Bitcoin (31k), Ethereum (2.4k), Cardano Price Analyses
Bitcoin (31k), Ethereum (2.4k), Cardano Price Analyses
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Bitcoin (31k), Ethereum (2.4k), Cardano Price Analyses

By R.L. Bryer - 10 May 2022

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Bitcoin Analysis 

Bitcoin’s price suffered from immediate follow-through price action on the new week and painted a bearish engulfing candle on the daily time frame on Monday. The selling was incessant all day and BTC’s price finished the day -$3,926. 

BTC’s price also tested critical inflection points. 

The first chart we’re analyzing today is the BTC/USD 1W chart below from mjelicespanol. BTC’s price tested the $30k level on Monday and bullish traders are hoping to hold $29,341 as the last major support until $19,981 which was the December 2017 cycle top. 

Bitcoin’s 50 MA is $44,600 and BTC’s price is trading comfortably below that level for bearish market participants. 

BTC’s 200 MA is $21,845.29, at the time of writing. Bearish traders haven’t been able to push BTC’s price down to test the 200 MA since early 2020 but they look poised for an attempt at that level if $29,341 is lost by bulls. 

Bitcoin Analysis
BTC/USD 1W chart: the price tested the $30k level

The Fear and Greed Index is 10 Extreme Fear and is -1 from Monday’s reading of 11 Extreme Fear. 

Fear and Greed
Fear and Greed Index is 10 Extreme Fear

Bitcoin’s Moving Averages: 5-Day [$36,137.73], 20-Day [$38,977.43], 50-Day [$41,175.41], 100-Day [$41,745.22], 200-Day [$46,989.46], Year to Date [$41,046.58].

BTC’s 24 hour price range is $30,176-$34,219 and its 7 day price range is $30,176-$39,874. Bitcoin’s 52 week price range is $29,341-$69,044. 

The price of bitcoin on this date last year was $55,901. 

The average price of BTC for the last 30 days is $39,084 and BTC is -38.64% over the same duration.

Bitcoin’s price [-11.52%] closed its daily candle worth $30,158 and in red figures for the fifth straight day.

Ethereum Analysis 

Ether market participants also saw more than 11% zapped from ETH’s price over the last 24 hours. ETH’s price concluded its daily session -$290.91 on Monday. 

The second chart we are analyzing today is the ETH/USD 12HR chart below by GANGSTAR_PARADISE. Ether’s price is trading just above a full retracement at the 0 fibonacci level [$2,225.28], at the time of writing. 

Bullish ETH traders need to stop the bleeding to the downside of the charts or they’ll soon be facing a 12 month low [$1,719.48] on Ether’s price. 

Ethereum Analysis
ETH/USD 12HR chart: the price is trading just above a full retracement at the 0 fibonacci level [$2,225.28]
Ether’s Moving Averages: 5-Day [$2,689.89], 20-Day [$2,900.94], 50-Day [$2,954.72], 100-Day [$3,044.21], 200-Day [$3,389.61], Year to Date [$2,958.06].

ETH’s 24 hour price range is $2,217-$2,529 and its 7 day price range is $2,217-$2,955. Ether’s 52 week price range is $1,719-$4,878. 

The price of ETH on this date in 2021 was $3,979.

The average price of ETH for the last 30 days is $2,910 and ETH’s -29.13% during the same timespan. 

Ether’s price [-11.54%] closed its daily candle on Monday worth $2,229.1 and also finished in red digits for the fifth straight daily candle. 

Cardano Analysis

Cardano’s price closed down more than 18% on Monday and ADA finished its daily candle -$0.138. 

The third chart we’re looking at for Tuesday is the ADA/USD 1D chart below by LochubT. ADA’s price is trading between the 1.414 fib level [$0.540] and 1 fib level [$0.748], at the time of writing.

The overhead targets on ADA for bullish market participants are the 1 fib level followed by 0.786 [$0.856], and 0.618 [$0.940].

Conversely, the targets for bearish ADA traders are 1.414, 1.618 [$0.438], and 2 [$0.246].

Cardano Analysis
ADA/USD 1D chart: the price is trading between the 1.414 fib level [$0.540] and 1 fib level [$0.748]
Cardano’s Moving Averages: 5-Day [$0.772], 20-Day [$0.863], 50-Day [$0.935], 100-Day [$1.05], 200-Day [$1.54], Year to Date [$1.02].

Cardano’s 24 hour price range is $0.594-$0.753 and its 7 day price range is $0.616-$0.897. ADA’s 52 week price range is $0.588-$3.09. 

Cardano’s price on this date last year was $1.65.

The average price of ADA over the last 30 days is $0.871 and ADA is -36.9% over the same time frame. 

Cardano’s price [-18.65%] closed its daily candle worth $0.602 on Monday and like BTC and ETH, ADA’s rattled-off five straight closes in red figures.

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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