ZB Market: BTC, ETH & BCH technical weekly analysis
At the beginning of last week, Micro strategy announced that the organization will be paying its board of directors in Bitcoin. Fundamentally, Microstratety fueled the rally of the crypto market. The total market capitalization appreciated to an all time of $2.133 trillion during the Asian trading session on 12th April.
The crypto market made a rally to an all time high of $2.305 trillion as traders increased their risk appetite in demand for digital asset in anticipation for a Bull Run due to Coinbase stock that will be listed on NASDAQ. Bitcoin, Ethereum, Bitcoin Cash and most old coins skyrocketed such as in the lite of Neo, Doge etc.
During the weekend, the crypto market crashed to a low $1.757 trillion. From a fundamental perspective, there was a rumor that the US financial regulating agency will be going after unnamed “financial institutions” alleging crypto-related money laundering. More so, some executive of Coinbase dumped $5 billion worth of shares shortly after the listing of stock on NASDAQ.
These red impact news created panic sell-off which caused the Bitcoin and Altcoins lost their weekly gains as shown on the heat map below.
Bitcoin declined by 20.92% last week with over $13553 loss to the bears after it reached a yearly all time high of $64597.81.
Bitcoin opened the weekly trading session at $59887.30. The bulls pushed BTC price to a high of 64763.10 but the buying pressure was weak at the upper band of the Bollinger Band.
Traders went on risk-off to stable crypto assets like USDT and QC as the bears broke the 20-day SMA. Selling pressure went hard as traders liquidated their long position due to correlation of coin sell-off.
BTC price tanked to $51210.04, a support built on 25th March. Buying pressure caused BTC price to wick up and closed the weekly session at $55999.81.
In the week ahead, we could expect some recovery to a high of $59378.51 at the beginning of the week as a retest. This key price level will define a start to bearish trend or bullish continuation. If the bulls thrust and close BTC price above $59378.51, the uptrend will resume. But if the bulls fail, the bears will be forced to pull BTC price to fill last week’s wick to a low of $51031.12
Last week, ETH rallied by 20.44% to an all time high of $2557.18.
ETH opened the trading session at $2123.18. ETH created three soldiers bullish candle to the upside to reach the all-time high but traders booked for profit as the daily candle closed with tweezers top. This was a bearish signal created on 16th April.
ETH lost its weekly gains after it broke the EMA crosses and tanked to a weekly low of $1954.64.
ETH price closed the weekly session with an inverted hammer candle on the chart chart at a high of $2230.85.
At press time, ETH is making an attempt to create support at $2116.80. If ETH closes the daily session bullish on 19th April’s session. This will form the bases for a higher low. ETH price will revisit $2557.1 in the next few session. Upon breakout of the higher highs of $2557.18, ETH will print a new breaking record high of 3k in the weeks ahead.
Last week, BCH rallied by 85.03% to a high of $1212.63.
BCH created a parabolic moves to the upside after the bulls broke a resistance that built on 21st February. With lots of volatility during the mid-week, BCH price gained volume to rally hard.
Although an exhausted wick was formed as traders booked for profit. The daily candle on 17th April closed with an inverted shooting candle as sign of correction is near. BCH fell to a low of $814.20 as broader crypto market were in red territory.
RSI is in the over-bought territory and at press time, it points sharply to the north for more probable rally. We could anticipate for a bullish flag to be created with a range bound of $898.90 and $1046.36 in the next few trading sessions.
A break out of the bullish flag at 1046.36 will propel BCH to rally to new high.
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.
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