ZB Market Daily: BTC, AAVE & TRON technical daily analysis
At the end of the trading session of 8th March, the bulls successfully broke the hurdle which was created on 24th, 25th February and 3rd March that prevented the bulls from revisiting the all-time high of 58k.
From our previous daily analysis we do mention that on the day ahead, we could expect BTC price to rally to a high of $55,062.30. If traders book for profit at this price level, then we could anticipate for higher lows at $51687.25 for a healthy uptrend.
Yesterday, BTC opened the trading session at $52,347.31. BTC price dipped to retest the broken resistance of $51852.27 to create a fuel wick to the upside.
Bitcoin rallied by 6.76% to an intraday high of $55,790.48 as we forecasted in our previous daily analysis. Although during the course of the day, BTC price created a support at $53,271.38 and a minor resistance of $54,294.46.
These price level will be a zone of retracement that the bulls we need to defend if the traders swiftly booked for profit at $55,790.
But if momentum is on the side of the bulls irrespective of the logical technical bias of the broken support (probable resistance), the RSI crawled on the over-bought region and break the anticipate resistance level of $55,790.48, we could expect BTC price to smash the all-time high of 58k in the next trading session and a fresh record all-time high of 65k could be printed on the day ahead.
Yesterday, AAVE surged by 10.10% as of the time of writing after it tanked to a low of $416.510 but rested on the 61.8% Fibonacci retracement level on the 4-hour timeframe chart.
The early morning Asian session saw AAVE plunge to a low of $416.50. Perhaps it was reflection of lacking of buying pressure at the open price of $439.205 in yesterday’s trading session. The bears quickly rejected a move above the $439.205 in the early hours of the Asian trading session. The lack of buying pressure was also obvious on the On Balance Volume (OBV) after it flattened on the charts.
The Chaikin Money Flow underlined a strong correlation with the AAVE price at a support of $416.510 indicated that capital inflows were responsible for AAVE’s ascension above the 61.8% Fibonacci level to a high of $460.040.
On the day ahead, AAVE bulls will need to break the 78.5% Fibonacci retracement level and the overhead resistance of $490.758, AAVE price could retest the all-time of $581.032 and probably resume the rally to the upside if there is much steam from the bulls.
After TRON price tanking to $0.03813 from a yearly all-time high of $0.06429 on 19th to 23rd February, TRON price reclaimed the 50% Fibonacci retracement level on the 4-hour time frame chart due to support from broader market rally.
Yesterday, it was a bullish open of the trading session. TRON price consolidated with a range bound of $0.05228 and $0.05353.
The On Balance Volume(OBV) spiked and showed that buying pressure was responsible for the price scaling. Trading volumes also ticked up to $1,575,286,219 mark, which sustained TRON price and prevented the bears for lowering TRON price below the 9-EMA. TRON formed a market structure of higher highs and higher lows since a bounce off from the $0.04915 support as an uptrend was in the creation.
The bulls failed to thrust the price above the 61.8% Fibonacci retracement level, which caused a sharp drop in TRON price to a low $0.05073 as of the time of writing. If this first 4-hour candle closes bearish at the early hours of the Asian session, TRON price could dip back to the support of $0.04924. The bulls will need lot of volume and broader market support to prevent the bears from flipping TRON price lower to $0.04593.
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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