Price and trend analysis of Bitcoin [BTC] and Polygon [MATIC]

Bitcoin analysis

Bitcoin’s support resistance at $ 33k is becoming almost legendary after weeks of holding this price. BTC has been within its current range of $ 30k- $ 35k for 3 weeks and the broader trend of $ 29k- $ 41k for months.

Sentiment on social media is still very divided on whether bitcoin is currently in a bull or bear trend.

The Fear and Greed index that measures sentiment towards bitcoin is at 20 for July 13 – 5 points lower than Monday’s reading of 25.

The chart above from AtlasTrades shows bitcoin underpinning an ascending wedge on the 2-hour timeframe. It looks quite similar to other time scales as well and $ 33k has been a real bull and bear war for a long time. 

Over the next few weeks, traders should really have a greater understanding of where they are in the second half of 2021.

One indicator that BTC’s trend may be in the process of a bullish reversal with a continuation to the upside is the recovery of bitcoin’s hash power. BTC’s hash power has bottomed out at 83m. The peak of BTC during the uptrend was at 180m before Chinese miners shut down their plants and caused a 53% drop. 

From the bottom of the hash power, bitcoin has fetched nearly 20% up to 100 million. This figure puts BTC just below the level it was before its massive rally in late 2020 and early this year.

Bitcoin’s 24-hour range is $ 32,600- $ 34,655 and the 52-week range is $ 9,092- $ 64,374. 

BTC closed the daily candle on Monday with a value of 33,090 and in the red [-3.36%].

Polygon price and trend [MATIC]

MATIC opened its last 4hr candle on Monday in the red [-6.8%]. Support resistance around $ 1.00 has been extremely strong for weeks but has been cracked after weak buying pressure in recent days from the Polygon bulls.

Although Polygon is designed as a layer-2 solution for Ethereum, some believe the Polygon network is operating as its own layer-1 and is actually a competitor to Ethereum and other layer-1 smart contract platforms. 

The continued additions of Polygon have excited the bulls of this project, however will the price follow the news in the coming months?

TradingView ‘s Big_Mike716 chart above shows how MATIC buildup has been tightened on a daily scale . A break above this structure could send the price back to $ 1.20 before seeking further confirmation to the upside.

The bearish scenario looks like a breakout of the current side accumulation and a continuation to the downside. Should a lower-digit trip occur, the bulls will be looking at $ .81 on the daily chart for support resistance.

Polygon’s 24-hour range is $ .963- $ 1.05 and the 52-week range is $ .022- $ 2.62.

The average price of Polygon over the past 30 days is $ 1.19 [-26.31%].

Matic closed Tuesday’s daily candle in the red [-4.36%] and at a value of $ .996.

News Source