Bitcoin, Ethereum, Algorand Price Analysis
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Bitcoin’s price traded marginally in green figures on Monday and closed its daily candle +$181.5.
The BTC/USD 1W chart below from HOOPFOOD shows the important resistance levels currently on this timescale, and it looks like BTC’s price action could be forming an ascending broadening wedge.
Bullish BTC traders are now looking to hold the 0.5 fib level [$45,529.82]. If bulls fail to hold that level, there will be a trip to the 0.618 fib level [$41,818.6] potentially forthcoming.
If bullish bitcoin traders can successfully bounce off of the 0.5 fib level, the nearest overhead resistance is the 0.382 fib level [$49,570.39], and they’ll be tasked at flipping that level from resistance to support again.
If bitcoin bears can crack the 0.618 fib level, then a trip below the $40k level becomes increasingly probable as the next fib level for bullish support isn’t until the 0.786 [$37,050.69].
The Fear and Greed Index is 27 Fear and +2 from yesterday’s reading of 25 Extreme Fear.
BTC’s 24-hour price range is $45,676-$47,519 and its 7-day price range is $45,676-$49,376. Bitcoin’s 52-week price range is $22,483-$69,044.
The price of bitcoin on this date last year was $23,518.
The average price of BTC for the last 30 days is $52,267.
Bitcoin [+0.39%] closed its daily candle back in green figures and was worth $46,898 on Monday.
Ethereum Analysis
Ether’s price finished narrowly in green digits on Monday and +$18.69.
The ETH/USD 4HR chart below Big_Mike716 shows ETH’s price clinging to support at the 0.5 fib level [$3,818] at the time of writing. For ETH bulls to again take possession of ETH’s price momentum, they need to first reclaim the 0.618 fib level [$3,921.89]. After, bulls would attempt to then send ETH’s price back above the $4k level and then conquer the battle at the 0.786 fib level [$4,069.77].
Bearish ETH traders, however, are looking to spoil any hopes at a bullish rally to close 2021 and have their sights set firstly on cracking the 0.5 fib level [$3,818] with a secondary target of 0.382 [$3,714.16].
Ether is still trading above the 100 Day [$3,734.58] and 200 Day [$3,066.05] Moving Averages, but all other averages are trading in red digits at the time of writing.
ETH’s 24-hour price range is $3,773-$3,983, and its 7-day price range is $3,702-$4,094. Ether’s 52-week price range is $575.67-$4,878.26.
The price of ETH on this date in 2020 was $639.52.
The average price of ETH for the last 30 days is $4,182.37.
Ether [+0.48%] closed its daily candle on Monday, valued at $3,944.49.
Algorand Analysis
Algorand’s price continued to slide downward on Monday and finished its daily candle -$.058.
As traders can see in the ALGO/USD 1D chart below from MasoudEskandari, ALGO bulls have surrendered their long-term uptrend dating back months.
Bullish ALGO traders lost support at the 0.5 fib level [$1.31] on Monday and are hoping to reclaim that level before pivoting to the upside and sending ALGO back above the 0.382 fib level [$1.53].
Bearish ALGO traders, on the other hand, are hoping to get a close below the 0.618 fib level [$1.12] to do more damage to the downside before this week concludes.
Algorand’s 24-hour price range is $1.26-$1.38, and its 7-day price range is $1.26-$1.46. ALGO’s 52-week price range is $0.283-$3.56.
Algorand’s price on this date last year was $.339.
The average price for ALGO over the last 30 days is $1.63.
Algorand [-4.37%] closed its daily candle on Monday worth $1.29, and ALGO has also finished in red digits for four of the last five days.
Cryptocurrency
