Bitcoin Analysis
Bitcoin’s price managed to again close marginally in green figures for the eighth consecutive day and finished its daily session +$319 on Tuesday.
The BTC/USD 4HR chart below from Bearkiller84 shows BTC’s price trading between the 0.786 fibonacci level [$45,874.65] and 1 [$48,254.59].
Bullish BTC market participants are taking aim at the 1 fib level followed by 1.618 [$55,127.50], and 2 [$59,375.80].
From the perspective of bearish BTC traders, they’re looking to retest 0.786. If they’re successful and crack 0.786 to the downside the next level that bearish traders are taking aim at is 0.618 [$44,006.28]. The third level that bears are looking to conquer is 0.5 [$42,693.98].
Bitcoin’s Moving Averages: 5-Day [$45,312.11], 20-Day [$41,708.52], 50-Day [$40,702.64], 100-Day [$45,880.11], 200-Day [$46,059.85], Year to Date [$41,201.93].
BTC’s 24 hour price range is $46,994-$47,967 and its 7 day price range is $41,920-$47,967. Bitcoin’s 52 week price range is $29,341-$69,044.
The price of bitcoin on this date last year was $58,668.
The average price of BTC for the last 30 days is $41,663.
Bitcoin’s price [+0.68%] closed its daily candle worth $47,424 on Tuesday. Eight straight daily candles in green figures for BTC is the best streak for bullish traders since July of 2021.
Summary
Ethereum Analysis
Ether’s price outperformed BTC on Tuesday and finished its daily session up over 2% and +$72.87.
The second chart we’re analyzing today is the ETH/BTC 1D chart below by @BitcoinPrinter. The ETH/BTC pair is currently trading between the 50.00% fib level [0.06982970] and 38.20% [0.07382602].
The ETH/BTC pair has broken out of its descending channel and the targets above for bullish traders are 38.20%, 35.00% [0.07494865], and 33.60% [0.07908858].
Bearish traders need to reverse course and send the pair back inside the descending channel – targets for bears are 50.00%, 61.80% [0.06604970], and 65.00% [0.06506036].
Ether’s Moving Averages: 5-Day [$3,216.01], 20-Day [$2,849.43], 50-Day [$2,820.54], 100-Day [$3,403.95], 200-Day [$3,256.99], Year to Date [$2,925.67].
ETH’s 24 hour price range is $3,328-$3,471 and its 7 day price range is $2,939-$3,471. Ether’s 52 week price range is $1,719-$4,878.
The price of ETH on this date in 2021 was $1,840.29.
The average price of ETH for the last 30 days is $2,843.19.
Ether’s price [+2.19%] closed its daily candle on Tuesday worth $3,402.07 and in green figures for the fourteenth time over the last sixteen days.
Chainlink Analysis
Chainlink’s price has closed in green figures seven times over the last nine days and again finished in green figures on Tuesday. LINK’s price closed its daily session on Tuesday +$0.51.
The LINK/USD 1D chart below by AlanSantana illuminates the pathway back to LINK’s price trading above $20 again.
Chainlink’s price is trading between 0.236 [$15.50] and 0.382 [$18.03], at the time of writing. The primary target overhead for bullish LINK traders is 0.382 [$18.03] with a secondary target of 0.5 [$20.08]. The third target to the upside for bullish LINK market participants is 0.618 [$22.12].
Conversely, bearish LINK traders are aiming to push LINK’s price below 0.236 again with a secondary target of $13.49.
Chainlink’s Moving Averages: 5-Day [$16.40], 20-Day [$14.65], 50-Day [$15.63], 100-Day [$19.87], 200-Day [$22.25], Year to Date [$17.45].
Chainlink’s 24 hour price range is $16.50-$17.44 and its 7 day price range is $15.27-$17.44. LINK’s 52 week price range is $11.42-$52.7.
Chainlink’s price on this date last year was $27.77.
The average price of LINK over the last 30 days is $14.59.
Chainlink’s price [+3.09%] outperformed BTC and ETH on Tuesday and closed worth $16.99. LINK’s price has closed in green figures for three of the last four days.
