Bitcoin, Ethereum, Decentraland Price Analysis
Bitcoin, Ethereum, Decentraland Price Analysis
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Bitcoin, Ethereum, Decentraland Price Analysis

By R.L. Bryer - 6 Jan 2022

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Bitcoin Price Analysis 

Bitcoin’s price dropped lower on Wednesday and finished its daily session -$2,412. 

The BTC/USD 1D chart below from crypto Trading Analytics shows BTC’s price bumping up against the 0.618 fib level [$44,169.75] as bearish BTC traders are attempting to take bullish market participants into even deeper waters.  If bulls fail to hold the 0.618 fib level retracement, the next strongest fib support on the daily timescale is all the way down at the 0.786 fib level [$37,410.28]. 

Conversely, if bullish traders want to stall momentum against the bears or muster any sort of rally, they’ll need to reclaim the 0.5 fib level [$48,917.48] and flip it back to support from its current standing of overhead resistance.

The BTC/USD 1M chart from Afrash indicates BTC’s price still has further room to the downside before it hits a historical support zone.

The Fear and Greed Index is 15 Extreme Fear and -9 from yesterday’s reading of 24 Extreme Fear. 

Bitcoin’s Moving Averages: 20-Day [$48,022.96], 50-Day [$54,780.66], 100-Day [$52,750.37], 200-Day [$48,080.04], Year to Date [$46,280.33].

BTC’s 24 hour price range is $42,466-$47,081 and its 7 day price range is $42,466-$48,634. Bitcoin’s 52 week price range is $28,991-$69,044. 

The price of bitcoin on this date last year was $34,082.  The average price of BTC for the last 30 days is $48,227. 

Bitcoin price [-5.26%] closed its daily candle worth $43,418 and in red figures for the fourth straight day on Wednesday. 

bitcoin price analysis

Ethereum Price Analysis 

Ether’s price sold-off more than BTC’s price by percentage on Wednesday and finished its daily candle -$255.76. Ether’s price is down -15.91% for the last 30 days, at the time of writing.  

Today we’re looking at the ETH/USD 1D chart below from CRYPTOPICKK and where bears are most likely to take Ether’s price next if they continue their momentum to the downside. 

The next stop for bears is the 0.5 fib level [$3,329] which is the last real line of defense above the $3k level. If bullish traders lose the 0.5 fib level the next stop is the 0.382 [$2,953.95].

Bullish Ether traders need to reclaim the 0.618 fib level [$3,705.24] if they want to stop ETH’s current downtrend. A secondary target for bulls is the 0.786 fib level [$4,240.06].

Ether’s Moving Averages: 20-Day [$3,915.99], 50-Day [$4,220.05], 100-Day [$3,841.47], 200-Day [$3,194.26], Year to Date [$3,790.21].

ETH’s 24 hour price range is $3,435-$3,852 and its 7 day price range is $3,435-$3,895. Ether’s 52 week price range is $984.99-$4,878.26. 

The price of ETH on this date in 2020 was $1,208.58. The average price of ETH for the last 30 days is $3,937.45. 

Ether [-6.75%] closed its daily candle on Wednesday valued at $3,535.07.

Decentraland Price Analysis

Decentraland’s price trended lower with the majority of the crypto market on Wednesday and finished its daily candle -$0.26.

The MANA/USD 1D chart below from K11vin illuminates how strong the current bearish momentum is on MANA, at the time of writing.

Bearish MANA traders managed to break MANA’s ascending channel on the daily timescale and also received a daily close below the structure. That close is confirmation for market participants that the trend is indeed bearish on MANA right now. MANA bulls need a strong attempt on Thursday to get back inside MANA’s long term ascending channel and negate Wednesday’s candle close confirmation that indicates bearish strength.

MANA is +3,756% against The U.S. Dollar over the last 12 months, +2,593% against BTC, and +999.5% against ETH over the same duration.

Decentraland’s 24 hour price range is $2.78-$3.27 and its 7 day price range is $2.78-$3.41.MANA’s 52 week price range is $0.82-$5.85. 

Decentraland’s price on this date last year was $.092.

The average price for MANA over the last 30 days is $3.37. 

Decentraland [-8.27%] closed its daily session on Wednesday in red figures for a fourth straight day and worth $2.91.

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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