Bitcoin’s price led the macro crypto sector for the most part higher on Tuesday and finished the day +4.71%.
With business intelligence software company MicroStrategy again purchasing another large quantity of bitcoin, could this be a brief consolidation phase before a real bull run occurs to close 2021?
The chart below from AlanSantana shows that bitcoin touched the bottom of a long time channel and got the desired bounce. If bitcoin heads back to the middle of the said channel that puts its price at the $52k level in time.
If bears have their way conversely they’ll reverse the price at the next overhead resistance which is $47,6k or before.
The Fear and Greed Index is 49 [neutral] and +19 from yesterday’s measurement of 30 [fear].
BTC’s 24 hour range is $45,086-$47,394 and the 7 day price range is $44,031-$47,394. Bitcoin’s 52 week price range is $10,255-$64,804.
Bitcoin’s 30 day average price is $47,744.
BTC is +341.6% against The U.S. Dollar for the last 12 months and -51% against ETH over the same duration.
BTC closed Tuesday’s daily candle worth $47,078.
Ether also was sent higher on Tuesday and finished the daily candle +4.44%.
So, what’s next for market participants trading Ether?
The chartist of the 4hr chart below, MMBTtrader, believes there’s a good chance that Ether is getting ready to break out to the upside.
Ether bulls have been holding strong support resistance at $3,170 and are aiming for much higher prices if they can break out of the overhead resistance at $3,460.
If ETH bulls take that level and send the price higher the next important level is $3,515 before the most recent top is most likely challenged again at $3,9k.
If ETH bears are able to push the Ether price below $3,170 the next stop is $3k before real support at $2,943.
Ether’s 24 hour price range is $3,286-$3,443 and the 7 day price range is $3,173-$3,553.
ETH closed Tuesday’s candle worth $3,430 and in green digits after closing in red digits on Monday.
Polkadot’s price was up as much as 15% on Tuesday before pulling back a bit and finishing the day +6.99%.
The 1hr DOT / USDT chart below from OmidBK2003 illuminates an important backtest by DOT after an important breakout to the upside.
Traders can see that DOT’s restested the now former top of an ascending wedge. Polkadot held that level and looks to be going back to retest the $40 level.
If bullish DOT traders can send DOT’s price above $40 then the next stop could be $42 with the next target at $46.19.
Bearish DOT traders will want to send the price back inside that former structure above and back to the bottom of that structure around $31.49 in hopes of short-term success.
DOT’s 24 hour price range is $34.26-$$38.25 and the 7 day price range is $25.82-$38.25. Polkadot’s 52 week price range is $3.68-$49.74.
DOT’s average price for the last 30 days is $29.20.
DOT is +57.79% against The U.S. Dollar over the last 90 days, +29.31% against BTC, and +11.3% against ETH over the same timespan.
Polkadot closed Tuesday’s daily candle in green figures and worth $37.29.