Summary
Bitcoin Analysis
Bitcoin’s price recorded its lowest weekly candle close since July 12th, 2021 on Sunday. BTC’s price also concluded its daily session on Sunday -$1,424 for its fourth consecutive daily candle close in red figures.
The first chart we’re analyzing today is the BTC/USD 1W chart below by techpers. It shows BTC’s price attempting to cling to the last real level of support at $30k on the weekly time frame.
Below the $30k level is BTC’s yearly low of $29,341. If that level is broken to the downside with a candle close for confirmation on the daily time frame, market participants may see a retest of BTC’s 2017 high just under the $20k level.
The lack of support resistance below the $29k level represents the inverse of the path that BTC’s price took to the upside upon breaking the $20k level initially. BTC’s price failed to carve out strong support between the $20k level and the $29k level, so the potential exists for a swift move to the downside of the chart.
The Fear and Greed Index is 11 Extreme Fear and is -7 from Sunday’s reading of 18 Extreme Fear.
Bitcoin dominance is at 41.59%, at the time of writing.
Bitcoin’s Moving Averages: 5-Day [$37,659.88], 20-Day [$39,434.13], 50-Day [$41,394.21], 100-Day [$41,908.00], 200-Day [$47,030.18], Year to Date [$41,161.39].
BTC’s 24 hour price range is $33,973-$35,358 and its 7 day price range is $33,973-$39,874. Bitcoin’s 52 week price range is $29,341-$69,044.
The price of bitcoin on this date last year was $58,213.93.
The average price of BTC for the last 30 days is $39,443.1 and BTC’s price is -20.1% for the last 30 days.
Bitcoin’s price [-4.01%] closed its daily candle worth $34,084 on Sunday.
Ethereum Analysis
Ether’s price also recorded a lower close on Sunday than on Saturday and wrapped up its daily session -$116.01.
The second chart we’re analyzing today is the ETH/USD 1W chart below from dRends35. Ether’s price has continued to sell-off with the macro cryptocurrency market.
ETH’s price is trading between the 1 [$1,588.53] fibonacci level and 0.618 [$3,568.26].
The chartist points out that Ether’s price is mimicking BTC’s price action since the top of the market cycle. Each asset actually followed the same 3-wave retracement and topped at the 0.618 fib level at the peak of the 3rd wave.
ETH’s 24 hour price range is $2,514-$2,633 and its 7 day price range is $2,514-$2,955. Ether’s 52 week price range is $1,719-$4,878.
The price of ETH on this date in 2021 was $3,932.35.
The average price of ETH for the last 30 days is $2,940.45 and ETH’s price is -20.65% over the last 30 days.
Ether’s price [-4.40%] closed its daily candle on Sunday also down more than 4% and worth $2,520.01. Sunday was the fourth straight daily candle close in red figures for Ether.
Luna Analysis
LUNA’s price marked-down more than ETH and BTC on Sunday and concluded its daily session down more than 5%. LUNA’s price finished the day -$3.78.
The recent hot topic again around the Terra ecosystem is whether UST can lose its 1:1 peg with The United States Dollar if LUNA’s price sells-off strongly in a bear market.
The third chart today is the LUNA/USD 1W chart below from illuminati_K027. LUNA’s price is still trading above the trend line the asset’s been forming since the beginning of 2022.
If bearish traders can push LUNA’s price below the $52 level then the next real support and fib level on the weekly timescale is the 0.236 fib level [$22.89].
LUNA’s Moving Averages: 5-Day [$82.32], 20-Day [$86.97], 50-Day [$92.07], 100-Day [$80.50], 200-Day [$57.91], Year to Date [$79.67].
LUNA’s 24 hour price range is $59.94-$67.57 and its 7 day price range is $59.94-$87.74. Terra’s 52 week price range is $4.08-$119.18.
LUNA’s price on this date last year was $17.00.
The average price of LUNA over the last 30 days is $85.79 and LUNA’s price is -36.4% for the last 30 days.
LUNA’s price [-5.55%] closed its daily candle worth $64.30 on Sunday and in red digits for the fourth consecutive day.
