Bitcoin (23k), Ethereum (1.5k), Polkadot price analyses
Bitcoin (23k), Ethereum (1.5k), Polkadot price analyses
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Bitcoin (23k), Ethereum (1.5k), Polkadot price analyses

By R.L. Bryer - 20 Jul 2022

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Bitcoin Analysis 

Bitcoin’s price was again sent higher by bidders on Tuesday and when traders settled-up BTC was +$922. 

We’re leading off our price analyses this Wednesday with the BTC/USD 1M chart below from PRO_SMART_Trader. BTC’s price is trading between 1.382 [$21,075.8] and 1.236 [$23,887.5], at the time of writing. 

The targets for bullish BTC market participants to the upside are 1.236, followed by 1 [$29,247.]. If bullish traders can overcome the 1 fib level and get candle close confirmation above that price on the weekly timescale that will be a major sign to market participants that further upside may be forthcoming. Above the 1 fib level the next bullish target is 0.786 [$35,139.6].

Bearish targets for BTC traders shorting this market are the 1.382 fib level, 1.5 [$19,047.1], and 1.618 [$17,213.7]. 

btc/usd 1m grafico
BTC/USD 1M chart: the price is trading between 1.382 [$21,075.8] and 1.236 [$23,887.5]
The Fear and Greed Index is 31 Fear and is +1 from Tuesday’s reading of 30 Fear.

fear&greed31
The Fear and Greed Index is 31 Fear

Bitcoin’s Moving Averages: 5-Day [$20,920.82], 20-Day [$20,497.14], 50-Day [$24,925.13], 100-Day [$32,924.82], 200-Day [$41,442.16], Year to Date [$35,301.63].

BTC’s 24 hour price range is $21,592-$23,800 and its 7 day price range is $19,113-$23,800. Bitcoin’s 52 week price range is $17,611-$69,044. 

The price of Bitcoin on this date last year was $29,806.1. 

The average price of BTC for the last 30 days is $20,626.6 and its +15.9% over the same timespan. 

Bitcoin’s price [+4.10%] closed its daily candle worth $23,398 on Tuesday and in green figures for a second straight day. 

Ethereum Analysis 

After increasing in price by more than 18% on Monday, Ether pulled back on Tuesday by more than 2% and concluded its daily session -$41.1. 

The second chart we’re looking at today is the ETH/USD 1D chart below by mdvisser. ETH’s price is trading between 0.236 [$1,517.41] and 0.382 [$1,895.54], at the time of writing. 

Bullish traders of the Ether market are hoping to confirm a breakout this week on the daily timescale with targets overhead of 0.382, 0.5 [$2,201.16], and 0.618 [$2,506.77]. 

From the perspective of bearish traders of the Ether market, they’re looking to again send ETH’s price below 0.236 with a secondary target of a full retracement back to 0 [$906.19]. 

eth/usd 1d chart
ETH/USD 1D chart: the price is trading between 0.236 [$1,517.41] and 0.382 [$1,895.54]
Ether’s Moving Averages: 5-Day [$1,306.02], 20-Day [$1,179.43], 50-Day [$1,508.09], 100-Day [$2,225.39], 200-Day [$2,949.67], Year to Date [$2,443.25].

ETH’s 24 hour price range is $1,493.11-$1,631 and its 7 day price range is $1,027.42-$1,579.8. Ether’s 52 week price range is $883.62-$4,878. 

The price of ETH on this date in 2021 was $1,785.08. 

The average price of ETH for the last 30 days is $1,185.32 and its +54.41% over the same time frame. 

Ether’s price [-2.59%] closed its daily candle on Tuesday worth $1,543.67 and in red figures for the second time over three days. 

Polkadot Analysis

Polkadot’s price traded higher at close than at open on Tuesday and when traders concluded their daily session DOT was +$0.12. 

The last chart we’re providing analysis for this Wednesday is the DOT/USD 1D chart below from olliecoughland. DOT’s price is trading between the 0 fib level [$6.07] and [$10.09]

Polkadot’s price was one of the larger market cap projects that began to sell-off and kickstarted the bear market. The argument can be made that like Chainlink and a few other projects, DOT’s potentially near a bottom or has already formed a bottom for this cycle. Regardless, bulls have had months of solid accumulation under the $10 level already. 

Bullish DOT market participants are aiming firstly at the 0.236 fib with a secondary target of 0.382 [$12.84]. The third target for bullish DOT traders is 0.5 [$14.68]. 

To the downside bears of the DOT market are hoping to retest the 0 fibonacci level and a full retracement before attempting to break 12-month lows at the $6.05 level.

dot/usd 1d chart
DOT/USD 1D chart: the price is trading between the 0 fib level [$6.07] and [$10.09]
Polkadot’s Moving Averages: 5-Day [$6.98], 20-Day [$7.12], 50-Day [$8.37], 100-Day [$13.31], 200-Day [$22.08], Year to Date [$15.65].

DOT’s 24 hour price range is $7.49-$8.03 and its 7 day price range is $6.17-$8.03. Polkadot’s 52 week price range is $6.05-$55. 

Polkadot’s price on this date last year was $10.95.

The average price of DOT over the last 30 days is $7.21 and its +9.23% for the same duration.

Polkadot’s price [+1.56%] closed its daily candle on Tuesday worth $7.79 and in green figures for the second day in a row. 

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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