Bitcoin’s price bullishly engulfed the daily timescale on Wednesday and concluded its daily session +$936. BTC’s price also reached its highest price for its daily session going into the session close, which is the inverse of the price action we saw to conclude Tuesday’s daily candle.
The first chart we’re analyzing today is the BTC/USD 1D chart below from MrClock. BTC’s price is trading between 1 [$17,754.23] and 0.786 [$20,892.05], at the time of writing.
On the daily timescale BTC’s price looked to be clearly bear flagging with bullish BTC traders clinging to its current trendline. However, Wednesday’s rally might have proven Tuesday’s price action was a false bearish breakout. Bullish BTC market participants have targets of 0.786, 0.618 [$23,355.38], and 0.5 [$25,085.57].
We can see that bears have targets charted beneath on BTC at 1 [$17,754.23], 1.272 [$13,765.98], and 1.618 [$8,692.7].
Bitcoin’s Moving Averages: 5-Day [$20,611.27], 20-Day [$20,384.25], 50-Day [$25,918.89], 100-Day [$33,705.39], 200-Day [$42,122.18], Year to Date [$35,709.9].
The Fear and Greed Index is 18 and is +3 from Wednesday’s reading of 15 Extreme Fear.
BTC’s 24 hour price range is $18,912-$20,347 and its 7 day price range is $18,912-$22,109. Bitcoin’s 52 week price range is $17,611-$69,044.
The price of bitcoin on this date last year was $32,822.6.
The average price of BTC for the last 30 days is $20,584.9 and its -25.8% over the same duration.
Bitcoin’s price [+4.84%] closed its daily candle worth $20,246 on Wednesday and bulls finally broke back into positive figures for the first time in six days.
Ether’s price also rallied higher on Wednesday and faked out bearish traders who believed they were in short-term control of ETH’s market. ETH’s price finished the day on Wednesday +$77.3.
The second chart we’re looking at today is the ETH/USD 1W chart below by Double_RR. The chartist is bringing our daily dose of optimism for Thursday’s price analyses.
The chartist posits that an entry at the level shown on the chart could potentially yield a return on ETH of 367% during Ether’s next bull market.
Ether’s Moving Averages: 5-Day [$1,151.23], 20-Day [$1,129.34], 50-Day [$1,600.84], 100-Day [$2,282.25], 200-Day [$2,993.18], Year to Date [$2,474.66].
ETH’s 24 hour price range is $1,006-$1,123 and its 7 day price range is $1,027-$1,260. Ether’s 52 week price range is $883.62-$4,878.
The price of ETH on this date in 2021 was $1,994.73.
The average price of ETH for the last 30 days is $1,138.21 and its -23.13% over the same time frame.
Ether’s price [+7.44%] closed its daily candle on Wednesday worth $1,115.93 and snapped a streak of three straight closes in red figures.
Chainlink’s price climbed almost 4% on Wednesday and rallied just above its nearest support at the $5.50 level to finish the day +$0.24.
The third chart we’re providing analysis for today is the LINK/USDT 3D chart below from P_S_trade. LINK’s price is trading between two important levels, at the time of writing. Those levels are $5.50 and $9.03.
Bullish traders need to regain the $9.03 level on the 3D chart before they can hope for a return to double digits.
Conversely, bearish traders remain in control of LINK’s market in combination with the larger aggregate crypto market. Bulls have support at $5.50, $2.72, and $1.35 on the 3D timescale.
Chainlink’s Moving Averages: 5-Day [$6.28], 20-Day [$6.46], 50-Day [$7.14], 100-Day [$10.75], 200-Day [$17.06], Year to Date [$13.09].
Chainlink’s 24 hour price range is $5.7-$6.22 and its 7 day price range is $5.7-$6.77. LINK’s 52 week price range is $5.32-$38.17.
Chainlink’s price on this date last year was $16.94.
The average price of LINK over the last 30 days is $6.47 and its -$4.15% over the same time frame.
Chainlink’s price [+3.99%] closed its daily candle on Wednesday worth $6.18 and in green figures for the first time in four days.