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Bitcoin, Ethereum, Gala Price Analyses

Bitcoin Price Analysis 

On Wednesday, Bitcoin’s price sold off for a third straight day and finished Wednesday’s daily candle -$1,089. 

The BTC/USD 4HR chart below from Akamer-the-Werewolf shows BTC bulls attempting to cling to the 0.382 fib level [$47,979.54] as support.

Bullish BTC traders are also trying to pivot at the 0.382 fib and rally back above the 0.5 fib level [$49,817.9] before regaining $50k.

Conversely, bearish BTC traders are hoping to crack the 0.382 fib level and then send BTC’s price back down to the 0.236 fib level [$45,669.04].

Bitcoin Price Analysis
Bitcoin bull traders are looking for a support

Another chart to consider is the BTC/USD 1M chart from Midwest, which compares prior cycles and the most recent cycle for bitcoin. The number of bars/days per cycle is pretty astonishing, and many experienced traders are digesting similar data to determine where BTC’s price will go next.

Bitcoin Price Analysis
A comparison between different cycles

The Fear & Greed Index is 22 Extreme Fear and -5 from yesterday’s reading of 27 Fear. 

Fear & Greed
Fear & Greed Index is in the extreme Fear zone

BTC’s Moving Averages: 20-Day [$49,524.61], 50-Day [$56.286.52], 100-Day [$52,709.58], 200-Day [$48,325.68], Year to Date [$47,409.92].

BTC’s 24-hour price range is $46,224-$48,198 and its 7-day price range is $46,224-$51,956. Bitcoin’s 52-week price range is $27,316-$69,044. 

The price of bitcoin on this date last year was $28,837. 

The average price of BTC for the last 30 days is $50,055. 

On Wednesday, Bitcoin [-2.29%] closed its daily candle worth $46,465

Ethereum Analysis 

Market sellers sent Ether’s price down with the bulk of the cryptocurrency market on Wednesday, and ETH finished the day -$166.

Ethereum Analysis
Ethereum important levels

The ETH/USD 1D chart above from Balte shows the important levels for Ether traders. Ether bulls failed to hold the 0.382 fib level [$3,668.89]. With Ether’s price below 0.382, bulls’ next major level is the 0.618 fib level [$2,924.31].

If Ether bulls want to regain momentum, they first need to reclaim the $4k level, which has been an important inflection over the past few months.

Ether’s Moving Averages: 20-Day [$4,069.30], 50-Day [$4,255.32], 100-Day [$3,810.57], 200-Day [$3,144.89], Year to Date [$2,774.45].

ETH’s 24-hour price range is $3,632-$3,837, and its 7-day price range is $3,632-$4,157. Ether’s 52-week price range is $722.24-$4,878. 

The price of ETH on this date in 2020 was $752.86.

The average price of ETH for the last 30 days is $4,104. 

Ether [-4.38%] closed its daily candle on Wednesday, worth $3,627.17. 

Gala Analysis

Gala’s price finished Wednesday’s daily candle $-.017 and in red digits for the second straight day.

The GALA/USD 4HR chart below from LA_Designer illuminates the importance of reclaiming the 0.618 fib level [$0.46] for Gala bulls in the short term. If bulls fail at the 0.618 fib level, Gala bears will be seeking a return to the 0.786 fib level [$.439]. 

If bullish Gala traders are able to rally above the 0.618 fib their target overhead is the 0.5 fib [$0.48] with a secondary target of 0.382 [$0.49]. 

Gala Analysis
Gala fibs level

Gala’s price is +160,000% against The U.S. Dollar over the last 12 months, +88,200% against BTC, and +30,100% against ETH over the same duration.

Gala’s 24-hour price range is $.443-$.488, and its 7-day price range is $.443-$.545. Gala’s 52-week price range is $.0745-$.824. 

Gala’s price on this date last year was $.00163.

The average price for Gala over the last 30 days is $.502. 

Gala [-3.51%] closed Wednesday’s daily candle valued at $.449.

R.L. Bryer
R.L. Bryerhttp://bryer.io
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.