ZB Market: BTC, ETH & DOGE technical daily analysis
NYDIG partnered with Fintech giant Fidelity National Information Services to enable U.S. banks to offer her customer to be able to make bitcoin transactions. From official press release, NYDIG said that,
“What we’re doing is making it simple for American and corporations to be able to buy bitcoin through their existing bank relationships,” Sells said. “If I’m using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin.”
This is another step forward for bitcoin adoption as the global usage illuminate round the world and institutional demand keep pushing bitcoin higher.
In the past 24 hours, the crypto market volume spiked to record high of $351,977,410,654 as DOGE and Ethereum stormed the crypto market with massive volume of trading to lead the altcoin season.
The total market capitalization also increased 4.7% to a high of $2,438,818,784,915 with BTC & ETH dominance at 43.5% and 16.4% respectively.
As bitcoin keeps dropping, whales are moving gains from large market cap to low cap initiating altseason this month of May.
BTC, the flagship digital asset rallied by 9.32% yesterday with over $4952 gains from the dip.
Previous session saw a massive decline to the downside to a low of $52886.09 yesterday, BTC gained a support at this key level after it created a double bottom market structure. The bulls held the support from 26th April till date.
With bullish engulfing candle during the Asian open session, the bulls retested the EMA crosses at a confluence point of $55323.6. A pullback was witnessed as traders booked for partial profit before another leg up was registered to the upside.
The bulls broke EMA crosses and caused BTC price to an intraday high of $58157.9.
As of the time of writing, BTC traded above $56424.07 resistance. Technically, BTC created a head and shoulder market pattern. The bullish divergence of the Bollinger band indicates there are potential for upside for new record high of 70k.
Although areas of concentration for breakout in the day ahead are $56424.07 and $58108.07 for bearish and bullish bias respectively. If the first 4-hour candle during the Asian session closes bullish, BTC price could ranges and momentarily gains volume to break $58108.07 hurdle to resume the uptrend.
ETH, second leading crypto asset by market capitalization of $401,415,263,785 ranges yesterday although registered a new record all time high of $3541.22.
Prior to yesterday, ETH made a massive rally to the upside. After gaining a support at $3215.05, ETH resumed minor rally to revisit an all-time high of $3522.83. ETH reached an intraday high of $3550.40.
Yesterday session saw cool-off from previous session rally, which caused the ETH price to print a bullish flag.
As of the time of writing, ETH penciled on the 20-period SMA as dynamic support. Technically, ETH meandered on the green channel of the Modified Schiff Pitchfork to the upside.
The bulls steered at the upper of the channel for a probable breakout to the psychological level of 4k mark in the next few session. But in contrast, the RSI shows signs of weakness of the bulls as the bulls wrestled with bears at a resistance of $3548.78. If there are volume in the London open session, the bulls will thrust ETH price above the hurdle of $3548.78 in the next few sessions.
The crypto-market’s premier meme coin, DOGE, has witnessed a massive bull run due to consistence support from crypto enthusiast as Elon musk frequently tweeted about the digital asset as the world accepted coin.
DOGE extended its rally to an all time high of $0.69581 by 29.18% after it broke a minor resistance of $0.57303.
An evening star was created at the upper band of the Bollinger band leading to minor correction to an intraday low of $0.51992.
The bulls defended $0.57063 support (a broken resistance that turns to support) at 16:00 UTC during the New York session. The bulls leveraged on the 20 period SMA to push DOGE price to retest the $0.66199 recent resistance.
Technically, DOGE printed a bullish flag on the 4-hour chart. If the bulls break above the $0.66199 resistance during the Asian session , we could see a new record high of $1 in the next few session if the volatility is on the high side.
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.