ZB Market Daily: BTC, ETH & BCH technical daily analysis

The Crypto currency market capitalization ranges from $1.014 trillion to 1.162 trillion worth of US dollar as the global uncertainty affected major financial instrument and investors went risk -off sentiment bias towards the crypto market.

Bitcoin dominance dropped from 66.85% to 65.64% with market capitalization of $680 billion US Dollar.

Ethereum had an amazing bull run to hit all time of 2018. Ethereum milestone was as result of Bitcoin consolidating in the intraday session. More so, as many DeFi project are launched on swap platforms, gas fee for the Ethereum network got increased.

Irrespective of the high gas fee, many crypto traders were willingly to pay for the transaction to swap their favorite tokens. As a result of this demand, ETH price rallied hard in the course of the intraday session.


Yesterday, it was a bullish open of the trading session of BTC. BTC started the trading session with an open price of $36,613.67 with an intraday low of $37,855.03 during the Asian session.

The bulls made an attempt to retest the resistance on the 16th of January but failed. This rejection of this price level caused BTC to retrace back to the support of $36,002.29 which was created on the 18th of January.

BTC 4-hour chart

From the charting pattern, BTC is going through 5-day consolidation after printing a fake out to the downside on the 17th and 18th of January.

The Bollinger band also converges with respect to the consolidation as the volatility of the Bitcoin is stable. This shows that there is no pressure from the bulls or the bears.

Despite the bearish pressure that came towards the end of the session, the bears were unable to break the 20-day SMA and also the 9-day EMA, as the bulls stood on their ground to defend the BTC price.

For the day ahead, if accumulation of Bitcoin can be influenced by fundamental impact news, we could get some volume at $35,787.37 to push BTC price to break above the $37,626.21 resistance. If this scenario plays out, then we could revisit the all-time high of 40k.

But on the contrary, if the bears break below 34229.88 support, then we could see the market retest a lower low of $31,468.88.


ETH price rallied on Tuesday by 13.84% after a break out of daily resistance of $1,240.19.

Yesterday, it was a bullish open of the trading session of ETH. ETH started the trading session with an opened price of $1,256.11 without a wick to the bottom due to high demand by traders and investors at $1,181.18 price level.

Due to high momentum on the side of the bulls, ETH price smashed on the 9th and 16th of January resistance to print an intraday record high of $1,435.30.

As traders booked for profit, ETH price made a correction to a low of $1,353.85 but the bulls didn’t gave up on the fallen price but more long positions were added which made ETH price to steer at the $1,500 anticipated price level.

ETH 4-hour chart

Technically, ETH price created a market structure of higher highs and higher lows. ETH price was pulled back to retest the 20-day SMA.

However, from market indicator, the Awesome Oscillator printed green bars on its histogram to indicate that the bullish momentum waxed stronger. The price has tested the 99 mark on during trading sessions and is making an attempt to reach the 200 mark.

As of time of writing, the bulls are creating a support at $1,344.57 which is at the 78.6% retracement of the Fibonacci level.

This could be a platform for a higher lows in the day ahead. Although the bulls will be faced with recent hurdle of $1,433.27 resistance, which the bulls will need to battle with to reach the psychological level of $1,500 target.

If the price level successfully achieves, the bulls can further extend the rally to a high of $1,757.03 in the near term.


After 4 days of range market for the BCH price, the bulls finally break out a range boundary of $467.79 and $507.58 on the 18th of January.

This bullish momentum ushered traders to long their position yesterday.

BCH price rallied on Tuesday by 9.05%.

Yesterday, BCH started the trading session with an open price of $509.00 with a fuel wick to the bottom at an intraday low of $503.31. This fueled wick accelerated the rally to print an intraday high of $553.52.

BCH 4-hour chart

On the 21st of January, BCH created a support at $553.52 which got broken on the 11th of January. Based on the sentimental bias, as BCH price revisited this historical resistance level, traders booked for profit which resulted the fall of BCH price to a low of $511.36.

As of press time, BCH price created a market structure of higher highs and higher lows.

The bears could not lower price below the 9 day EMA. The EMA acted as dynamic support to the anticipated higher lows. If a bullish candle closed above the 9-day EMA and above the broken horizontal resistance of $511.36, we could anticipate for extension of the rally in the days ahead.

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