ZB Market Daily: BTC & BCH daily technical analysis
BTC Price rallied by 3.39% on Tuesday after break out of consolidation zone. Despite 5.63% losses on the 20th of December due to second wave of Covid 19 outburst in the UK, BTC Price closed the trading session yesterday at $23791.27 at press time.
Yesterday, it was a consolidation opened of the trading session after the bears pressure cooled off from the rapid plunged of BTC Price to a major support of $22550.71 on the 21st of December.
BTC Price opened yesterday trading session at $22694.39 and printed a low of $22502.82 in the first 4-hour of the Asian session.
Although, this low that was printed was a demand zone for the underlying crypto instrument looking at the west direction from the 4-chart time frame.
Crypto bulls leveraged on the demand zone to pressure BTC price to print a high of $23077.51. Although, a minor resistance was created at $23077.51 on the 22nd of December, which caused BTC Price to fall back to a support of $22502.82.
After Minor consolidation, crypto bulls broke out of the range bound of $22502.82 and $23072.91 at 16:00 UTC with a high of $23152.73.
The crypto bulls got more volume to ride on the bullish momentum to the upside, which caused BTC Price to print an intraday high of $23807.23 as of the time of writing.
Technically, the head and shoulder market structure that was printed in our previous analysis on the 21st of December became invalid after the crypto bulls defended $22657.86 major support.
The Bollinger band converged and also the 20-period simple moving average acted as a dynamic support with respect to horizontal support of $23093.47. BTC Price closed the trading session bullish.
RSI flipped higher above a neutral territory of 50 mark and at 59.23 positive territory for bullish bias to the upside.
For the day ahead, the crypto bulls are faced with a major resistance of $24090.91 that was printed during the recent rally.
A break out of this resistance will be a major breakthrough for BTC Price to extend and continue December’s rally to a new record all-time high.
But failure to break this resistance in the next day trading session will lead to retest of the major support of $22657.86.
BCH
BCH Price rallied by 6.23% on Tuesday after preventing the crypto bears from flipping price lower below a major support level.
BCH Price made a major correction after two days rallied from a high of $379.33, leading to a plummet of price to retest a broken resistance of $327.50 on the 21st of December.
BCH Price closed below this Price range which led to the bearish momentum at Tuesday opened trading session.
Yesterday, BCH price opened the trading session at $312.00 with a weak bearish candle. Irrespective of the weakness of the crypto bears, BCH Price fell to an intraday low of $299.50 but got pulled back to close the late afternoon session at $305.71.
This price range was major demand zone for the underlying crypto instrument at $305.71. Volume rolled in the BCH/USDT pairs.
At the closed of the trading session, BCH price printed an intraday high of $324.90.
From technical indicators, 20-period moving average acted as a dynamic support simultaneously with 30 EMA & 10 EMA after a swing low of $312.80.
RSI is 49.99 mark in the neutral territory, which was a signal for a range setup of BCH price.
Based on price action perspective, BCH price did a little pulled back due to a minor resistance that was printed on the 21st of December.
For the day ahead, the crypto bulls are faced with a resistance of $327.50.
If the crypto bulls get some level of volume at $318.85, then a probable break of the resistance could occur.
Traders will need to leverage on the broken resistance as a platform to long their position for a probable target of $368.44.
On the contrary view, if the bulls fails to break the resistance, BCH Price will dip lower to retest $305.71 major 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.
