Price Analysis of Bitcoin ($ 34k) and Chainlink ($ 18)

Bitcoin analysis

Bitcoin’s price action on Monday kept bulls and bears on a tightrope as BTC’s $ 33k local fund was nearly tested once again. However, the price of BTC managed to react after a lazy morning and the bulls defended $ 33.3k before pushing the price above $ 34k towards the last 4-hour candle of the day.

Bitcoin has had extremely low volatility for a number of consecutive days and has been stuck in a tight price range of $ 33,329- $ 35,968 for the past 7 days. 

The feeling seems to be extremely divided on crypto Twitter about the fact that Bitcoin and crypto in general are currently in a bull or bear market – the next few weeks could reveal the truth with certainty. 

Below is the TradingShot interpretation of the 1D chart and the denotation of the imminent crossing of multiple moving averages. 

A break above the 1D 50MA could bring the price to the exact region I mentioned as an area of ​​attention [for weeks] for traders between $ 41k- $ 44k. 

Failing to break out of the BTC resistance at $ 41k in time could fail the support resistance at $ 33k and the bears could be able to continue doing damage to the downside of the chart. 

Bitcoin’s fear and greed index is 20 and returned to the region of extreme fear on Tuesday 

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BTC recorded a daily candle close of $ 33,668 on Monday.

Chainlink analysis

Chainlink has carved serious support resistance at $ 18 over the past week and has spent much of the past 7 days bouncing around that price.

LINK’s weekly range is $ 18.33 -19.58 $ with extremely low volatility just like BTC during the week.

The Chainlink chart shows serious accumulation in this current price range which is normally encountered with a serious up or down movement of the chart. With much anticipation of DeFi’s summer 2.0, LINK bulls are hoping this coiled snake is about to strike straight up.

The Bulltoshi_NakaWOOto chart below shows a long-term trend line on the 1W chart dating back to March 2020 which serves as a support for a bull market from LINK. Support to this trend line brings the price down to $ 13.30 – which is the lowest plausible entry for traders looking to trade on the bottom of this LINK bull market. 

The bears are certainly aiming to push the price below $ 13.30 or at least hope they have this opportunity to destroy the bullish trendline LINK has placed on this timescale for the past 491 days. 

If the bulls continue to contend at $ 18 and push the price back above the bands on the chart, new all-time highs may be imminent. 

On this date last year the price of LINK was $ 5.37. Since then, LINK has climbed to a new all-time high of $ 52.70, added to its impressive list of more than 500 total integrations, released Chainlink white paper 2.0, and was adopted by nearly every legitimate decentralized financial protocol in the industry. to protect their users from data anomalies or bad actors.

Chainlink’s 7-day range is $ 17.94- $ 19.58. LINK’s 52-week price range is $ 4.75- $ 52.35.

Chainlink had a red daily candle close of $ 18.35 on Monday for its first daily red candle close in 4 days.

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