ZB Market Daily: BTC, ETH & DOT Technical Daily analysis

Yesterday, from the official website of MicroStrategy it was reported that the company would be selling $900 million in convertible senior notes due in 2027 in a private offering to qualified institutional buyers. The proceeds of the sale will be roughly $879 million. However, that it could be as high as $1 billion “if the initial purchasers exercise in full their option to purchase additional notes.”

Microstrategy expected to close the offering on Friday, at which time it would “acquire additional Bitcoin.” This fundamental news release created more bullish on Bitcoin and Altcoins during the course of the day.

Bitcoin surged above Tencent, Chinese technology conglomerate by market capitalization and currently ranking the 9th position in global stocks.

On 14th February, Bitcoin rallied by 7.20% after it broke a strong resistance of $49,077.63 which was a hurdle.

BTC

Yesterday, it was bullish start to the trading session of BTC price as the first 4-hour candle closed with a bullish flap with a high of $50,315.78. As BTC price wick down to retest the broken resistance of $49,077.63, traders loaded more position, creating more bullish pressure on Bitcoin.

BTC price rallied to an intraday high of 52579.83 at the closed of the trading session.

BTC 4-hour chart

The market trend is still bullish to the upside as the 9 EMA acted as a dynamic support. More so, the RSI is crawling to the over-bought territory as a sign of strong continuation of the bullish trend as BTC price created higher highs at $52,579.83.

Although BTC price closed with a shooting star candle which indicates bearish signal to the day ahead for probable correction of the rally to higher lows of $50,987.92.

That been said, the bulls will need to sustain BTC price at this level and also prevent the bears from breaking the 20 period SMA. On this anticipated scenario, traders can long their position for a fresh all-time high in the day ahead.

ETH

ETH rallied by 8.92% yesterday after it briefly gained a support at $1,748.71.

Yesterday, it was a strong bearish engulfing open of the trading session for ETH.

ETH opened the trading session at $1,782.58 with an intraday low of $1,744.60. The bulls defended the $1,747.68 price level during the Asian session. This price level was key area since it acted as a support and resistance simultaneously in several occasions.

The bulls took absolute control of this price level implied that the bulls are in charge to drive ETH price to a new all-time high.

With this bullish pressure, ETH bulls broke the heavy resistance of $1,832.54 to print an all-time high of $1,919.79 as of the time of writing.

ETH 4- hour chart

After 8 days of range market structure, ETH finally broke out to the upside for uptrend continuation as the 9 EMA acted as a dynamic support for ETH price to climb higher to the psychological level of 2k.

Moving average crosses moved above the signal line and the histogram on the MACD is on the increased which implies that momentum is on the side of the bulls for probable rally in the days ahead.

A decent entry for buy position will be at $1842.80 if price retraces to retest the broken resistance.

DOT

DOT price traded above the $30 mark yesterday, which caused a lot of rejection to the upside in previous sessions.

With more volume rolling into the crypto market, the bulls continued to push the crypto asset to the north on the 4-hour time frame chart.

The uptrend was flawless on the 4-hour timeframe as the crypto currency cracked higher highs and rallied to an intraday high of 32.2309 by 7.21% yesterday.

DOT 4-hour chart

The Chaikin money flow headed north above the halfway line and showed that capital inflows were solid as DOT price attempted to crack more highs with impulsive moves to a fresher high in the day ahead.

From other market technical indicators, the MACD line moved above the Signal line, with the histogram noticed a slight dip in bullish momentum for probable correction to a support of $30.1455. If the bulls defend this support will could continue the rally to print a new record high with support from major market.

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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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