ZB Market: BTC, ETH & XRP technical weekly analysis
Bitcoin started last week with a strong bullish momentum to the upside. BTC Price broke the previous daily resistance of $1927.07 which was a hurdle in the previous week trading session. This momentum was driven by the accumulation of the underlying crypto asset on the 27th of November.
The closure of daily candle on the first day of trading during the week was lack of steam to ride to the upside. On the 28th of November, the bears took control of the market and pushed BTC Price to retest a demand level of $18127.75. Despite the pulled back, the bulls hold tight to their position at this price level. This created the basis for a range market through the rest days of the week till the time of writing. BTC price wrestled on a range bound of $18127.75 and $19739.44.
Technically from a daily perspective, BTC price printed a market structure of inverted head and shoulder pattern ending the week. This is a bullish signal in the coming week if the bulls have more volume to break 19858.82.
The 20-period simple moving average acted as a dynamic support for BTC price to the upside as the bulls pressure waxed stronger.
The RSI moved to a positive territory of 60 mark. RSI is making an east west movement at press time. Probably making an attempt to the over-bought region, which shows a bullish bias.
Areas of concentration for the upcoming week for BTC price will be a zone of $16933.91 and $19858.82. We would expect BTC price to retest the $19858.82 resistance. Traders could leverage on this support to take long entry for probable target of new all-time high only if the most recent resistance is broken.
Ethereum started last week with a strong bullish momentum to the upside. ETH Price spiked to a weekly high of $682.605. During the week, volumes were rolled into the crypto market which led to the bullish scenario ETH played out on the 30th of November.
As the bull pressure got intensified, the bears steered at ETH Price, which caused a retracement to the $616.746 resistance. This level acted as resistance on the 24th of November, and created a bias for the bears to short their position on the 1st of December.
ETH Price plummet to a low of $562.64.
The bulls didn’t give in on the ETH Price since the ETH 2.0 launch was a fundamental bias for the bulls to defend the fall. This led to the creation of support at $562.64.
ETH Price ranged in the rest of days of the week from range bound of $562.64 and $616.74.
Technically, we could see ETH Price made a market structure of higher highs and higher lows. This shown bullish pressure for ETH price to the upside.
The 20-period moving average acted as a dynamic support as ETH Price rebounded from the $568.52 support level.
The RSI hit the 59.67 mark positive territory, indicating bullish pressure as ETH Price made it way to print a higher high.
Areas of concentration for the upcoming week will be a zone of $616.74 and $ 568.52. We would expect ETH price to retest the $616.74 resistance and turn it to a support. Traders could leverage on this support to take long entry for probable target of $777 as the next higher highs to be printed by the Bulls.
XRP Price started last week with a strong bullish momentum to the upside. On the 30th of November XRP Price printed a weekly high of $0.6628. XRP Price steered at the daily resistance of $0.7027 but failed to break through. This caused XRP Price to dip to a low of $0.5737 on the 1st of December despite the correction of the previous rally. Then a support was held at $0.599. The bear pressure got intensified and caused XRP Price to fall to a weekly low of $0.552.
Technically, XRP price created a market structure of double top from the daily time perspective, which shows the strength of the bulls in the market.
Weekly perspective is bullish pressure to the upside as a solid support was held for period of one month.
The 20-period simple moving average is acting as dynamic support for XRP price to the upside.
Areas of concentration for the upcoming week will be a zone of $0.529 and $0.669. The bulsl will need more volume to break the recent resistance of $0.6699. If this is successful, traders could leverage on $0.669 anticipated support to take long entry for probable target of $0.794 as the next higher highs to be printed by the bulls.
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.
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