Bitcoin bearishly engulfed Monday’s candle
Bitcoin bearishly engulfed Monday’s candle
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Bitcoin bearishly engulfed Monday’s candle

By R.L. Bryer - 26 Jul 2022

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Bitcoin Analysis 

Bitcoin’s price bearishly engulfed the daily timescale on Monday and concluded its daily session -$1,276.6.  

The first chart we’re looking at for this Tuesday is the BTC/USD 1D chart below from bonic. BTC’s price is trading between 0 [$18,428.17] and 0.236 [$30,562.99], at the time of writing. 

The targets to the upside for bullish BTC traders are 0.236, 0.382 [$38,070.12], and 0.5 [$44,137.53]. 

Bearish traders are conversely looking to push BTC’s price back down to a full retracement at the 0 fibonacci level before potentially attempting to send its price back down to test the low teens and $10k level. 

Bitcoin Analysis 
BTC/USD 1D chart: the price is trading between 0 [$18,428.17] and 0.236 [$30,562.99]
The Fear and Greed Index is 26 Fear and is -4 from Monday’s reading of 30 Fear.

Fear and Greed
The Fear and Greed Index is 26 Fear

Bitcoin’s Moving Averages: 5-Day [$22,842.67], 20-Day [$20,976.31], 50-Day [$24,439.13], 100-Day [$32,214.94], 200-Day [$40.712.25], Year to Date [$34,967.02].

BTC’s 24 hour price range is $21,215-$22,663.3 and its 7 day price range is $21,215.48-$24,160.26. Bitcoin’s 52 week price range is $17,611-$69,044. 

The price of Bitcoin on this date last year was $37,296. 

The average price of BTC for the last 30 days is $21,057.1. 

Bitcoin’s price [-5.65%] closed its daily candle worth $21,302.6 on Monday and in red figures for the fifth time over the last six days. 

Ethereum Analysis 

Ether’s price also suffered from an intense selling session on Monday and when traders settled-up at the end of the day ETH was -$159.6.  

Today’s second chart is the ETH/USD 4HR chart below by CountLikeWallStreet. ETH’s price is trading between the 50.00% fibonacci level [$1,443.89] and 61.80% [$1,579.74], at the time of writing. 

Bullish Ether traders want to regain the 61.80% fib level before making a push higher at 78.60% [$1,766.53], and 88.10% [$1,878.61].

Those that believe there’s more downside yet for the Ether market are looking to break the 50.00% fib level before retesting the 38.20% level [$1,31.84], and 23.60% [$1,148.42].

Ethereum Analysis 
ETH/USD 4HR chart: the price is trading between the 50.00% fibonacci level [$1,443.89] and 61.80% [$1,579.74]
Ether’s Moving Averages: 5-Day [$1,544.60], 20-Day [$1,258.69], 50-Day [$1,471.19], 100-Day [$2,178.61], 200-Day [$2,905.86], Year to Date [$2,41871].

ETH’s 24 hour price range is $1,432.99-$1,609.58 and its 7 day price range is $1,432.99-$1,639.34. Ether’s 52 week price range is $883.62-$4,878. 

The price of ETH on this date in 2021 was $2,227.96. 

The average price of ETH for the last 30 days is $1,266.37 and its +24.77% over the same duration. 

Ether’s price [-9.99%] closed its daily candle on Monday worth $1,438.62 and in red figures for the first time in three days. 

Decentraland Analysis

Decentraland’s price also traded over 9% lower on Monday and finished the day -$0.089. 

The last chart we’re examining today is the MANA/USD 1D chart below from DrDovetail. Decentraland’s price failed to break the demand line of its structure to confirm a bullish breakout on the 1D time frame. 

Bullish MANA traders could still bounce and confirm a breakout yet but the bearish backtest is underway of what looks to be an Inverse Head & Shoulders pattern.

Decentraland Analysis
MANA/USD 1D chart: the price failed to break the demand line of its structure

Decentraland’s price is +32.15% against The U.S. Dollar for the last 12 months, +107.5% against BTC, and +87.45% against ETH, over the same duration. 

MANA’s Moving Averages: 5-Day [$0.936], 20-Day [$0.882], 50-Day [$0.933], Year to Date [$1.38].

Decentraland’s 24 hour price range is $0.866-$0.964 and its 7 day price range is $0.866-$1.02. MANA’s 52 week price range is $0.631-$5.89. 

Decentraland’s price on this date last year was $0.689. 

The average price of MANA over the last 30 days is $0.894 and its -2.81% over the same time frame. 

Decentraland’s price [-9.21%] closed its daily session worth $0.874 and in red figures for a second straight day on Monday.

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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