Last week was an amazing week for the stock and the crypto market as more relaxation of financial turbulence was triggerred by the two most expected fundamental news.
Firstly, on 7th March, the U.S. Senate passed the anticipated $1.9-trillion stimulus bill. The US president Joe Biden said that “Today I can say we’ve taken one more giant step forward in delivering on that promise that help is on the way. It wasn’t always pretty, but it was so desperately needed, urgently needed.” This stimulus bill was a big relief from the bear pressure the crypto market undergoing in the past week.
Secondly, a top Chinese listed company MeiTu, made an exciting public statement in the course of the week that “The Group has purchased 15,000 units of ETH and 379.1214267 units of BTC, both crypto currencies, in open market transactions at an aggregate consideration of approximately US$22.1 million and US$17.9 million respectively, on March 5, 2021.”
Hence, despite the sell-off pressure, Bitcoin holds firmly 50k price level due to this news mentioned above.
The total market capitalization rallied from a low of 1.349trillion Dollar to a high of 1.579 trillion dollar during last week session.
Bitcoin dominance plummeted from 62.44% to 60.50% while Ethereum dominance increased from 11.86% to 12.82%. Below is the heat map.
Last week, BTC price appreciated by 16.79% from its previous week dip of $44,948 to a high of $52,552. Bitcoin opened the trading session at $45,131.65 with a strong bullish engulfing candle.
With momentum on the side of the bulls, bitcoin broke a minor resistance of $49,620.66 and spiked to a high of $52,643.88. Bitcoin consolidated in the rest of last week despite the positive spike to the upside of BTC.
On the weekly chart, BTC price is faced with resistance of $53,849.72. But from the daily perspective, the bulls forcedly closed the BTC price above a resistance of $50,353.56. Due to the stimulus package, we could expect volume to roll into the financial market if consumer price index (CCI) will be increasing.
With that been said, if the bulls succeed to break the weekly resistance and the 20-day SMA acted as dynamic support, BTC could ignite another phase of rally above 60K.
But on the contrary, RSI has been crawling on the over-bought territory for a period of weeks, traders could leverage on it to open short position. If the bears break below the 20-day SMA, BTC price could dip to a weekly low of $31,944.28.
Last week, ETH appreciated by 23.33%. It was bullish start to the week, with ETH opening the trading session at the beginning of last week with a bullish engulfing candle.
The bulls prevent the ETH price from sliding below a broken resistance of $1,398.32 after previous week’s dip.
ETH rose to a high of $1,573.64. Due to a daily resistance (broken support) that was created on 4th and 8th of February, ETH price embarked on consolidation with a range bound of $1,473.03 and $1,573.64.
On 6th March, the bulls broke out of the range bound to the upside and rally to a high of $1,736.87.
In the day ahead we should expect more rallies to a high of 1842.67, at this price level there could be profit booking by traders which will result to minor selloff on the intraday. But priority key price level to watch will be $1,951.49. If the bulls successfully break this level, ETH price will sky rock in the weeks ahead.
Last week, DOT appreciated by 13.89% to a high of $38.60 as the buying pressure got increased at the beginning of the week.
Due to low volume to thrust DOT price above $39.60 resistance, DOT price retraced back to the open price of $33.17 of the week.
DOT price closed the daily chart with an Engulfing candle, which is a strong bullish signal to traders on the week ahead.
After gaining a solid support at $33.17 at the close of the weekly session, DOT price could possibly rally to an all-time high of $37.33 at the beginning of the week ahead.
If the bulls break above the $37.33, DOT will hit the all-time high of $39.60 and further rally hard as the volume increases.
More so, as long as the 20-day SMA is not broken by the bears, DOT price could hit 50 from broad market support.
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.