Bitcoin Analysis
Buyers were able to send Bitcoin’s price higher on Tuesday and regained the $16k level. When the day’s candle was printed, BTC’s price was +$441.7.
The BTC/USD 3W chart below by XRP-Sanvel is the first chart we’re analyzing for this Wednesday. BTC’s price is trading between the 88.60% fibonacci level [$11,331.98] and 78.60% fib level [$17,839.77], at the time of writing.
The contagion surrounding FTX and Alameda Research still appear to be ongoing and bullish traders need to regain the 78.60% fib level on the 3W chart to try and muster a reversal firstly. Their secondary aim is 61.80% [$28,772.85] followed by targets of 50.00% [$36,452.05], 38.20% [$44,131.24 and the 21.40% fib level [$55,064.32].
Bearish traders contrariwise seeking to push BTC’s price below the 88.60% fib level followed by targets of 94.20% [$7,687.61], and the 100.00% fib level [$3,913.1].
The Fear and Greed Index is 22 Extreme Fear and is equal to Tuesday’s reading.
BTC’s 24 hour price range is $15,616.6-$16,315 and its 7 day price range is $15,616.6-$16,971.48. Bitcoin’s 52 week price range is $15,476-$59,374.
The price of Bitcoin on this date last year was $57,570.8.
The average price of BTC for the last 30 days is $18,675.6 and its -15% over the same span.
Bitcoin’s price [+2.80%] closed its daily candle worth $16,220.7 and in green figures again on Tuesday for the first time in three days.
Summary
Ethereum Analysis
Ether’s price also marked-up during Tuesday’s trading session and when the day’s candle concluded, ETH’s price was $32.29.
The second chart on today’s docket is the ETH/USD 1D chart via algomoneyfest. At the time of writing, ETH’s price is nestled between the 1 fib level [$411.24] and 0.786 [$1,365.01].
The overhead targets for bulls of Ether’s market are 0.786, 0.618 [$2,113.76], 0.5 [$3,165.59], 0.236 [$3,816.29], and a full retracement at 0 [$4,868.11] on the BitStamp 1D chart.
Conversely, those still shorting Ether want to push ETH back to a three figure valuation with a secondary aim of the 1 fibonacci level.
ETH’s 24 hour price range is $1,075-$1,146.13 and its 7 day price range is $1,075-$1,265.11. Ether’s 52 week price range is $883.62-$4,778.
The price of ETH on this date in 2021 was $4,340.45.
The average price of ETH for the last 30 days is $1,377.38 and its -12.02% over the same interval.
Ether’s price [+2.92%] closed its daily session worth $1,139.78 and also in positive figures for the first time in three days on Tuesday.
Cardano Analysis
Cardano’s price finished Tuesday’s daily candle +$0.0079 after buyers controlled ADA’s price action for the first day this week.
The ADA/USD 1W chart from Swoop6 is the last chart for examination today. ADA’s price is trading between the 0.5 fib level [$0.28] and 0.382 [$0.487], at the time of writing.
Cardano’s an asset that’s seen very little positive price action since its all-time high was printed on 9/2/21 [447 days ago]. Bullish traders have support at the 0.5 fib level and need to regain the 0.382 to mark a reversal and generate some sort of signal that the end of the pain is near. Above that level the targets are the 0.236 fibonacci level [$0.964] and a full retracement of 0 [$2.91] on the weekly time frame.
Bearish traders are attempting to send ADA’s price below the $0.3 level again for the first time since January of 2021. Their targets below that level are the 0.5, 0.618 [$0.161], 0.786 [$0.73] and 1 fib level [$0.027].
Cardano’s 24 hour price range is $0.298-$0.316 and its 7 day price range is $0.298-$0.344. ADA’s 52 week price range is $0.296-$1.81.
Cardano’s price on this date last year was $1.75.
The average price of ADA over the last 30 days is $0.365 and its -8.67% during the same duration.
Cardano’s price [+2.59%] closed its daily candle on Tuesday worth $0.312 and in green figures for the fourth time over the last ten days.
