Bitcoin (29k), Ethereum (1.8k), Chainlink Price Analyses
Bitcoin (29k), Ethereum (1.8k), Chainlink Price Analyses
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Bitcoin (29k), Ethereum (1.8k), Chainlink Price Analyses

By R.L. Bryer - 2 Jun 2022

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Bitcoin Analysis 

Bitcoin’s price topped out at local overhead resistance on Wednesday and sellers reversed course back to the downside quite violently. When Tuesday concluded BTC’s price was -$1,960.  

The first chart we’re looking at today is the BTC/USD 1W chart from TradingShot. Traders can see that BTC’s price is still testing a long term trend line on the weekly timescale dating back to 2019.

The chartist notes that historically BTC’s price has come back to touch the 1W MA200 before signaling a bottom price for a bear market. 

The aggregate crypto market cap also couldn’t break the $1.29t level and sold-off to lower prices. The aggregate crypto market cap is at the bottom of its range on the daily timescale near $1.2t, at the time of writing. 

Bitcoin Analysis 
BTC/USD 1W chart: the price is still testing a long term trend line

The Fear and Greed Index is 13 Extreme Fear and is -4 from Wednesday’s reading of 17.

Fear and Greed

The Fear and Greed Index is 13 Extreme Fear

Bitcoin’s Moving Averages: 5-Day [$30,590.54], 20-Day [$30,563.60], 50-Day [$37,459.56], 100-Day [$38,941.72], 200-Day [$45,688.40], Year to Date [$39,389.76].

BTC’s 24 hour price range is $29,441-$31,981 and its 7 day price range is $28,448-$32,206. Bitcoin’s 52 week price range is $26,600-$69,044

The price of Bitcoin on this date last year was $37,590. 

The average price of BTC for the last 30 days is $31,714.20 and BTC’s -15.8% over the same duration. 

Bitcoin’s price [-6.17%] closed its daily candle worth $29,832 and in red figures for the first time in five days. 

Ethereum Analysis 

Ether’s price also swiftly reversed course on Wednesday and concluded its daily session -$124.13. 

The second chart we’re analyzing for Thursday is the ETH/USD 1D chart below by ansfar. ETH’s price is trading between 0 [$1,709.34] and 0.236 [$2,149.27], at the time of writing.

The overhead targets for bullish Ether traders are 0.236, 0.382 [$2,421.44] and 0.5 [$2,650.79].

The primary target to the downside is a full retracement to the 0 fib level with a secondary target of the $1,400-$1,500 level.

Ethereum Analysis
ETH/USD 1D chart: the price is trading between 0 [$1,709.34] and 0.236 [$2,149.27]
Ether’s Moving Averages: 5-Day [$1,885.27], 20-Day [$2,072.68], 50-Day [$2,692.41], 100-Day [$2,754.84], 200-Day [$3,297.54], Year to Date [$2,804.76].

ETH’s 24 hour price range is $1,774-$1,967 and its 7 day price range is $1,724-$1,996. Ether’s 52 week price range is $1,707-$4,878. 

The price of ETH on this date in 2021 was $2,706.19. 

The average price of ETH for the last 30 days is $2,179.63 and ETH’s -28.52% over the same timespan. BTC dominance also continues to rise against ETH and alt coins in general. 

Ether’s price [-6.39%] closed its daily candle on Wednesday worth $1,817.65 and in red digits for a second consecutive day. 

Chainlink Analysis

Chainlink’s price traded lower as well on Wednesday during its daily session and LINK’s price finished its day -$0.66. 

The third chart we’re analyzing today is the LINK/USD 1M chart below from moon333. LINK’s price is trading between 0 [$1.59] and 0.236 [$11.36], at the time of writing.

The targets for bullish traders are 0.236, 0.382 [$27.41], and 0.5 [$32.29]. 

Conversely, bearish LINK traders are looking to snap the 0 fib level and send LINK’s price to a multi-year low.

Chainlink Analysis
LINK/USD 1M chart: the price is trading between 0 [$1.59] and 0.236 [$11.36]
LINK’s Moving Averages: 5-Day [$7.04], 20-Day [$7.60], 50-Day [$11.72], 100-Day [$13.98], 200-Day [$20.04], Year to Date [$14.83].

Chainlink’s 24 hour price range is $6.8-$7.74 and its 7 day price range is $6.27-$7.74. Chainlink’s 52 week price range is $5.56-$38.17. 

Chainklink’s price on this date last year was $30.66. 

The average price of LINK over the last 30 days is $8.14 and LINK’s price is -31.08% over the same time frame. 

Chainlink’s price [-8.71%] closed its daily session on Wednesday worth $6.92 and back in red figures after a streak of four green candle closes prior.

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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