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Bitcoin, Ethereum, Polygon [MATIC] Price Analyses

Bitcoin Analysis 

Bitcoin’s price has been largely static for the last 7 trading days and is +0.57% over that time frame, at the time of writing. However, Monday was another small step backwards for bulls as BTC’s price concluded the day -$327.3.  

The BTC/USD 1W chart from sercanaktas is the first chart we’re analyzing for this Tuesday. Despite a pullback over the last two daily trading sessions, BTC’s price is comfortably trading above the $20k level and in between the 1.618 fibonnaci level [$18,326.91] and the 1 fib level [$30,409.02], at the time of writing. 

Bullish BTC market participants want to push BTC’s price above the $21,700 level on the daily time frame so that an eventual retest of the 1 fib level on the weekly timescale can be achieved. The targets above the 1 fib level are 0.786 [$36,237.1], 0.618 [$41,584.92], and 0.5 [$45,806.36].

In defiance of bullish BTC traders are those shorting the Bitcoin market. They’re seeking to again retest the 1.618 fib level. Below that level the targets for bearish traders are 2 [$13,401.57], 2.618 [$8,076.86], 3.618 [$3,559.56] and finally the 4.764 fibonacci level [$1,391.86] in what would be an absolutely shocking scenario. 

BTC/USD 1W chart
BTC/USD 1W chart: the price is trading in between the 1.618 fibonacci level [$18,326.91] and the 1 fib level [$30,409.02]
The Fear and Greed Index is 31 Fear and is -2 from Monday’s reading of 33 Fear.

Fear and Greed
The Fear and Greed Index is 31 Fear

Bitcoin’s Moving Averages: 5-Day [$20,559.84], 20-Day [$19,881.86], 50-Day [$19,796.45], 100-Day [$20,823.67], 200-Day [$29,014.78], Year to Date [$30,155.71].

BTC’s 24 hour price range is $20,384.9-$21,069.8 and its 7 day price range is $20,064.63-$21,417.69. Bitcoin’s 52 week price range is $17,611-$69,044. 

The price of Bitcoin on this date last year was $67,526. 

The average price of BTC for the last 30 days is $19,875.6 and its +3.1% over the same period. 

Bitcoin’s price [-1.56%] closed its daily candle worth $20,588.8 and in red digits for a second day in a row on Monday. 

Ethereum Analysis 

Ether’s price also marked-down on Monday and sellers sent ETH’s price $3.57 lower for the day’s trading session.  

The second chart we’re looking at today is the ETH/USD 4HR chart below by MonoCoinSignal. ETH’s price is trading between the 0.786 fib level [$1,540.96] and 0.618 [$1,570.88], at the time of writing. 

Bullish BTC traders have yet to sustain themselves above the 0 fibonacci level [$1,689.95]. The path back to that level is to overcome the 0.618 fibonacci level followed by targets of 0.5 [$1,591.90], and finally, the 0.382 fib level [$1,612.92].

Bearish traders have controlled ETH’s price action for much of the last two days and they’ve targets below the 0.786 of 1 [$1,502.85] and 1.618 [$1,392.78].

ETH/USD 4HR chart
ETH/USD 4HR chart: the price is trading between the 0.786 fib level [$1,540.96] and 0.618 [$1,570.88]
Ether’s Moving Averages: 5-Day [$1,572.66], 20-Day [$1,429.77], 50-Day [$1,445.74], 100-Day [$1,459.39], 200-Day [$2,020.73], Year to Date [$2,118.42]. 

ETH’s 24 hour price range is $1,545.03-$1,608.04 and its 7 day price range is $1,508.91-$1,659.61. Ether’s 52 week price range is $883.62-$4,878. 

The price of ETH on this date in 2021 was $4,808.09. 

The average price of ETH for the last 30 days is $1,418.65 and its +17.04% over the same interval. 

Ether’s price [-0.23%] closed its daily candle on Monday worth $1,567.46 and in negative figures for a third consecutive day.

Matic Analysis

On Monday, Polygon’s price was the clear outlier for project’s in the Top 10 and when the day’s candle was printed, MATIC’s price was +$0.121. 

The final chart to conclude Tuesday’s price analyses is the MATIC/USD 1D chart below from imam9825. MATIC’s price continues to outperform the majority of the market over the last week and is +37.16% against The U.S. Dollar, +36.69% against BTC, and +37.74% against ETH, over the same stretch.

MATIC’s price is trading between the 23.60% fib level [$1.07] and 0.00% [$1.30], at the time of writing. 

Bearish traders have clearly lost control over MATIC’s price as its +54.25% over the last 30 days and +41.05% for the last 90 days. 

Those that still believe they can reverse MATIC’s price to the downside are targeting the 23.60% fib level followed by targets of 38.20% [$0.9285], 50.00% [$0.8116], 61.80% [$0.6946], and the 78.60% fibonacci level [$0.5281].

MATIC/USD 1D chart
MATIC/USD 1D chart: MATIC continues to outperform the majority of the market

MATIC’s Moving Averages: 5-Day [$1.09], 20-Day [$0.921], 50-Day [$0.857], 100-Day [$0.80], Year to Date [$0.883].

Polygon’s 24 hour price range is $1.13-$1.29 and its 7 day price range is $0.841-$1.29. MATIC’s 52 week price range is $0.317-$2.92. 

Polygon’s price on this date last year was $1.89. 

The average price of MATIC over the last 30 days is $0.896 and its +48.96% for the same duration. 

Polygon’s price [+10.67%] closed its daily session on Monday worth $1.258 and in green figures for the fourth time in five days. 

R.L. Bryer
R.L. Bryerhttp://bryer.io
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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