Summary
The highest weekly candle close for Bitcoin
Bitcoin’s price traded over the weekend in an even narrower range than it had over the beginning of last week until the day’s final 4hr candle on Sunday. BTC’s session low on Monday was $63,794 and its session high [$65,471] wasn’t just the highest weekly candle close in bitcoin’s history but also the highest level that traders have ever settled up on the daily timescale in BTC’s history.
The BTC/USD 1D chart below from CryptoManiac101 shows the next major target for bitcoin bulls is the 161.80 fib extension [$87,151.62].
If bitcoin bulls are again rejected at $64,8k then bears will attempt to take the price back down to the 78.60% fib level [$57,146.75]. If bulls fail to hold the 78.60% level as support, the next stop is at the 61.80% fib level [$51,088.08].
Bitcoin bulls first will seek confirmation on the 4hr time frame above $64,899 and a close above that level on the 4hr could usher in a retest of the $66,8k level [an old BTC ATH].
From the perspective of bitcoin bears, they’re finding solace in the BTC/USD 1M chart. The BTC/USD 1M chart above from kalvitethehodler is showing no technical damage but does show bearish divergence on BTC’s RSI and volume.
BTC’s price is at a pivotal point for this cycle and it looks to be decision time on the monthly time frame – will bitcoin make another new high or is BTC’s price setting up for a larger reversal?
BTC’s 7 day price range is $63,091-$69,044. Bitcoin’s 52 week price range is $15,871-$69,044. Bitcoin made its all-time high on November 10th, just 5 days ago.
The price of bitcoin on this date last year was $15,984.
The average price of BTC for the last 30 days is $62,448.
Bitcoin closed Sunday [+1.65%] and +$1,065.00 on the daily time frame.
Ethereum Analysis
Ether’s price was rejected at $5k and since bullish traders have been relying on the $4,5k level as support resistance.
The ETH/USD 1W chart below from woolleyfx shows ETHER’s progress on the weekly time frame and on Sunday Ether closed by $14 in green figures again.
Bullish Ether traders are still trying to crack the $5k level for the first time ever. If they’re successful, traders will quickly have their sights set on the $7,5k level.
ETH bears will hope they can stave off yet another bullish impulse and again send Ether’s price back down to test the $4,5k level followed by a secondary target of the $3,9k-$4k level.
ETH’s 24 hour price range is $4,536-$4,727 and its 7 day price range is $4,528-$4,878. Ether’s 52 week price range is $443.72-$4,878 and ETH’s all-time high was made on November 10th.
The price of ETH on this date in 2020 was $449.21.
The average price of ETH for the last 30 days is $4,322.
Ether [-0.41%] closed its daily candle on Sunday worth $4,625 and in red figures for a third straight day.
Alogrand Analysis
ALGO’s price is trying to break to new ATHs after a false breakout on the daily timescale over the last week.
Traders can see on the ALGO/USD 1D chart below from EBITDAtiger, ALGO’s price has very little resistance overhead when looking left on the chart if it breaks out to the upside.
Bearish ALGO traders are hoping they can stifle another attempt at a breakout of the current bullish pennant shown below. Their first target if they can push the price back down is the $1.87 level for a retest of that region.
Even if bearish ALGO traders do manage to push the price back down to that level, it could be the spring for bulls to eventually muster enough volume for the breakout bulls are seeking above the $2.11 level.
Algorand’s 24 hour price range is $1.93-$2.12 and its 7 day price range is $1.86-$2.25. ALGO’s 52 week price range is $.256-$2.54.
ALGO’s price on this date last year was $.256.
The average price for Algorand over the last 30 days is $1.88.
Algorand [-4.52%%] closed its daily candle on Wednesday worth $1.98 and in red digits for a second day in a row.
