Bitcoin (33k), Ethereum (2.4k), Luna Price Analyses
Bitcoin (33k), Ethereum (2.4k), Luna Price Analyses
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Bitcoin (33k), Ethereum (2.4k), Luna Price Analyses

By R.L. Bryer - 9 May 2022

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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.

Bitcoin Analysis
BTC/USD 1W chart: the price is attempting to cling to the last real level of support at $30k

The Fear and Greed Index is 11 Extreme Fear and is -7 from Sunday’s reading of 18 Extreme Fear. 

Fear and Greed
Fear and Greed Index is 11 Extreme Fear

Bitcoin dominance is at 41.59%, at the time of writing.

Bitcoin Analysis
Bitcoin dominance chart

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.

Ethereum Analysis 
ETH/USD 1W chart: the price is trading between the 1 [$1,588.53] fibonacci level and 0.618 [$3,568.26]
Ether’s Moving Averages: 5-Day [$2,802.34], 20-Day [$2,937.37], 50-Day [$2,965.86], 100-Day [$3,060.72], 200-Day [$3,391.28], Year to Date [$2,965.77].

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.

Luna Analysis
UST’s price dipped below $0.99 briefly on Saturday

 

Luna Analysis
Terra’s Do Kwon chimed in about the controversy on twitter

 

Luna Analysis
UST was trading just under its sought after $1 peg, at the beginning of the new week

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 Analysis
LUNA/USD 1W chart: the price is still trading above the trend line

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.

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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