Bitcoin price fluctuating below and over $40k
Bitcoin price fluctuating below and over $40k
Trading

Bitcoin price fluctuating below and over $40k

By R.L. Bryer - 11 Jan 2022

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Bitcoin price Analysis 

Bitcoin’s price dropped below the $40k level briefly during Monday’s session but managed to rally before its daily close and finished only $-11. 

Today we start our bitcoin analysis with a positive chart, that chart is the BTC/USD 1M chart from motleifaul. Bullish BTC traders are trying to hold the 0.382 fib level [$41,575.95], at the time of writing.

If bitcoin bulls can reverse course, their overhead targets in the interim are $45,655.31 and $48,589.47. 

Conversely, bearish BTC traders are trying to crack the 0.382 fib and push BTC’s price down to test the 0.5 fib level [$34,372.61] and 0.618 [$27,169.27]. 

Bitcoin price Analysis
Bitcoin levels for bullish and bearish traders

A second chart that traders should be keeping a closer eye on is BTC’s 1D chart. The BTC/USD 1D chart below from EsLaMkhalid shows BTC’s price found support at a critical support level between $38,936-$41,476 on Monday. This level is also responsible for the current market structure as noted on the chart, if BTC’s price loses support at this level the probability of BTC’s demand not increasing until the ‘demand area’ on the chart increases greatly. 

Bitcoin support levels
Bitcoin support levels

The Fear and Greed Index is 21 Extreme Fear and -2 from Monday’s reading of 23 Extreme Fear. 

Fear and Greed
Fear and Greed Index is in Extreme Fear zone

Bitcoin’s Moving Averages: 20-Day [$47,063.8], 50-Day [$53,561.45], 100-Day [$52,539.21], 200-Day [$47,816.61], Year to Date [$43,744.89].

BTC’s 24 hour price range is $39,692-$42,666 and its 7 day price range is $39,692-$47,507. Bitcoin’s 52 week price range is $28,991-$69,044. 

The price of bitcoin on this date last year was $35,669. 

The average price of BTC for the last 30 days is $46,995. 

Bitcoin’s price [-0.03%] closed its daily candle worth $41,839 and rallied back before Monday’s close to finish the day inside a zone of inflection. 

Ethereum Analysis 

Ether’s price was unable to rally as strongly as BTC’s price before its daily session closed and ETH finished -$64.96 on Monday. 

The ETH/USD 1D chart below from RSibayan shows the current momentum on Ether’s price is down and that ETH’s price is approaching the golden pocket zone or golden ratio as it is known at the 0.618 [$2,910.1]. If Ether bulls reverse course there or before that level, the next overhead target is 0.5 [$3,283.91].

Bearish Ether traders are hoping to crack the 0.618 golden ratio to the downside and continue Ether’s downtrend to 0.786 [$2,377.91].

Ethereum Analysis 
Current momentum on Ether’s price is down

Ether’s Moving Averages: 20-Day [$3,790.56], 50-Day [$4,149.27], 100-Day [$3,838.16], 200-Day [$3,210.56], Year to Date [$3,466.14].

ETH’s 24 hour price range is $2,922-$3,208 and its 7 day price range is $2,922-$3,895. Ether’s 52 week price range is $984.99-$4,878.26. 

The price of ETH on this date in 2020 was $1,092.91.

The average price of ETH for the last 30 days is $3,785.42. 

Ether’s price [-2.06%] closed its daily candle on Monday valued at $3,085.46 and in red digits for the fifth day out of the last six days. 

Polkadot Analysis

Polkadot’s price traded in negative figures on Monday and finished its daily candle -$.9.

The DOT/USD 1D chart below from RealOuroboros shows DOT’s price testing a long term trendline on the daily timescale.

Polkadot Analysis
Polkadot’s price is testing a long term trendline

Polkadot’s Moving Averages: 20-Day [$27.17], 50-Day [$35.00], 100-Day [$34.63], 200-Day [$29.90], Year to Date [$26.93].

DOT’s +159.1% against The U.S. Dollar for the last 12 months, +131.7% against BTC, and +6.22% against ETH over the same time frame. 

Polkadot’s 24 hour price range is $22.42-$25.32 and its 7 day price range is $22.42-$30.41. Polkadot’s 52 week price range is $7.62-$54.98. 

DOT’s price on this date last year was $8.29.

The average price of DOT over the last 30 days is $27.02. 

Polkadot’s price [-3.62%] closed its daily candle on Monday worth $23.7 and in red figures for the third time in four 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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