- Bitcoin hit a two-year low last week and retested the $15,600 mark after briefly rising above $21,000 less than two weeks ago.
- Like Bitcoin, Ethereum has also attempted to normalize its price action after last week’s dip.
- Chiliz (CHZ) looks far stronger than Ethereum or even bitcoin from an intra-day perspective.
As almost all price analyses (technical and non-technical) show, the bears have now taken control of the crypto market.
The catalyst for this is the FTX scandal that was the talk of the town throughout the previous week. And following this incident, the flagship cryptocurrency, Bitcoin, fell by more than 22% in less than a week.
Bitcoin broke through the $18,250 support that held its price up and even retested the $15,000 zone for the first time in years.
After Ethereum’s stellar performance in previous weeks, the second-largest cryptocurrency by market cap also suffered like its older sibling and plunged to the $1,077 zone.
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In all, several altcoins took a beating, with some of them, like Solana halving in price and others, like FTT coming dangerously close to the zero mark.
However, this article analyzes bitcoin, Ethereum, and Chiliz, another special altcoin that deserves the spotlight, considering how the FIFA world cup is fast approaching.
Bitcoin Price Analysis
Bitcoin hit a two-year low last week and retested the $15,600 mark after briefly rising above $21,000 less than two weeks ago.
From a technical perspective, bitcoin losing its footing around its $18,000 support opens the door to further lows and may even be one of the warning signs that come before a $13,500 bitcoin.
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Historically, when a cryptocurrency (or any other kind of financial asset) breaks through a support level after a range, the energy (or liquidity) gathered during said range is used to push it in whichever direction the breakout occurred.
According to data from CoinMarketCap, after hitting the $15,600 zone, bitcoin is starting to normalize around the $16,000 zone and trades at $16,860 at the time of writing.
The cryptocurrency is far below its $400 billion market cap and now sits at the $330 billion zone. In all, the trading volume of the cryptocurrency over the last 24 hours shows a -22% weakness and now sits at $35 billion.
As illustrated in the chart above, after bitcoin broke the $18,000 mark to the bottom and moved further below the $17,000 mark, the cryptocurrency now appears to be moving in for a retest of this zone before a breakout or a price rejection.
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In all, the daily RSI is still in oversold territory, and the cryptocurrency’s consolidation appears to be an attempt at reaching neutral levels again.
The upper Bollinger band on Bitcoin’s daily chart sits at the $22,000 zone, the middle one sits at the $19,000 zone, and the lower one is around the $15,000 zone, where bitcoin’s bulls have managed to push the price upward from.
Ethereum In The Charts
Like bitcoin, Ethereum has also attempted to normalize its price action after last week’s dip. The cryptocurrency trades at $1,250 after the bounce from $1,077 last week and appears to be doing reasonably well overall.
According to data from CoinMarketCap, Ethereum is also far below its market cap highs and now sits at the $153 billion zone. However, the cryptocurrency’s trading volume is doing slightly better than bitcoin’s and sits at the $11.3 billion mark.
As illustrated by the chart above, after hitting a $1,650 high before the FTX saga, the price of Ethereum fell drastically, even breaking through the $1,300 support in its decline to the $1,077 zone.
However, the cryptocurrency appears normalizing and has even trended up for a retest of the $1,300 zone.
The RSI on the daily chart shows that just like bitcoin, Ethereum is still in the oversold zone and is now trying to normalize before further movement in either direction.
Overall, the upper band of its daily Bollinger bands sits at the $1,800 zone, the middle band sits at the $1,450 zone, and the lower band sits at the $1,000 zone, where Ethereum’s price rejection occurred after the dip.
Chiliz Price Analysis
Interestingly, Chiliz (CHZ) looks far stronger than Ethereum or even bitcoin from an intra-day perspective.
Chiliz, the ERC- based token that powers the Socios fan club for professional sporting teams, is up by 15% over the last day, as calculated by CoinMarketCap.
The cryptocurrency has seen healthy trading volumes over the last day, with a 24-hour trading volume of $793 million and a market cap of $1.4 billion.
After falling along with the rest of the crypto market over the last week, Chiliz hit the $0.166 support and has now entered a bounce to the upside.
Overall, Chiliz appears to be recovering faster than the rest of the crypto market and has moved swiftly to the upside from its race towards oversold conditions on the daily RSI.
After the rejection from the lower Bollinger band [0.166] on its daily chart, the cryptocurrency is now testing its middle Bollinger band around the $0.23 zone.
With the way the cryptocurrency has been moving over the last few days and its strong fundamentals, it likely breaks this point and trends upwards for a retest of its upper Bollinger band around the $0.28 zone.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.