Bitcoin, a day of volatility
Bitcoin’s price closed the daily session on Wednesday – $ 163.2. and he reversed course after it looked like he was heading north for test the $ 40k level again.
However, market sentiment stopped at a session high of $ 39,216 during statements by Federal Reserve Chairman Jerome Powell on the Federal Reserve’s policies for the future. During the Fed’s January meeting and after the meeting, Market volatility increased massively and Bitcoin’s price hit its daily session low of $ 36,354 during the last 4 hour candle of the day.
The first chart we look at today is the 4-hour BTC / USD chart Akamer-the-Werewolf. The BTC price is currently trading between the $ 34,590 level and the 0 fib level [39.558,7 dollari]. If the bullish participants of the BTC market manage to break out of the 0 fib and $ 40k level, the next higher resistance for the BTC bulls is the 0.236 fib level. [$40.714,54].
Conversely, bearish BTC traders aim to push back the BTC price towards the $ 34.5k level with a secondary target at $ 29,721.32. The secondary target is the lowest point in BTC’s price after BTC’s high of $ 65k in 2021. If the $ 29k level is broken, the bears will surely try to incite a great deal of further damage to the downside of the charts.
The Fear and Greed Index is 20 (Extreme Fear) and -3 from Wednesday’s reading of 23 (Extreme Fear).
Bitcoin Moving Averages: 20-Day [$41.608,05]50-Day [$47.674,96]100-Day [$51.495,03]200-Day [$46.630,12]Year to Date [$41.359,54].
BTC’s 24-hour price range is $ 36,354- $ 39,216 and the 7-day price range is $ 33,505- $ 43,308. Bitcoin’s 52-week price range is 29,341- $ 69,044.
Bitcoin’s price on this date last year was $ 30,445.
The average price of BTC over the past 30 days is $ 42,925.
The price of Bitcoin [-0,44%] closed the daily candle with a value of 36,830.8 dollars and in red figures for the first time in four days.
Ethereum analysis
The price of Ether has gone up by more than 10% Wednesday before being also sold following the conclusion of the political meeting January Fed. ETH closed the daily session at + $ 3.03.
The second chart we look at today is the 1 week ETH / USD chart plotted by trade724_app. Traders will notice that the price of ETH on a weekly scale has backtested a long-term trend line dating back to the end of 2020.
Ether bullish traders defended this trend line on the weekly time frame and recovered during the week. The next higher resistance level is at the $ 3.3k level for ETH bullish traders. If they eclipse this level, they will attempt to climb back above the $ 4k level and retest the $ 4.5k level.
From the perspective of bearish traders, they are looking to retest the long-term trendline at $ 2k again and break the bottom of that downtrend below the $ 1,700 level.
Moving Averages of Ether: 20 days [$3.130,24]50 days [$3.737,11]100 days [$3.766,69]200 days [$3.254,76]Year to Date [$3.100,88].
The 24-hour ETH price range is $ 2,418- $ 2,717 and the 7-day price range is $ 2,204- $ 3,257. Ether’s 52-week price range is $ 1,238- $ 4,878.
The price of ETH on this date in 2021 was $ 1,253.
The average price of ETH over the past 30 days is $ 3,221.
The price of Ether [+0,12%] closed the daily candle on Wednesday for a value of 2,461.3 dollars and in green figures for a second consecutive day.
Litecoin analysis
Litecoin price had a downtrend on Wednesday and LTC closed its daily candle at – $ 0.9.
The 1-week LTC / USD chart below from DailyTendiess shows the Litecoin price attempting to hold on to the 0.236 fib level [115,80$]. On the weekly time frame the bulls are attempting a retest of the 0.382 fib level [$173,57] with a secondary objective of 0.5 [$220,27].
Bearish LTC market participants, on the other hand, are looking to break out of the 0.236 level which would signal a much larger downside potentially coming for LTC. The next level of support for LTC bulls is a full retracement to the 0 fib level [$22,41]. If the $ 22.41 level is hit, that’s another 80.65% drop in the price of LTC.
Litecoin Moving Averages: 20-Day [$131,48]50-Day [$157,06]100-Day [$173,75]200-Day [$179,14]Year to Date [$130,71].
Litecoin’s 24-hour price range is $ 105.11- $ 116.81 and the 7-day price range is $ 99.66- $ 142.48. LTC’s 52-week price range is $ 96.6- $ 142.48.
Litecoin’s price on this date last year was $ 122.81.
The average price of LTC over the past 30 days is $ 134.44.
The price of Litecoin [-0,83%] closed the daily session on Wednesday a 107 dollars and in red for the third consecutive day.
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