ZB Market Daily: BTC, ATOM & FIL technical daily analysis
Visa announced yesterday that it now settles payments in USDC stablecoin on the Ethereum blockchain.
According to Visa’s chief product officer Jack Forestell said yesterday that “the announcement was major milestone in visa ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency,” he further added ,”And it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.”
From a fundamental perspective, this was a bullish news for the crypto market.
The crypto market capitalization grew rapidly to revisit previous all-time high of $1.816 trillion from a low of $1.672 trillion.
BTC appreciated by 5.43% after it broke a minor consolidation with a tight range of $55310.76 and $56484.07. This was as result of the fundamentals impact that acted as catalyst which caused BTC to ride to the north direction as volume increased.
Despite the bearish pressure that broke the EMA crosses during the Asian session, the bears ran of steam to plunge BTC price below a key support zone (a broken resistance at $55063.75 which now turned to support) while the 20-day simple moving average acted as a dynamic support .
From other market technical indicator, Awesome Oscillator showed strong bullish momentum as the green bars remained above the signal line.
The bulls were faced with a resistance which was a hurdle for BTC price to hedge higher. BTC fell to low of $57106.12.
At press time, the EMA crosses acted as a dynamic support, if there is more volume during the Asian opening session, this could spike BTC to retest an overhead resistance of $59456.79, once the bulls gain enough intraday momentum, BTC could rally to revisit the all-time high of $61880.70 in the day ahead.
After major correction of 30.67% loss from its all time high, ATOM price revisited a support at $16.585. This level was high level of demand for the underlying asset since the bears has failed in several occasion to dip price below the $16.585 mark.
ATOM created a bullish channel by mounting up higher highs and higher lows as it head up to upside.
Technical buy opportunity were found at the higher lows. Accumulation of ATOM at $18.986 caused a push to the upside. ATOM price printed an intraday high of $20.988.
From market indicator, the Awesome Oscillator shows momentum was strong and was on the bullish side as the green bars rose above the signal-line. If there is a spike in the 24-hour trading volumes could signal the breakout of the overhead resistance of $21.062.
In the day ahead, if the bulls gain enough momentum to break the overhead resistance, the bulls will be targeting to retest $24.426 mark in the next few sessions.
After major rally to the upside to an all time high of $139.2717, FIL price consolidated with a range bound of $135.4329 and $122.9568. Double top market formation can be spotted on the 4-hour chart. This bearish signal caused FIL price to undergo correction to a low of $121.3573.
The bears lacked steam to lower the FIL price below the EMA crosses.
Although there was no significant price action but taking a holistic view on the 4-hour chart, technically a bullish flag has been created. The Bollinger band converged as a sign of breaking the consolidation. The RSI moves above the neutral territory which connotes a bullish trend continuation.
For the day ahead, if the bulls break above the upper level of the flag, FIL will rally to a new all time high.
But on the contrary, if the bears break below $121.3573, FIl price could undergo a major correction to low of $92.7264 in the day ahead.
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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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