Price Analysis: Bitcoin, Ethereum and Polkadot

Bitcoin Analysis

Bitcoin’s price closed above the $17k level for the fifth day in a row, and when trading ended for Monday, BTC’s price was +$119.

The BTC/USD 1W Chart of Blorenz is the first chart we delve into this Tuesday. At the time of writing, BTC’s price trades between the 0.5 fibonacci level [$14,528.63] and the 0.618 fib level [$20,880.50].

Bullish BTC market participants have not been able to lift BTC’s price above the $17k level recently, but they must first break the $18k threshold on their way to testing the 0.618 fib level, or further downside could be imminent. Targets above the 0.618 fib level are 0.786,[$34,994.64]1 [$67,556.46] and the 1,272 fib level [$155,867.48] on the weekly time scale.

Contrary to the bullish plot is bearish traders which wants to continue its larger movement to the downside. After controlling BTC’s price action for most of 2022, bearish traders aim to continue this trend in 2023. Their targets below on BTC are the 0.5 fib level, 0.382 [$10,109.00]and a full retracement of 0 [$3,124.51] which was the bottom for BTC’s price during the previous bear market.

The fear and greed index is 27 Fear and is equal to Monday’s reading.

Bitcoin’s Moving Average: 5-day [$17,024.35]20 days [$16,692.15]50 days [$18,319.44]100 days [$19,781.10]200 days [$25,999.38]Year to date [$28,794.99].

BTC’s 24-hour price range is $16,869.54-$17,263 and its 7-day price range is $16,781.78-$17,263. Bitcoin’s 52-week price range is $15,501-$52,027.

The price of Bitcoin on this date last year was $46,777.

The average price of BTC for the last 30 days is $16,739.9 and its -3.2% over the same interval.

Bitcoin’s price [+0.70%] closed its daily candle worth $17,228 and in the green for the first time in four days on Monday.

Ethereum analysis

Ether price has alternated between green and red daily candles for the past 13 days, and when traders settled on Monday, ETH’s price was +$11.59.

The second chart we look at today is ETH/USD 1D Chart below from SierrasTrades. Ether’s price continued to consolidate above the $1,200 level during Monday’s trading session.

Targets for ETH bulls to the upside are 0.382 [$1,302.56]0.5 [$1,374.05]0.618 [$1,445.55] 0.786 [$1,547.34]and the 1 fib level [$1,677.00].

Those who believe that ETH’s price has not yet bottomed out of this bear market have a primary goal of sending ETH’s price back below the $1,044 level. If they reach that goal, bearish Ether market participants will then aim for ETH’s multi-year low of $883.62.

If they succeed in making a new low in ETH for this bear market, their ultimate goal would be a 90% plus reset in Ether’s price, as that would match the historical trend of the asset’s price in bear markets. A reset on ETH of that magnitude would send the asset’s price below the $500 level again for the first time since November 2020.

Ether’s Moving Average: 5-day [$1,255.45]20 days [$1,222.34]50 days [$1,320.00]100 days [$1,457.38]200 days [$1,817.96]Year to date [$2,027.90].

ETH’s 24-hour price range is $1240.03-$1278.9 and its 7-day price range is $1225.02-$1288.22. Ether’s 52-week price range is $883.62-$4148.85.

The price of ETH on this date in 2021 was $3,780.13.

The average price of ETH for the last 30 days is $1,229.19 and its -3.64% during the same stretch.

Ether price [+0.92%] closed its daily candle worth $1,274.98 on Monday.

Polkadot analysis

Polkadot’s price was the worst performer of the day’s lot, but also finished in the green and was +$0.011 on Monday.

We conclude our price analyzes today with DOT/USDT 1D Chart via MonoCoinSignal. DOT’s price trades between the 1 fibonacci level [$5.00] and 0.786 [$5.16].

The measurements for those longing for DOT are as follows, 0.786, 0.618 [$5.28]0.5 [$5.36]0.382 [$5.45]0.236 [$5.56]and the 0 fib level [$5.73].

Conversely, the levels are significant for bearish traders is the 1 fib level and 1.618 [$4.55].

Polkadot’s moving average: 5-day [$5.31]20 days [$5.41]50 days [$5.92]100 days [$6.71]200 days [$9.81]Year to date [$11.88].

Polkadot’s 24-hour price range is $5.15-$5.18 and 7-day price range is $5.05-$5.51 The DOT’s 52-week price range is $4.99-$32.76.

Polkadot’s price on this date last year was $25.99.

The average price of DOT in the last 30 days is $5.45 and its -14.29% over the same interval.

Polkadot’s price [+0.20%] ended its daily session on Monday worth $5.17 and bulls avoided a fourth straight day of bearish control.