ZB Market: BTC, ETH & ADA weekly technical analysis
Over $6B in Bitcoin Options was set to expire during last week trading session, April contracts data shows Bets for 80K per BTC price as traders anticipated for more institutional demand. Risk appetite for investment went lower as the volume dropped due to uncertainty of unpredicted volatility during scheduled day. This caused the crypto market to plunge to a low of $1.518 trillion market capitalization.
The crypto market made a recovery of its weekly losses to a high of $1.761 trillion market capitalization after fidelity applies to launch bitcoin ETF. This news brought relaxation from the bearish pressure on the crypto market. Traders leveraged on the news to long their position.
Bitcoin dominance ranges from 60.22% to 61.35% while ETH dominance ranges from 11.74% to 11.26%. Most altcoin were in green territory such as FIL, THETA, and XRP etc.
Bitcoin declined by 10.94% last weekly with over $6300 loss to the bears but made a recovery before the end of the weekly session.
On 21st March, Bitcoin closed the weekly trading session with a bearish pin bar below daily support of $57648.81. This was a bearish signal to the start of the last weekly session.
Bitcoin opened the trading session at $57567.21 with a strong bearish engulfing candle with a weekly high of $58446.20.
The trading volume was low as bitcoin option expiration was set to expire during the course of the week. BTC price tanked to a weekly low of $50388.79 after it broke the EMA crosses at $55304.84.
The lower band of the Bollinger band acted as a daily support of $50,763.38. BTC price retraced back to the upside and closed the weekly session at $55964.08.
From the weekly technical outlook, BTC price closed with a bearish pin bar on the 20-day simple moving average. BTC price could plunged at the beginning of the week to fill the rejection wick to a low of $51069.10 as result of the double top market structural pattern.
But on the contrary, institutional demand could increase the volume and volatility in the course of the week. BTC will be faced with overhead resistance of $58377.36. If the bulls break this price level, we could expect rally to new all-time high of $65K in the week ahead.
After 14-days of consolidation with a range bound of $1951.98 and $1765.59, the bears broke the range to the downside at the beginning of last week session.
ETH price opened last week’s trading session at $1785.29 with a weekly high of $1807.44. The bulls failed to thrust ETH price above the minor daily resistance of $1827.14 in previous week session, initiating a bearish sentiment last week.
The bears close the daily candle below EMA crosses on the 22nd of March, ETH price dip to a weekly low $1539.11 to retest $1568.87 broken resistance. This price level became a support as the bear left ETH pairs a result of a morning star. The weakness of the cause ETH price to retrace back to a high of $1731.35.
ETH closed the week bearish which could instigated bearish sentiment at the beginning of the week ahead.
Key price level to watch out for will be a range zone of $1565.52 and $1761.04. The bulls will need to break $1761.04 and thrust ETH price above overhead resistance of $1957.36 to confirm the correction is over and a new all-time will be printed in the week ahead.
But on the contrary, if the bears forced ETH price to close below $1565.52, ETH price will further slide lower to $1428.09. More so, if this key area is broken, the bears will extend the decline to a low of $1046.29.
ADA closed previous week session bearish which caused ADA price to fall back to consolidation range zone of $1.22092 and $1.02397.
Last week, ADA opened the trading session below the EMA crosses at $1.10578. The EMA acted as a dynamic resistance as the bulls made attempt to hedge ADA price higher above $1.17850.
With series of rejection to the upside, the bears forced ADA price to dip to retest a support of $1.02397. ADA price created triple bottom which caused ADA price to recover to the weekly high of $1.28757.
ADA closed the week with inverse shooting star daily candle and bearish pin bar on a multiple time frame. If the bears break the 20-day simple moving average, ADA will retest the triple bottom. Hence upon breakout below the triple bottom at $1.02397, ADA price will tank to low of $0.81246.
But on the contrary, if the bulls thrust ADA price above $1.31328, ADA will resume the uptrend. More rallies could be expected as volume increases in the week ahead.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Exchange by visiting www.zb.com.