Bitcoin: a 6-figure price could become a reality

Bitcoin price analysis

Bitcoin rebounded from a session low of $ 47,250 on Wednesday to finish in green figures and as high as 2.67%. 

There is an emerging trend in Bitcoin which causes its daily candle to end near the session lows or highs. 

Below is Babenski’s 2W chart and their interpretation of a ‘make it or die’ moment for operators. 

It can be seen that BTC in the center of this long upward channel dating back to 2013 is almost dead.

It will be imperative for Bitcoin bullish traders to get to the right side of the equator by pushing the price to new all-time highs in the coming months if they are to see a new all-time high in 2021.

Historically, when the price of Bitcoin hit the middle of this range, there was a large upward or downward reaction.

If the Bears fail to push the price below $ 47,000 and back to the below 40,000 level, the chart above could play up and a 6-digit BTC price could become a reality.

Bitcoin’s 24-hour range is $ 47,250- $ 49,255 and the 7-day range is $ 44,213- $ 50,311. BTC’s 52-week range is $ 9,964- $ 64,374 and the 30-day average price is $ 43,889. 

Bitcoin closed the daily candle on Wednesday for $ 48,989. 

Ethereum price analysis 

After a brief pullback, Ethereum’s price is still within its current range on the 1D chart, with zero technical damage over the past 48 hours. 

The chart below from gveton shows the importance of the bulls holding the $ 3.008 level as support resistance should the bears push the price lower in the coming days. 

Below $ 3k, the next significant support on the daily time scale for the bulls is $ 2.4k – if this price falls, a longer bearish trend becomes more likely.

Local overhead resistance for the bulls is $ 3,647, but if this price is breached, $ 4k Ether could be imminent again.

Ether’s 24-hour range is $ 3,080- $ 3,250 and the 7-day range is $ 2,983- $ 3,346. The 52-week range of ETH is $ 320 – $ 4,352. The 30-day average price of Ethereum is $ 2,936. 

The close of Wednesday’s daily candle for ETH was $ 3,228, and finished [+ 1.73%] in green figures. 

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