Bitcoin, Ethereum, Solana all bullishly engulfed on Monday
Bitcoin, Ethereum, Solana all bullishly engulfed on Monday
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Bitcoin, Ethereum, Solana all bullishly engulfed on Monday

By R.L. Bryer - 1 Mar 2022

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Bitcoin bullish 

Bitcoin’s price bullishly engulfed to start the first candle of the new week and concluded its daily session +$5,468.

The first chart we’re analyzing today is the BTC/USD 1D chart below from viparmenia. Traders will note that BTC’s price is bumping up against the 38.20% fib level [$40,244.8] as bullish BTC market participants sent its price higher during Monday’s daily candle. 

Bitcoin bulls have a secondary target of 50.00% [$44,627.4] with a third target of 61.80% [$49,487.2].

Bitcoin bullish
Bullish BTC market participants sent its price higher during Monday’s daily candle

 

Bearish BTC traders are aiming to send BTC’s price back below the $40k level before more momentum is built by bullish traders and eventually send it back down for a full retracement to the $28k level at 0 [$28,799.5].

The Fear and Greed Index is 51 Neutral and +31 points from Monday’s reading of 20 Extreme Fear.

Fear and Greed
The Fear and Greed Index is 51 Neutral

Bitcoin’s Moving Averages: 20-Day [$40,965.25], 50-Day [$42,194.28], 100-Day [$49,951.34], 200-Day [$45,554.71], Year to Date [$40,941.25].

BTC’s 24 hour price range is $37,805-$44,198 and its 7 day price range is $34,740-$44,198. Bitcoin’s 52 week price range is $29,341-$69,044. 

The price of bitcoin on this date last year was $49,787. 

The average price of BTC for the last 30 days is $40,851. 

Bitcoin’s price [+14.49%] closed its daily candle worth $43,202 and in green figures for the first time in three days.

Ethereum Analysis 

Ether’s price also finished up greater than 10% on Monday and concluded its daily candle +$306.2.

The ETH/USD 4HR chart below from Lion247 shows bullish Ether traders also sent ETH’s price higher on Monday and is again holding the 0.382 fib level [$2,636.56]. 

Bearish traders are looking to push ETH’s price back below 0.382 and test the 0.5 fib level [$2,585.43]. Bears have a secondary target of 0.618 [$2,534.30] and a third target of 0.764 [$2,471.04] to the downside of the 4HR chart. 

Ethereum Analysis 
Bullish Ether traders also sent ETH’s price higher on Monday

Ether’s Moving Averages: 20-Day [$2,876.57], 50-Day [$3,111.27], 100-Day [$3,673.45], 200-Day [$3,221.01], Year to Date [$2,960.77].

ETH’s 24 hour price range is $2,601-$2,972 and its 7 day price range is $2,336-$2,9472. Ether’s 52 week price range is $1,458-$4,878. 

The price of ETH on this date in 2021 was $1,570.

The average price of ETH for the last 30 days is $2,867. 

Ether’s price [+11.70%] closed its daily candle on Monday valued at $2,922 and has finished in green digits four of the last five days.

Solana Analysis

Solana’s price wrapped up its daily candle Monday with a massive bullish engulfing candle and finished the day +$14.08.

The third chart we’re examining today is the SOL/USD 1D chart from Bixley. Solana’s price is again testing the bottom of a long term ascending wedge on the daily timescale. It will be pivotal for bullish SOL traders to overcome overhead resistance at $103 or they’ll face a steep markdown in price potentially in the future.

From the bearish perspective, they’re aiming at rejecting bulls at the $103 level and then they’ll focus on their target of the $42 level which is another support for bullish Solana market participants.

Solana Analysis
Solana’s price is again testing the bottom of a long term ascending wedge

Solana’s Moving Averages: 20-Day [$98.91], 50-Day [$125.42], 100-Day [$162.97], 200-Day [$118.76], Year to Date [$114.63].

Solana’s 24 hour price range is $86.14-$102.02 and its 7 day price range is $77.99-$102.02. Solana’s 52 week price range is $11.9-$259.96. 

Solana’s price on this date last year was $15.03.

The average price of SOL over the last 30 days is $98.93. 

Solana’s price [+16.45%] closed its daily session worth $99.67 and in green figures for the first time since last Friday.

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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