The prices of Bitcoin, Ethereum and Gala are rising
Bitcoin price analysis
Bitcoin’s price continued its recent sequence of alternating between red and green candles for the sixth straight day on Tuesday and ended its daily session at +$123.6.
The BTC/USD 3D Chart below from ergal91 is the first chart we analyze for this Wednesday.
BTC’s price trades between the 0 fibonacci level [$15,710.53] and the 0.5 fib level [$22,544.14]at the time of writing.
We can see below that the chart list indicates that Bitcoin’s price is currently in a Wyckoff accumulation phase before the next rally.
If BTC’s price rises soon, the targets are as follows: 0.5, 0.618 [$24,549.84]0.786 [$27,717.1]and the 1 fib level [$32,350.17].
Bearish traders looking to send BTC’s price down next to testing Bitcoin’s multi-year low at the 0 fibonacci level.
The fear and greed index is 29 Fear and is +4 from Tuesday’s reading of 25 Extreme Fear.
Bitcoin’s moving average: 5 days [$17,000.74]20 days [$16,620.06]50 days [$18,518.6]100 days [$20,011.61]200 days [$26,475.42]Year to date [$28,989.4].
BTC’s 24-hour price range is $16,906.4-$17,103 and its 7-day price range is $16,446.88-$17,362.29. Bitcoin’s 52-week price range is $15,501-$52,027.
The price of bitcoin on this date last year was $50,634.
The average price of BTC for the last 30 days is $17,124.3 and its -19.7% over the same duration.
Bitcoin’s price [+0.73%] closed its daily candle worth $17,089.8 and back in the green again on Tuesday.
Ethereum analysis
Ether price followed the overall cryptocurrency market higher on Tuesday, and as traders ended the daily session, ETH’s price was +$11.71.
The second chart on Wednesday’s docket is ETH/USD 4HR Chart of desmondlzw. At the time of writing, Ether’s price trades between 0.00% fib level [$1,071.11] and 38.20% [$1,302.56].
The targets for the upside on ETH are 38.20% and 61.80% fib level [$1,445.55]. The chartist’s bias is that ETH’s price action is bullish because it is currently trading above the Ichimoku Cloud on the 4HR timescale.
Conversely, targets to the downside for those still shorting Ether’s market are the 0.00% fib level followed by a trip back to a triple digit ETH price with ETH’s multi-year low of $883.62 as a third target.
Ether’s Moving Average: 5-day [$1,275.69]20 days [$1,217.40]50 days [$1,326.41]100 days [$1,468.72]200 days [$1,847.19]Year to date [$2,040.67].
ETH’s 24-hour price range is $1,241.56-$1,274.76 and its 7-day price range is $1,217.41-$1,302.22. Ether’s 52-week price range is $883.62-$4482.76.
The price of ETH on this date in 2021 was $4,307.11.
The average price of ETH for the last 30 days is $1,258.08 and its -23.96% for the same interval.
Ether price [+0.93%] ended its daily session on Tuesday worth $1,271.75.
GALA analysis
GALA’s award was the top performer of the lot on Tuesday, and as traders settled for the daily session, GALA’s price was +$0.00121.
The last chart we look at this Wednesday is GALA/USDT 1D Chart below from Worldofchartsfx.
GALA’s price is clearly within a textbook that falls wedge on the daily time scale. To bullish traders to break out of this falling wedge these traders need to eclipse the $0.03143 level.
Bearish market participants looking to continue the downtrend that we can see started back in November 2021. For bears to break out to the downside, they need to push GALA’s price below the $0.02157 level.
GALA’s 24-hour price range is $0.025-$0.028 and its 7-day price range is $0.024-$0.028. GALA’s 52-week price range is $0.023-$0.625.
GALA’s price on this date last year was $0.477.
The average price of GALA in the last 30 days is $0.027 and its -30.03% over the same interval.
GALA’s award [+4.68%] ended its daily session on Tuesday worth $0.02708 and with positive figures for the third trading day in a row.
