Bitcoin (20k), Ethereum (1.5k), Solana Price Analyses
Bitcoin (20k), Ethereum (1.5k), Solana Price Analyses
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Bitcoin (20k), Ethereum (1.5k), Solana Price Analyses

By R.L. Bryer - 31 Aug 2022

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Bitcoin Analysis 

Bitcoin’s price closed below a historically important inflection point [$19,891] on Tuesday and when traders settled-up on the world’s number one cryptocurrency, BTC’s price was -$496.  

Today’s first chart for analysis is the BTC/USD 1M chart below by andre_007. BTC’s price is trading between the 0.5 fibonacci level [$14,682.79] and 0.382 [$21,154.70], at the time of writing .

If BTC doesn’t retrace to the 0.618 which this chart’s next wave implies. Then bulls are hoping to reverse course at $19,891 and take aim again at 0.382. Above the 0.382 fib level the targets for bullish BTC market participants are 0.214 [$35,580.14], and a full tracement on this chart at 0 [$68,997.75]. 

Conversely, BTC bears are attempting to keep BTC’s price below its 2017 ATH [$19,891] and again prove that level is no longer a strong support for bullish traders. Below that level the targets are 0.5 [$14,682.79], 0.618 [$10,190.85]. 

Bitcoin Analysis 
BTC/USD 1M chart: the price is trading between the 0.5 fibonacci level [$14,682.79] and 0.382 [$21,154.70]
The Fear and Greed Index is 23 Extreme Fear and is -4 from Tuesday’s reading of 27 Fear.

Fear and Greed
The Fear and Greed Index is 23 Extreme Fear

Bitcoin’s Moving Averages: 5-Day [$20,780.3], 20-Day [$22,552.23], 50-Day [$21,828.62], 100-Day [$26,991.02], 200-Day [$35,602.09], Year to Date [$33,106.51].

BTC’s 24 hour price range is $19,574-$20,589 and its 7 day price range is $19,574-$21,753. Bitcoin’s 52 week price range is $17,611-$69,044. 

The price of Bitcoin on this date last year was $47,157. 

The average price of BTC for the last 30 days is $22,534.3 and its -16.5% over the same time frame. 

Bitcoin’s price [-2.44%] closed its daily candle worth $19,812 on Tuesday and in red figures for the fourth time over the last five days. 

Ethereum Analysis 

Ether’s price couldn’t withstand the larger downtrend of the macro again on Tuesday and sold-off nearly 2%. When the day had concluded, Ether was -$29.3. 

The ETH/USD 4HR chart below by CryptoAnalytics is the second chart we’re analyzing today. Despite the upcoming Merge for Ethereum, ETH’s price continues to trade in step with bitcoin’s price and the larger macro trend that we’ve seen from equities as well. 

Ether’s price is trading between 0.382 [$1,475.81] and 0.236 [$1,667.55], at the time of writing. 

The targets above for those still long the merge and ETH’s price in the short-term on the 4HR chart are 0.236 and 0 [$2,031.56].

Bearish traders are looking to spoil Ethereum’s merge from PoW to PoS next week and have been moreless spoiling this market for 6 of the last 9 months. Their targets on ETH to the downside are 0.382, 0.5 [$1,337.08], 0.618 [$1,211.38], and 0.786 fib level [$1,052.54].

Ethereum Analysis 
ETH/USD 4HR chart: the price is trading between 0.382 [$1,475.81] and 0.236 [$1,667.55]
Ether’s Moving Averages: 5-Day [$1,603.61], 20-Day [$1,726.58], 50-Day [$1,481.05], 100-Day [$1,832.54], 200-Day [$2,563.15], Year to Date [$2,310.50].

ETH’s 24 hour price range is $1,473.61-$1,606.13 and its 7 day price range is $1,433.57-$1,713.59. Ether’s 52 week price range is $883.62-$4,878. 

The price of ETH on this date in 2021 was $3,429.35. 

The average price of ETH for the last 30 days is $1,703.67 and its -11.04% over the same duration. 

Ether’s price [-1.89%] concluded its daily session on Tuesday worth $1,523.22 and in red figures also for four of the last five daily sessions. 

Solana Analysis

Solana’s price finished only $0.28 above an important level of inflection on Tuesday and SOL concluded its daily candle -$0.97.

The last chart we’re looking at today is the SOL/USD 1D chart below from maikisch. Solana’s price is trading between the 1.236 fibonacci level [$31.17] and the 1 fib level [$41.72], at the time of writing.

If bullish Solana traders can will SOL’s price off of the 1.236, they can begin to take aim at their primary target of 1 [$41.72]. The secondary target of Solana bulls is the 0.786 [$54.35] which was the most recent high during the peak of the crypto market’s most recent relief rally.

Bearish Solana traders have been in control of this market for the majority of 2022 and have really sent SOL’s price lower for 7 out of the last 9 months. To continue their damage, those short SOL firstly need to push its price below 1.236. Below that level the targets are 1.382 [$26.02], 1.5 [$22.49], 1.618 [$19.44], 1.786 [$15.79], and 2 [$12.12].

Solana Analysis
SOL/USD 1D chart: the price is trading between the 1.236 fibonacci level [$31.17] and the 1 fib level [$41.72]
Solana’s Moving Averages: 5-Day [$33.55], 20-Day [$38.75], 50-Day [$38.34], 100-Day [$50.68], 200-Day [$91.00], Year to Date [$75.04].

Solana’s 24 hour price range is $30.64-$33.16 and its 7 day price range is $30.21-$36.27. SOL’s 52 week price range is $25.97-$259.8. 

Solana’s price on this date last year was $108.38. 

The average price of SOL over the last 30 days is $38.95 and its -27.29% over the same timespan. 

Solana’s price [-2.99%] closed its daily candle on Tuesday worth $31.45 and in red digits as well for the fourth time over the last five daily candles. 

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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