ZB Market Daily: BTC, DOT, & LTC technical daily analysis
The crypto market got a relief from the massive sell-off sentiment from last week’s trading session as lots of institutional bias were bullish on the dip.
Bitcoin and Altcoins got ignited with current bull run again as Goldman Sachs Group Inc. has restarted its cryptocurrency trading desk and will begin dealing with bitcoin futures and non-deliverable forwards for clients from next week.
More so, Michael saylor, the CEO of MicroStrategy, said in a tweet that “MicroStrategy has purchased an additional 328 bitcoins for approximately $15.0 million in cash at an average price of approximately $45,710 per bitcoin.”
Crypto market volatility was felt yesterday as the total market capitalization saw a recovery to a high of 1.489 Trillion US dollar from a low of 1.36 trillion US dollar.
Yesterday, BTC opened the trading session at $44,430.61 with a bullish flap candle in the first four hours of the Asian trading session. BTC closed the 4-hour candle above a support of $44,812.83.
The bulls broke the middle band of the Bollinger and also respect the horizontal support of $46,076.89. With these bullish pressure and momentum, BTC price rallied by 12.28% to an intraday high of $49,737.63 at the close of the daily session.
BTC price will be faced a heavy resistance of $50,959.78, which could launched a sell-off in the days ahead as traders are expected to book for profit at this price level.
If the bulls have enough volume and steam to break and close the 4-hour candle above the resistance of $50,959.78 that was recently created on 25th February, we could anticipate for the bulls to revisit a minor support of $53,206.63 in the day ahead.
Failure of the bulls to break above $50,959.78 will invalidated the bullish movement and BTC price could dip to low of $47,597.67
Yesterday, DOT opened the trading session at $33.5414 with a shooting star candle in the first four of the Asian trading session. DOT closed the 4-hour candle above a support of $32.9863. The bulls took advantage of the bears as the bears were indecisive to dip DOT price below the support.
DOT price bounced off the 20-day SMA with respect to a horizontal support of $32.9863
The 50 and 20 moving averages upticked and the RSI is above 60 and steering at the over-bought territory for another rally.
The bulls thrusted the DOT price above $34.9848 at press time, which will propel DOT price to rally to $41.7574 in the days ahead.
This bullish sentiment could be overturned if the DOT price rejects $39.7589 resistance and breaks below the 20-day SMA.
On 28th February, LTC price broke below the 20-day SMA and dipped to a support of $155.52. As the broader market recovered from the dip, LTC followed suit.
LTC price closed above a recent recent resistance of $163.98, which spiked a bullish bias. Traders took buy position as the support of $164.34.
The bulls are presently trying to thrust the LTC above $176.85 resistance. This resistance has been a hurdle for LTC price to resume its rally.
Technically, the bulls broke out a descending triangular market structure on the 4-hour chart. And also tested the upper band of the Bollinger band due to high volatility at the close of the daily candle.
High volume will be needed by the bulls to break and close the first 4-hour candle above the $176.85 resistance during the Asian trading session in the days ahead. If the bulls successfully break out, we could anticipated for LTC price to resume the rally. Traders can launch a buy position if LTC price retest the broken resistance.
If the bulls can propel the price above the 20-day SMA, the pair could rally to $205.97 and if there are more momentum, LTC price will revisit $243.85
But on the contrary, failure of the bulls to break above $176.85 resistance could lead to dip to a low of $154.05.
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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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