Bitcoin and Ethereum rallied Monday but bearishly engulfed on monthly timescale
Bitcoin and Ethereum rallied Monday but bearishly engulfed on monthly timescale
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Bitcoin and Ethereum rallied Monday but bearishly engulfed on monthly timescale

By R.L. Bryer - 1 Feb 2022

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Bitcoin Analysis on Monday

Bitcoin’s price closed its day candle in green figures for the fourth time in five days and finished its daily session on Monday +$587. 

The first chart we analyze today is the BTC/USD 1D chart below from RSibayan. BTC’s price rallied above $38,5k on Monday and bullish BTC traders are now hoping to really test the nearest overhead resistance at $40k. If bullish traders are able to actually penetrate the $40k level to the upside, they’ll shift their focus to their secondary target at the 0.236 fib level [$41,445.06]. 

Bears conversely are trying to defend the 0.236 fib and send BTC’s price back down to test the bottom of the current range at 0 [$32,933.33]. If bearish BTC traders succeed at breaking that level, the next major support for bullish traders isn’t until the $29k level which is where BTC’s price pivoted after making its initial top just below $65k in 2021.

Bitcoin Analysis
Bitcoin is going to test $40k

The Fear and Greed Index is 26 Fear and +6 from yesterday’s reading of 20 Extreme Fear.

Fear and Greed
The Fear and Greed Index is 26

Bitcoin’s Moving Averages: 20-Day [$40,378.3], 50-Day [$46,519.12], 100-Day [$51,264.66], 200-Day [$46,405.63], Year to Date [$40,902.6].

BTC’s 24 hour price range is $36,831-$38,715 and its 7 day price range is $35,622-$38,715. Bitcoin’s 52 week price range is $29,341-$69,044. 

The price of bitcoin on this date last year was $33,405. 

The average price of BTC for the last 30 days is $41,025. 

Bitcoin’s price [+1.55%] closed its daily candle on Monday worth $38,526 but painted a bearish engulfing candle on the monthly timescale.

Ethereum Analysis 

Ether’s price also increased in price on Monday for the fourth consecutive day and finished +$84.06.

The second chart we’re examining today is the ETH/USD 1D chart from TommyMullings. Ether’s price is currently trading between 0 [$2,086.98] and 0.236 [$2,766.92]. If bullish Ether traders can crack the 0.236 fib level they’ve a secondary target of 0.382 [$3,187.57] and a third target of 0.5 [$3,527.55].

From the perspective of bearish Ether traders, they’re hoping to hold off bullish traders at the 0.236 and again send ETH’s price back down to retest a full retrace at 0 [$2,086.98]. If bears succeed in cracking the 0.236 they’ve a secondary target of 1.414 [$1,647.41] and a third target of 1.618 [$1,189.18].

Ethereum Analysis
ETH is currently trading between 0 [$2,086.98] and 0.236 [$2,766.92]
ETH is currently trading between 0 [$2,086.98] and 0.236 [$2,766.92]

Ether’s Moving Averages: 20-Day [$2,957.73], 50-Day [$3,638.65], 100-Day [$3,745.45], 200-Day [$3,256.57], Year to Date [$3,032.19].

ETH’s 24 hour price range is $2,499-$2,703 and its 7 day price range is $2,353-$2,703. Ether’s 52 week price range is $1,353-$4,878. 

The price of ETH on this date in 2021 was $1,368.

The average price of ETH for the last 30 days is $3,041. 

Ether’s price [+3.23%] closed its daily candle on Monday valued at $2,686.66 but also bearishly engulfed for January’s monthly candle close.

Luna Analysis

LUNA’s price climbed with the majority of the cryptocurrency market on Monday and closed its daily candle +$5.71. 

The LUNA/USD 1D chart below from traderramp shows LUNA’s price currently trading between the 38.20% fib level [$41.41] and the 50.00% fib level [$53.77]. If bullish LUNA traders can break the 50.00% fib they’ll then aim at the 61.80% level [$66.43]. 

Bearish LUNA traders are looking to reject bulls before or at the 50.00% level and send LUNA’s price back down to test the 38.20% fib with a secondary target at the bottom of that level of inflection at the 23.60% fib [$26.28].

Luna Analysis
LUNA’s price currently trading between the 38.20% fib level [$41.41] and the 50.00% fib level [$53.77]
LUNA’s price currently trading between the 38.20% fib level [$41.41] and the 50.00% fib level [$53.77]

LUNA’s Moving Averages: 20-Day [$69.77], 50-Day [$70.67], 100-Day [$54.51], 200-Day [$33.36], Year to Date [$71.50].

Terra’s 24 hour price range is $43.67-$52.13 and its 7 day price range is $43.67-$66.36. LUNA’s 52 week price range is $1.79-$103.34. 

Terra’s price on this date last year was $1.79.

The average price for LUNA over the last 30 days is $71.48. 

Terra’s price [+12.31%] has finished in red figures for six of the last eight days but managed a bullish engulfing candle on the daily time frame on Monday. LUNA’s price finished its daily session worth $52.10.

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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