Bitcoin price, + 5% for the Wednesday session- The Cryptonomist

Bitcoin price analysis 

Bitcoin’s price was up as much as 10% at times on Wednesday and closed its daily session with a bullish engulfing candle [+3,205.3].

Today we’re looking firstly at the BTC/USD 1D chart below from evillz. BTC’s price is trading between the 0.786 fib level [$37,796.59] and 0.618 [$44,466.02], at the time of writing.

The most important short-term targets for bullish BTC traders are 0.618, 0.5 [$49,150.50] and 0.382 [$53,834.98].

Their bearish counterparts are seeking to push BTC’s price back below the 0.786 with a secondary target of 1 [$30,301.00].

Bitcoin price analysis 
BTC’s price is trading between the 0.786 fib level [$37,796.59] and 0.618 [$44,466.02]

The Fear and Greed Index is 28 Fear and +6 from yesterday’s reading of 22 Extreme Fear.

Fear and Greed
The Fear and Greed Index is 28 Fear

Bitcoin’s Moving Averages: 20-Day [$40,829.45], 50-Day [$41,155.13], 100-Day [$48,713.32], 200-Day [$45,662.07], Year to Date [$40,919.39].

BTC’s 24 hour price range is $38,729-$42,500 and its 7 day price range is $37,387-$44,023. Bitcoin’s 52 week price range is $29,341-$69,044. 

The price of bitcoin on this date last year was $56,020. 

The average price of BTC for the last 30 days is $40,755. 

Bitcoin’s price [8.27%] closed its daily candle worth $41,962.3 on Wednesday and in green figures for a second straight day. 

Ethereum Analysis 

Ether’s price also bullishly engulfed its daily candle on Wednesday and finished the day +$149.73.

The second chart we’re analyzing today is the ETH/USD 1D chart from TradingShot. Ether’s price is trading between 0 [$2,161.07] and 0.382 [$3,200.61]. 

Traders seeking higher Ether prices are hoping to break the $3k level, 0.382, and then challenge 0.5 [$3,521.72]. Bearish Ether market participants are conversely hoping to finally snap the 0 fib level and then push ETH’s price below $2k for the first time since July 2021. 

Ethereum Analysis 
Ether’s price is trading between 0 [$2,161.07] and 0.382 [$3,200.61]

Ether’s Moving Averages: 20-Day [$2,798.28], 50-Day [$2,959.71], 100-Day [$3,606.85], 200-Day [$3,222.84], Year to Date [$2,928.36].

ETH’s 24 hour price range is $2,575-$2,763 and its 7 day price range is $2,467-$2,966. Ether’s 52 week price range is $1,558-$4,878. 

The price of ETH on this date in 2021 was $1,802.

The average price of ETH for the last 30 days is $2,799. 

Ether’s price [+5.81%] closed its daily candle on Wednesday valued at $2,726.94. and has closed in green digits for back to back days. 

Cardano Analysis

Cardano’s price also finished its daily session with a bullish engulfing candle and +$.05. on Wednesday.

The ADA/USD 1D chart below from Hossein_Fatapour illuminates the importance of bullish ADA traders reclaiming the 0.786 and rallying to the upside before further technical damage is done. 

Bearish ADA market participants know that if bullish traders fail to hold the 0.786 and fail to attempt to challenge 1 [$2.43] again, over time the probability of pushing Cardano’s price back down to the 0.618 fib level [$0.37] increases dramatically.

Market participants looking for further downside on ADA have a secondary target of 0.5 [$0.21] and 0.382 [$0.11] on the daily time frame.

Cardano Analysis
Bullish ADA traders are reclaiming the 0.786 and rallying to the upside

Cardano’s Moving Averages: 20-Day [$0.94], 50-Day [$1.10], 100-Day [$1.40], 200-Day [$1.63], Year to Date [$1.09].

Cardano’s 24 hour price range is $0.80-$0.86 and its 7 day price range is $0.78-$0.94. ADA’s 52 week price range is $0.74-$3.09. 

Cardano’s price on this date last year was $1.14.

The average price of ADA over the last 30 days is $0.95. 

Cardano’s price [+6.07%] closed its daily candle worth $0.85 on Wednesday and in green figures for a second straight day.

Source: https://en.cryptonomist.ch/2022/03/10/bitcoin-price-finish-greater-than-5-wednesdays-daily-session/