Dec 16, 2020
ZB Market Daily: BTC, ETH & EOS daily technical analysis
BTC
Yesterday, it was a consolidation opened of the trading session of BTC price. BTC Price rose to an early morning high of $19330.44, leaving an exhausted wick to the top at 04:00 UTC.
Although BTC Price pulled back and closed the flap bullish candle above a minor resistance of $19250.68, this became a support for the bulls to ride on to the upside.
A rebound occurred at $19250.68 support level. BTC Price rose to retest $19563.61 resistance. This level was a hurdle for BTC Price to ride to the upside on the 1st and 4th of December. More so, this created a platform for short bias since the level was psychological areas of potential sell-off.
Traders loaded short position at $19563.61 resistance after the one hour candle at 12: 00 UTC rejected the resistance. BTC Price printed an intraday low of $19054.33 as labeled on the chart below.
Technically, BTC Price is trading above the 20-period simple moving average of the Bollinger band.
At press time, BTC Price rejected 9-EMA which prevented BTC Price from flipping lower.
From a technical outlook, BTC Price forms a double bottom formation at $19157.30. This was bullish signal. The bulls leveraged on this market pattern to push the BTC Price to a high of $19543.20.
A pulled back also occurred at this level due to high traffic looking at the east from the chart shown above.
RSI is mixed at 62.16 mark on the positive territory as BTC Price climbs higher to all time high of 2017.
In the coming days, as the momentum builds up, BTC Price is faced with a resistance of $19708.59. This is probable Price level that the bulls will wrestle with in the days ahead. If the bulls prevail, we could see anticipated 20k.
ETH
Yesterday, it was weak bullish opened of the trading session of ETH.
ETH Price rose to an early morning intraday high $596.71 with a wick to the top.
Although ETH Price made it ways to the first major resistance level at $594.88 after on the 14th of December consolidation. There was lot of rejection that occurred on this level on the 7th, 8th and 14th of December. This was the major reason that ETH Price fell to an intraday low of $580.54 at 12:00 UTC.
ETH rejected the down movement and printed a weak bearish candle. This gave the bullish bias due to the weakness of the bears at the support. ETH Price rose to a late afternoon intraday high $592.13.
Technically, the Bollinger band squeezed as ETH Price consolidated as seen on the chart above.
ETH Price is trading above the 20-period simple moving average of the Bollinger band which indicates bullish pressure to the upside.
ETH Price got volume from the $579.32 support. This level is high level of demand for the underlying asset since ETH Price rejected the downside pressure.
The bulls are faced with lot of traffic at $604.00 and $618.68 resistance. This will be a battle for the bulls to break out in the coming days since the bears will stick around this level to pressure on ETH Price to the downside.
From a technical outlook ETH Price printed $594.27 triple top formation at press time, which will be a probable sell-off scenario if the bulls fail to break above the $594.27 resistance in the days ahead.
EOS
Yesterday, it was a consolidation opened of the trading session of EOS price. EOS Price rose to an early morning high $2.8753 with a wick to the top.
Although EOS Price made it ways to the first major resistance level at $2.8722,
EOS Price was rejected in the early hours of the London trading session at a $2.8722 resistance which led to a fall to $2.8059 support.
Irrespective of the rejection, EOS Price closed as bearish pin bar candle although with a wick to the down to be filled.
Traders loaded their position in anticipation to fill the wick, EOS Price became bullish and the wick was filled.
At the end of the trading session, EOS Price got some level of momentum to continue to hedge higher to an intraday high of $2.8938 as labeled on the chart below.
Technically, EOS Price is trading below the 20 -period simple moving average as dynamic support to the upside. RSI is 56.76 mark on a positive territory.
The 9EMA also acted as a support despite the three consecutive retracement occurred on the 4-hour time frame.
At press time, the Bollinger Band is making attempt to converge and this means a breakout to the upside is around the corner. This will depend on the bulls to load more long position in the coming days ahead to break above the $2.9555 resistance.
But failure for the bulls to break above $2.9555 resistance will lead to plunge of EOS Price.
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.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
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