Bitcoin finds support at $49k level
Bitcoin finds support at $49k level
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Bitcoin finds support at $49k level

By R.L. Bryer - 6 Dec 2021

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Bitcoin, support below $50k level 

Bitcoin’s price found support at the $49k level on Sunday after sellers pushed BTC’s price below $50k again for a daily candle close for the first time since October 4th [$49,252]. 

BTC’s daily candle closed on Sunday +$197 but sellers stepped in with immediate pressure on the new day and pushed BTC’s price back below the $49k level. 

The BTC/USD 1D chart below from WadeYendall shows traders the most integral levels on the daily timescale to bullish and bearish traders.

The most important levels for bulls overhead are 0.382 [$53,470.9] and 0.236 [$59,158.2]. 

 

bitcoin analysis
The most important levels for bulls overhead are $53k and $59k

 

Bearish bitcoin traders are now seeking to push BTC’s price below the 0.5 [$48,874.8] and down to test the golden retrace level at the 0.618 [$44,277.8]. If bears are successful and push the price below the golden retrace level, the next targets are the 0.786 [$37,733.5] and the 0.886 [$33,838.1].

Bitcoin’s price is trading below all important moving averages except for the 200 Day MA, at the time of writing.

BTC’s important moving averages are as follows: 20 Day MA [$59,725], 50 Day MA [$57,921], 100 Day MA [$50,821], 200 Day MA [$48,782].

BTC’s 24 hour price range is $47,745-$49,862 and its 7 day price range is $46,633-$58,788. Bitcoin’s 52 week price range is $17,764-$69,044. 

The price of bitcoin on this date last year was $19,325. 

The average price of BTC for the last 30 days is $58,926. 

Bitcoin [+0.4%] closed its daily candle worth $49,469 and in green figures breaking a streak of three straight daily candle closes in red figures. 

Ethereum Analysis 

Ether’s price continues to outperform BTC but also suffered from unrelenting selling pressure from market participants over the weekend.

Ether’s price has lost more than $450 in value since the beginning of December, at the time of writing. 

The ETH/USD 4HR chart below from AlexaCosima shows how important ETH’s candle close was on Sunday just above the 0.382 [$4,031].

ETH analysis
ETH’s price is now at $4k

 

It will be important for bulls to hold the 0.382 and reverse course here or Ether bears could break the $3,9k level that’s acted as strong support recently and then test the 0.5 [$3,772].

ETH’s 24 hour price range is $4,028-$4,249 and its 7 day price range is $3,828-$4,770. Ether’s 52 week price range is $541.28-$4,878. 

The price of ETH on this date in 2020 was $601.97.

The average price of ETH for the last 30 days is $4,402. 

Ether [+1.86%] closed its daily candle on Sunday worth $4,194.6.

Luna Analysis

Luna’s price was an outlier over the weekend and continued it’s strong price action into Sunday’s daily candle. While the majority of projects suffered a lack of demand over the weekend, LUNA made a new all-time high of [$77.73] on Sunday.

 

Luna Analysis

 

The LUNA/USD 1D chart above from hngng_anhs shows the most crucial prices for bulls and bears to control in the coming days. 

Overhead LUNA bulls are seeking to reach the 23.6% fib extension level at [$103.64]. Bearish LUNA traders, however, are looking to send LUNA’s price back down to test the $52.76 level for a 50% fib retracement. 

LUNA’s 24 hour price range is $63.74-$77.73 and its 7 day price range is $47.96-$77.73. LUNA’s 52 week price range is $.446-$77.73. 

LUNA’s price on this date last year was $.50. 

The average price of TERRA over the last 30 days is $50.93. 

LUNA [-9.54] closed Sunday’s daily candle in red digits for only the second time in the last nine days.  

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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