ZB Market Daily: BTC, DOGE & EOS technical daily analysis
TIME Magazine, a global media brand that reaches a combined audience of more than 100 million around the world now accepts Bitcoin and other cryptocurrencies for digital subscriptions.
This announcement was published in the official website of the firm.
From a fundamental perspective, digital asset will gain more public awareness that will enable mass adoption on the mainstream. This news brought lots of relaxation to the crypto market after last week’s sell-off.
DOGECOIN took the bull by the horn to lead the recovery of the crypto market from the dip. The crypto market capitalization rose to an intraday high of $2.092 Trillion.
After minor turbulence on the crypto market, the total market capitalization closed the daily session at $2112 trillion.
Yesterday, BTC price opened the trading at $56145.37 with a bullish engulfing 4-hour candle that broke the 20-period simple moving average during the early hours of the Asian trading session.
The on-balance volume witnessed a breakout of falling triangular wedge pattern as seen on the 4-hour chart.
With uptick in volume, BTC price steered at the EMA crosses and printed a tweezers top below this market indicator. This was a bearish signal that created a minor panic sell-off technically by retail traders.
BTC plunged to a key price level at $54318.14. This level was the bull territory, since the bears has failed in multiple times to tank BTC price below this area successfully.
BTC regained its intraday losses as the price closed above its daily opening price.
BTC will be faced with overhead resistance at $57449.68 and the EMA crosses which will be a minor obstacle in the next trading session.
If the bulls gain volume during the Asian session with high volatility, the bulls could thrust BTC price above $57449.68 to nullify the downward move of yesterday.
DOGE market capitalization increased rapidly yesterday, as the meme token set a new all-time high.
Traders FOMO into the digital asset in anticipation for the token to hit $0.68 which created buying pressure on DOGE pairs.
DOGE became the only token to remain in the Green territory as most Altcoins are in red territory while few made attempts for recovery.
The bulls broke resistance $0.3663 built on 16th April yesterday, with bullish engulfing candle on the 4-hour chart. This volatility caused DOGE to rally by 34.37% to an intraday high of $0.4342.
At press time, the bulls created a minor support of $0.3768 to propel DOGE price to embark wave of impulse moves to the upside.
If the bulls thrust DOGE price above its yesterday minor resistance $0.4125, with momentum on the side of the bulls and broader market volume support, DOGE price could further extend the rally to the upside.
At the close of trading session on 18th April, EOS price broke the EMA crosses $7.1633 without a wick fuel wick to the upside. This showed the bulls exhausted their steam to thrust EOS price above the resistance $7.3813. This resistance (a broken support now turn to resistance) was created on 14th -16th of April.
Yesterday session, EOS tested this resistance in the early hours of the Asian session.
EOS Price printed a bearish pin bar on the EMA crosses. This was a bearish signal that led retail traders to book for profit which resulted to a minor correction to a low of $6.4938.
At press time, EOS gained support this low to recover half of its intraday losses.
On the day ahead, areas of concentration will be a zone of $6.4938 and $7.4358.
The bulls will need to break the EMA crosses during session time that will initiate volume to break the overhead resistance of $7.4358. But if the bulls fails to break the resistance at $7.4358, the bears will be forced to tank EOS price to a low of 4.1278 in the next few session.
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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