ZB Market: BTC, ETH & XRP technical weekly analysis
At the beginning of last week, the total market capitalization plunged to a weekly low of $1.781 trillion. Traders were indecisive as the candle closed with Doji candle on 5th April. A reverser occurred after the bulls defended the key price level of $1.816 trillion market capitalization which resulted to huge rally during the course of the week to print an all time high $2.064 trillion by market capitalization.
Bitcoin dominance plummeted from 58.29% to 55.13% as it retested its broken resistance built on 20th April 2020. Bitcoin dominance depreciated and gave room for the Altcoin market to rally to the new all-time high of $919 billion market capitalization.
Irrespective of the SEC lawsuit, XRP took the bull by the horn to lead the Altcoin market rallies. It seems that XRP is getting a legal victories as Ripple lawyer’s got recent positive result which includes winning access to internal SEC discussion history regarding cryptocurrencies, and the court had denied the SEC the ability to disclose the financial records of two Ripple execs, including Garlinghouse.
ETH also hit a fresh record high in the course of last week as shown on the heat map below.
BTC
Last week, BTC opened the trading session at $58114.10 with a bullish hammer candle but closed the daily session below 14-days resistance. This key zone has been a hurdle for BTC to resume the uptrend.
Traders liquidated their long position which caused BTC price to break the EMA crosses to a daily low of $55497.05 on 7th April. The bulls struggled to recover its daily losses after gaining support at $55497.05.
On 1oth April, BTC broke the 20–day SMA and also the heavy horizontal resistance at $59230.23 to retest its all-time high of $61555.50.
The RSI move sideways above the neutral territory, this shows momentum is building up for a probable rally in the week ahead.
Volatility is set to go higher as an America crypto exchange goes public, this could increase demand for BTC at the support level of $59230.23.
If the bulls thrust BTC price above the overhead resistance of $61555.50, BTC will rally to a new all-time high of 70K in the week ahead.
ETH
After ETH recorded all time high of $2135.31 on 2nd April, the bulls lacked steam to further extend the rally at the close of the previous session which caused ETH price to fall to a low of $2003.36.
Last week, ETH opened the trading session at $2071.56. On the lower time frame, ETH printed a double top at the beginning of the week which resulted to ETH price decline to a low of $1960.11.
On 8th April, ETH gained volume to recover its weekly losses. ETH closed the weekly trading session at $2137.22 due to the resistance that was created on the 2nd of April.
Despite ETH price ranges all throughout last week trading session, ETH still remains in bullish territory as it printed higher highs and higher lows.
Money flow index upsloped to 76index which indicated inflows of cash into the ETH pairs. The 20-day SMA acted as a dynamic support as the bulls made attempt to close ETH price above recent resistance of $2137.22.
For the week ahead, if the bulls thrust ETH price above the $2137.22 at the beginning of the week, ETH will resume the uptrend to create a higher high of $2800.
XRP
Last week, XRP rallied by 136.50% to high of $1.49 which was last seen during the 2017 bull market. From a fundamental perspective, the SEC lawsuit against gets soften as SEC lacks concrete evidence to nail XRP. This gave investors hope and confidence to hold firm their respective long positions.
XRP opened the trading at $0.63113 with bullish engulfing candle on 5th April.
As FOMO drifted into XRP in anticipation for price to hit $1, volume got increased. Despite the profit booking at $1.09824, the XRP bulls continue to push XRP higher to weekly high of $1.49212.
RSI is at the over-bought territory, at press time, XRP army steered at the 20-day SMA to gain support for uptrend continuation.
XRP is faced with a yearly resistance of $1.40 in the weeks ahead. XRP could undergo a correction of the last week’s rally to a low of $1.0622. This price level will be a higher low for traders to leverage on for buy opportunities.
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.
