Summary
Bitcoin Analysis
Bitcoin’s price was rejected at the EMA50 on Sunday and Monday’s daily session began selling off vastly from the onset. BTC’s price ended up concluding Monday’s daily candle -$2,616.
The macro climate outside of the crypto realm is also experiencing a bit of uncertainty but that begs the question whether or not crypto is going to be a safe haven the next 12-18 months, a Spokesperson for the Bitfinex Trading Team weighed in on the matter:
“A sense of nervousness has crept into the market amid low volumes over the weekend. The prospect of more interest rate hikes and increasing concerns over the economic environment may become recurring themes for this year. As is the case with the stock market, we may see more outbreaks of episodic volatility in the months to come. Still, as bitcoin adoption continues to grow the underlying strength of the ecosystem could distinguish it from conventional markets.”
The first chart we’re analyzing today is the BTC/USD 1D chart below from AlanSantana. BTC’s price is trading between 0.618 [$38,78893] and 0.5 [$40,592.36] on the daily time frame, at the time of writing.
Bullish BTC traders are still reeling after being rejected at the $47,5k level on multiple occassions. Over the short-term it is pivotal for bulls to reclaim the $40k level and reverse course there before attempting to regain the 0.5 fibonacci level.
From the perspective of bearish traders, they’re looking to push BTC’s price below the 0.618 fib level with a secondary target of 0.786 [$36,221.34].
Bitcoin’s Moving Averages: 5-Day [$43,419.33], 20-Day [$43,793.75], 50-Day [$41,908.16], 100-Day [$44,406.73], 200-Day [$46,542.11], Year to Date [$41,645.98].
BTC’s 24 hour price range is $39,443-$42,418 and its 7 day price range is $39,443-$46,901. Bitcoin’s 52 week price range is $29,341-$69,044.
The price of bitcoin on this date last year was $59,988.
The average price of BTC for the last 30 days is $43,141.
Bitcoin’s price [-6.2%] closed its daily candle worth $39,565 and in red figures for a second straight day.
Ethereum Analysis
Ether’s price traded downward on Monday and when traders settled up at the daily session’s close ETH’s price was -$223.53.
The ETH/USD 4HR chart below by AlanSantana shows Ether’s price trading between the 0.5 fib level [$3,033.9] and 0.382 [$3,162.49], at the time of writing.
ETH’s 24 hour price range is $2,966-$3,232 and its 7 day price range is $2,966-$3,531. Ether’s 52 week price range is $1,719-$4,878.
The price of ETH on this date in 2021 was $2,150.
The average price of ETH for the last 30 days is $3,081.28.
Ether’s price [-6.98%] closed its daily candle on Monday worth $2,978.08 and in red digits for a second consecutive day.
Solana Analysis
Solana’s price fell more than 10% on Monday and concluded its daily session -$11.33. Solana’s price experienced a brief reprieve [16 days] from trading in double-digits but closed Monday’s daily candle back under the psychological level of $100.
The third chart we’re analyzing today is the SOL/USD 4HR chart below from Stoic-Trader. Solana’s price is trading between the 2.618 fib level [$90.03] and 2 fib level [$101.02], at the time of writing.
The primary targets to the upside for bullish Solana market participants are the 2 fib level followed by 1.75 fib [$105.47] and 1.618 [$107.82].
Conversely, the targets for bearish traders to the downside are the 2.618 fib level, 3 [$83.23] and 3.618 [$72.24].
Solana’s price on this date last year was $27.82.
The average price of SOL over the last 30 days is $103.99.
Solana price [-10.21%] closed its daily session on Monday worth $99.66.
