Bitcoin in a consolidation phase
Bitcoin’s price bounced back on Monday following Sunday’s weekly indecision candle. The price action for BTC may be setting up for a miniature consolidation phase above the $60k level and below bitcoin’s all-time high of $67,274.
Bitcoin had its 4th highest daily close in history on Monday.
The below BTC / USD 4hr chart from TradingShot posits two scenarios based on moving averages and whether or not history will repeat.
Each scenario poses a potential route to $80k bitcoin or higher, the 2.0 fib level is $85k.
Obviously, bitcoin bears will be hoping to invalidate the potential upside by pushing BTC’s price below the 1D MA100 and achieving a candle close below that level on a significant time frame.
The Fear and Greed Index is 76 Extreme Greed and reading +4 points from Monday’s reading of 72 Greed.
BTC’s 24 hour price range is $60,961-$64,030 and its 7 day price range is $60,171-$67,276. Bitcoin’s 52 week price range is $13,041-$67,276.
Bitcoin’s price on this date last year was $13,655.
The average BTC price for the last 30 days is $55,007.
Bitcoin [+3.7%] closed its daily candle on Monday worth $63,100 and in green figures again after Sunday’s daily candle closed in red figures.
There’s a confluence of variables that appear to be in favor of Ether bulls, at the time of writing. When technically analyzing ETH’s charts regardless of the timescale, ETH looks to be setting up for higher targets to the upside.
ETH held the ultra important $4k level for its weekly close on Sunday and finished at its highest weekly close of all-time.
On Monday, bulls continued the momentum to the upside and ETH closed at its highest level in the asset’s history on the daily timescale.
Now, bullish traders will try to send ETH’s price back to a new all-time high with a daily candle close above its current ATH of $4,361.
The chart below from nagihatoum shows Ether bulls targeting the top of its ascending channel that matches the 1.618 [$10,952.48].
ETH’s 24 hour price range is $4,086-$4,246 and its 7 week price range is $3,751-$4,310. Ether’s 52 week price range is $380.83-$4,361.
ETH’s price on this date last year was $403.53.
The average Ether price for the last 30 days is $3,607.84.
Ether [+3.36%] closed its daily candle on Monday worth $4,220.35 and in green digits after finishing in red figures for Sunday’s daily candle close.
Solana’s price made a new all-time high on Monday of $219.05
Increasingly more value is moving to Solana’s ecosystem because of the throughput it provides users. With more transactions than ever being completed on-chain across the aggregate crypto market which is being fueled by NFTs and other DeFi dApps, some Solana bulls believe 4 figures is plausible this bull cycle.
One chart that Solana bulls should like is on the 1D timescale from WhiteHuracan. It shows major upside if bulls can continue their momentum to SOL’s next fibonacci extension level at 1 [$215.9].
A secondary target at the top of Solana’s current ascending channel is the 1.618 [$277.63].
For Solana bears to have some hope, they need to send SOL’s price back below the .786 fib level [$194.52] and then to a secondary target of 0.065 fib level at [$180.93].
SOL’s 24 hour price range is $199.82-$219.05 and its 7 day price range is $153.87-$219.05. Solana’s 52 week price range is $1.03-$219.05.
Solana’s price on this date last year was $1.72.
The average Solana price on this date last year was $163.18.
Solana [+3.63%] closed its daily candle on Monday at $209.76 and in green figures for the 6th consecutive day.