ZB Market Daily: BTC, ETH & ADA weekly technical analysis
In the last week, the crypto market fell and consolidated alongside the stock market due to uncertainty of the US treasury on 10 years yield in the course of last week trading session. This was a great concern for crypto retail traders as they are used to correlate stock market with the crypto market.
The total market capitalization consolidated all throughout last week with a range bound of $1.83trillion to $1.61trillion. Bitcoin dominance plummeted from 62.92% to 60.74% within a consolidation zone. The Altcoin market also followed suit with the leading crypto asset to consolidate with a range bound of $703 billion to $603 billion.
BTC opened the trading session at $59205.48 with an intraday high of $60624.49. BTC price closed previous week session bearish, showing that the bull run was out of steam to further extend the rally to a new all-time high. This lack of commitment from the bulls caused a bearish start to the week on 15th March.
BTC price tanked to a low of $53302.41.
From a daily time frame perspective, on 12th March, BTC price created a minor support of $55560.83 to climb higher to the new all time.
From the daily chart, we could also see lot of rejections to the downside as the bear pressure pushed BTC price to a low of $53302.41.
On the contrary, the bulls pushed BTC price to the upside but got multiple rejections. This resulted to the consolidation of BTC price in last week’s session.
The EMA crosses acted as a dynamic support despite the bear pressure.
At the beginning of new week ahead, if the bulls are able to thrust BTC price above the overhead resistance of $59196.29 and also with support from institutional demand for the underlying crypto asset, we could see a decent rally in the weeks ahead if probable break out occurs in the consolidation zone.
With support of this bias, the RSI is at the over-sold territory on daily time frame. This means that there is still room for rally in the next few sessions.
From a bearish perspective, if volume is low, the bears might be forced to break the EMA crosses and the horizontal support of $55109.43. This will caused BTC to fall to a weekly low of $50427.85 and further more to a low of $46620.71.
ETH opened the trading session last week at $1839.72. In previous week’s session, ETH price closed bearish and created a double top market structure. This double top was a bearish signal since the bulls were faced with a hurdle of $1962.89.
ETH price plunged to a weekly low of $1724.70. All attempts to further dip ETH price lower by the bear failed as the bulls defended this price level.
On 19th February, ETH price made a healthy correction of a monthly rally from a high of $1962.89 to retest a broken resistance of $1400.84.
From a daily time frame perspective, bullish pressure to the upside can be seen on the chart. Technically, taking a holistic view from the daily time frame chart, ETH price printed an inverted head and shoulder pattern. This is a bullish signal on the week ahead.
Areas of concentration will the neckline of the head and should pattern at $1951.98.
If there is high volume to the start of the new week session, and a broader market support, ETH could break the neckline to print a new all-time high of $2800.
With recent fundamental developments of ADA CARDANO, ADA price rallied to revisit the new all-time high during the course of the weekly session.
Last week, ADA opened the trading session at $1.02396. With breaking news of Coinbase listing it, ADA price got volume to push to the upside as retails traders loaded long position.
Within two days, ADA price reached the all-time of $1.47598 as the volatility increased.
On 27th February, ADA price had a rejection wick to the upside. Based on this Sentimental bias towards this pair, traders booked for profit on 18th March. ADA price corrected 50% of the rally to a low of $1.16259.
At press time, the bears are weak at $1.19247, resulting to daily doji candle. If the bulls create a horizontal support and the EMA crosses act as a dynamic support at this price level, ADA price will resume the rally in the week ahead.
But on the contrary, the RSI downtick to the neutral territory and heading to the over-sold territory, the downslope of the RSI shows that if the bears break $1.19247 price range at the beginning of the new week, ADA could loss previous last week’s gains and dip to low of $0.94625.
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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.
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