Bitcoin prices [ 1%] and the altcoin market saw a bounce on Wednesday morning. The aggregate crypto market cap was $1.34 trillion early on Wednesday and managed to hold an important support resistance at $1.3 trillion.
This level has proven to be a strong support resistance for bulls to battle back over the past few weeks and should give bulls hope above that level.
Bitcoin looked extremely weak and fell below critical support resistance at $33k on Tuesday only to trade back above that level on Wednesday afternoon.
Bitcoin’s 24 hour range is $31,588-$33,128 and the 52 week range is $9,092-$64,374.
BTC’s market capitalization is $617 billion and accounts for 44.2% of the total aggregate crypto market cap.
Bitcoin volatility [-9.52%] is down 40% over the last 29 days and it’s heading straight for the bottom of its range to 13.65. This time last summer volatility was already at the bottom of its range and it was beginning to build to the upside.
So, what are traders expecting in the short term on bitcoin?
Bitcoin’s currently inside a falling wedge on the 4hr chart at the time of writing – this structure dates back to the end of June. BTC’s basically in the dead middle of this structure’s range and it could be forming a legendary bullish gartley pattern.
Below is a Investopedia’s interpretation of a bullish gartley. The gartley pattern is a harmonic pattern based on fibonacci ratios and retracement.
The chart below from VincePrince shows bitcoin forming a diamond structure locally inside a larger macro diamond pattern.
BTC’s Fear and Greed Index reading is 20 and down 1 point from yesterday’s reading of 21.
BTC closed Wednesday’s daily candle worth $32,822 for its first green candle since Sunday.
Ethereum [ 3.4%] rallied back above an important level at $2k on Wednesday and continues to do battle in between $2k and $2,5.
The below 1hr ETH chart from YMGroup shows Ether bumping up against an important overhead resistance at $2,080.
This interpretation of what’s occurring shows the bearish outlook getting drastically worse below $1,820. If bears can push the price below this level for an extended amount of time then a longer downtrend could be expected.
Ether’s 24 hour range is $1,864-$2,018 and the 52 week range is $230-$4,352. ETH’s 30 day average price is $2,125.
Ether closed Wednesday’s daily candle 2.7% and it also closed in green figures worth $1,994 for its first green daily close since Sunday.
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