the upside are 1 [$64,657.22] and 2 [$143,462.09]. If bears shatter the 1W MA50 and push the price to the downside, the target for bears is a retest of 0 [$29,140.50] which is the last low before bitcoin went parabolic to the $69k level.
The BTC/USD 4HR chart above from RESEPCUAN_ID is a good representation of the ongoing battle between bulls and bears at an important inflection zone [$57,500-$58,5k]. Until Bitcoin bulls are able to break the $58,5k level to the upside with a 4hr candle close for confirmation, BTC bears are still in control in the interim.
The Fear and Greed Index is 32 Fear and -10 points from Wednesday’s reading of 42 Fear.
BTC’s 24 hour price range is $55,937-$55,765 and its 7 day price range is $55,861-$60,982. Bitcoin’s 52 week price range is $16,592-$69,044.
The price of bitcoin on this date last year was $19,091.
The average price of BTC for the last 30 days is $61,561.
Bitcoin [-0.68%] closed its daily candle worth $57,209 and in red figures for the third day out of the last four days.
Ether’s price is looking comparatively strong against BTC right now and is +4.88% against BTC on the weekly time frame. Despite the strength against bitcoin, ETH finished its daily candle -$70.45.
The ETH/USD chart below from hardinc illuminates how sharply Ether moved to the upside during the last two months of the 2017/18 bull market. ETH’s price marked up considerably from $329 to $1,413 at its peak in January of 2018, before reversing its course to the downside. Of course, history doesn’t have to repeat but Ether bulls are hoping it rhymes.
Ether bears conversely are attempting to finally break the $3,9k level and send ETH’s price to a deeper retracement.
ETH’s 24 hour price range is $4,194-$4,364 and its 7 day price range is $3,981-$4,443. Ether’s 52 week price range is $501.45-$4,878.
The price of ETH on this date in 2020 was $568.28.
The average price of ETH for the last 30 days is $4,402.
Ether [-1.62%] closed its daily candle on Wednesday worth $4,270 and in red digits after closing Tuesday’s candle in green figures.
Decentraland’s price made a new all-time high on Wednesday of $5.46 and finished its daily candle +$1.14. MANA’s price was also up more than 35% at times during its daily candle on Wednesday.
The MANA/USD 1D chart below from Cryptobees_buzz illuminates how strong MANA’s current uptrend is and how much room it still may have left to run to the upside if bulls continue possession of the ball.
Overhead the target at the top of the current ascending channel for MANA is $10. Bearish Decentraland traders conversely are hoping to break the current demand line at $3.6 before testing a secondary target to the downside of $2.42.
Decentraland’s +549% against The U.S. Dollar for the last 30 days, +382% against BTC, and +329% against ETH over the same duration.
Decentraland’s 24 hour price range is $3.96-$5.46 and its 7 day price range is $3.28-$5.46. MANA’s 52 week price range is $.073-$5.46.
MANA’s price on this date last year was $.089.
The average price for MANA over the last 30 days is $2.83.
Decentraland [+28.31%] closed its daily candle worth $5.16 and in green digits on Wednesday after finishing Tuesday’s candle in red digits.