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December 5, 2022
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Guide & Analysis

Bitcoin over $50,000, rally to Ethereum and Avalanche

The bears are trying to get back into the market and some cryptocurrencies are reacting, reaching a more comfortable zone and having a better chance of making their way towards their ATHs.

Bitcoin over $50,000

Bitcoin price has found some relief in the past two days as demand from buyers has once again outweighed selling pressure from bearish traders in the Monday. Bitcoin price ended the daily timescale on Monday + $1,097.6 and once again above the $50,000 level.

The Bitcoin/USD 1W chart below Babenski allows traders to visualize how close to the 2021 bullrun trendline Bitcoin price was at the most dramatic decline from its current downtrend.

The gist of the following chart is that if the price of Bitcoin exceeds the $40K level and its price hits a candlestick close to that level in the weekly period, the bull market may indeed be over.

Source: TradingView – Trader Babenski – bullrun trend line BTC 2021

Bitcoin price is still trading below all major moving averages except the 200-day MA. Bitcoin moving averages are as follows at the time of writing: 20 days MA ($58,069.03), 50 days MA ($58,246.48), 100 days MA ($51,222.12), 200 days MA (US$48,804.29).

Bitcoin’s 24-hour price range is $47,243-$51,500 and its 7-day price range is $46,633-$58,612. The 52-week price range of Bitcoin is $17,764 – $69,044.

The price of Bitcoin on this date last year was $19,325.

The average price of Bitcoin in the last 30 days is $58,977.

Bitcoin (+2.22%) closed its daily candle worth $50,566 and in green numbers on Monday for the second consecutive day. The value that was being negotiated at the time this article was published was $51,465 (8.62%).

Ethereum Analysis

The price of Ethereum also continued its high on Monday and ended its daily candle at over $158.06.

The Ethereum/USD 1W chart below bearofwallst illustrates how critical the $4,000 level on the 1W chart is. If bulls miss that trendline, the potential for a sharper pullback cannot be discounted.

After giving ground for months, bearish traders have taken advantage of the short-term momentum and now have a chance to extend a downtrend.

etherum
ETH is risking a setback

The Ehereum’s 24-hour price range is $3,941 – $4,379 and its 7-day price range is $3,828-$4,770. The 52-week price range of Etherium is $541.28 – $4,878.26.

The price of Ethereum on this date in 2020 was $592.39.

  • See too: Metaverse tokens are being hammered into the market
  • The average price of Etherieum in the last 30 days is $4,408.

    Etherium (+3.77%) closed its daily candle on Monday at $4,352 and in green numbers for the second day in a row. The amount that was being negotiated at the time this article was published was US$ 4,420 (12.07%).

    AVAX analysis

    The AVAX price rose on Monday to close the daily period at +$7.19, but still closed the day at -35.64% from its all-time high of $144.96.

    The AVAX/USD 1D chart below the trieuvv shows the most critical levels for bulls and bears AVAX.

    For bulls, they are looking to recover and hold 1.382 ($98.09) and push the AVAX price back to test its highest high of 1,618 ($146.70).

    On the other hand bearish traders are trying to push the AVAX price back to the 1 fib level ($51.13). If the bears succeed there, they will focus on a secondary target below 0.786 ($35.49).

    AVAX
    Source: TradingView – Trader trieutv – Avax critical levels

    The AVAX 24-hour price range is $77.54 – $94.95 and its 7-day price range is $77.96 – $126.3. The 52-week price range of Avalanche is $2.82 – $144.96.

    The AVAX price on this date last year was $3.38.

    The average price of Avalanche in the last 30 days is $104.27.

    AVAX (+8.35%) closed its daily candle on Monday at $93.29 and in green numbers for the first time in three days. The value that was being negotiated at the time this article was published was US$ 93.66 (14.11%).

    Source: cryptonomist

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