Bitcoin ($36.9k), Ethereum ($2.6k), Polkadot Price Analyses
Bitcoin ($36.9k), Ethereum ($2.6k), Polkadot Price Analyses
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Bitcoin ($36.9k), Ethereum ($2.6k), Polkadot Price Analyses

By R.L. Bryer - 3 Feb 2022

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Bitcoin Analysis 

On Wednesday bitcoin’s price bearishly engulfed the daily timescale and finished its daily session -$1,808.

The BTC/USD 1D chart below from TheVortexTrader shows BTC’s price still range bound between the 0 fib level [$32,909.1] and 0.236 [$41,298.56]. Bearish BTC traders have successfully been able to defend an important level of inflection between $39k-$41,298 thus far. They’re now aiming at reversing course back down to a full retracement at the $32k level. If bearish traders succeed at again pushing BTC’s price lower, they’ll next try to break the $29k level which was the bottom of the market in 2021.

From the perspective of bullish BTC traders, they need to muster enough momentum and volume to crack the $41,3k level and flip it from resistance back to support. If they do break that level successfully, the next overhead resistance for bulls is at 0.382 [$46,488.66] with a third target of 0.5 [$50,683.39].

Bitcoin Analysis
BTC price range

Bitcoin’s Moving Averages: 20-Day [$40,061.81], 50-Day [$46,118.16], 100-Day [$51,158.27], 200-Day [$46,319.9], Year to Date [$40,745.57].

The Fear and Greed Index is 20 Extreme Fear and -8 from Wednesday’s reading of 28 Fear. 

Fear and Greed
The Fear and Greed Index is 20 Extreme Fear

BTC’s 24 hour price range is $36,849-$38,900 and its 7 day price range is $35,622-$39,048. Bitcoin’s 52 week price range is $29,341-$69,044. 

The price of bitcoin on this date last year was $37,494. 

The average price of BTC for the last 30 days is $40,694. 

Bitcoin’s price [-4.67%] closed its daily candle worth $36,925 on Wednesday. 

Ethereum Analysis 

Ether’s price also marked down on Wednesday and closed its daily candle -$106.23.  

The ETH/USD 1D chart below from mouthwash shows Ether’s price mimicking BTC’s price in regards to being rejected by overhead resistance at the 0.618 fib level [$2,773.98]. Market participants that are particularly bearish or short ETH are aiming to send ETH’s price back down to retest 0.5 [$2,278.78] with a secondary target at 0.382 [$1,783.57].

Conversely, if bullish ETH market participants do manage to crack 0.618, their next target overhead is 0.786 [$3,479.02]. The third overhead resistance for bullish Ether traders is 1 [$4,377.11] which would potentially be a level with a lot of historical price action to overcome when looking to the left of the chart. 

Ethereum Analysis
Ether’s price resistances

Ether’s Moving Averages: 20-Day [$2,917.86], 50-Day [$3,608.74], 100-Day [$3,737.53], 200-Day [$3,256.85], Year to Date [$3,020.53].

ETH’s 24 hour price range is $2,636-$2,807 and its 7 day price range is $2,353-$2,807. Ether’s 52 week price range is $1,353-$4,878. 

The price of ETH on this date in 2021 was $1,587.

The average price of ETH for the last 30 days is $3,010. 

Ether’s price [-3.81%] closed its daily candle worth $2,680.68 on Wednesday and broke up a streak of five straight daily candle closes in green figures. 

Polkadot Analysis

Polkadot’s price finished its session on Wednesday in negative figures and -$0.80.

Polkadot’s price has been trending higher over the past week but will this trend continue with the aggregate market cap’s rejection of $1.79 trillion on Wednesday. Today we’re looking at the DOT/USD 1D chart below from samideluxe

Bullish Polkadot market participants are firstly seeking to break the 38.20% fib level [$22.81] with a secondary target of 50.00% [$28.60]. If bullish DOT traders can break the $29 level the next target is the 61.80% fib level [$34.38].

The primary bearish target is to crack the 23.60% fib because below that price there isn’t major support until a full retracement at 0.00% [$4.07].

Polkadot Analysis
Polkadot’s price has been trending higher over the past week

Polkadot’s price has been trending higher over the past week 

Polkadot’s Moving Averages: 20-Day [$22.38], 50-Day [$26.80], 100-Day [$33.19], 200-Day [$28.53], Year to Date [$23.20].

Polkadot’s 24 hour price range is $18.79-$20.57 and its 7 day price range is $17.23-$20.57. DOT’s 52 week price range is $10.37-$54.98. 

Polkadot’s price on this date last year was $19.69.

The average price for DOT over the last 30 days is $23.15. 

Polkadot’s price [-4.11%] snapped a two day candle close streak in green figures on Wednesday and finished its daily candle worth $18.77.

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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