Feb 3, 2021
ZB Market Daily: BTC, ETH & LTC technical daily analysis
BTC
BTC rallied by 7.75% yesterday after breaking out of the two days consolidation zone.
From our previous analysis we do mentioned that the bulls will need to break the consolidation zone with high volume as a requirement for BTC to continue the rally, since the bears are still creating some levels of sell-off pressure. And also, if the bulls break out the price range, we could see BTC revisit $37,172.01 as the first primary target for long position. BTC price successfully reached a high of $35,972.25 yesterday.
Yesterday, BTC opened the trading at $33,524.98. With high volume and strong momentum from the bulls, the bulls broke the heavy resistance of $34,401.25. This price level prevented the bulls from flipping the price to the upside in the past couple of days after a fake out was printed on 21st January.
From market indicators, the Bollinger band diverges as the volatility of the bulls increase. At the early hours of the Asian session, the bulls broke the 9-EMA and more so the 20-EMA acted a dynamic resistance as BTC price climbed higher on the upper band of the Bollinger band.
From daily time frame perspective, BTC price is still on range zone of $38,204.01 as a resistance and 30260.02 as a support.
For the day ahead we could expect a retest of the daily resistance of $38,204.01 as higher highs and probable minor pulled which will form the basis for higher lows at $35,872.13. If the bulls have enough steam, BTC price will break the daily resistance to revisit 41k. In support of this bias, RSI uptick to positive territory and making attempt to soar to the over-bought territory.
ETH
On 1st February at 4:00UTC, the bulls broke a one day consolidation zone of range bound of $1,340.84 and $1,293.78 and printed a high of $1,370.52.
This scenario created a bullish sentiment, ushering traders to take a long position yesterday.
Yesterday, ETH opened the trading session at $1,370.52. During the Asian session, the bulls caused ETH price to rally to a high of $1,451.58. ETH price got pulled back due to the resistances built on 25th and 29th January that caused traders to book for profit.
With bullish momentum, ETH price rallied to an intraday high of $1,543.75 at the close of the New York session.
From market indicators, the MACD showed that the strong bullish momentum was increasing as the red bars increased in length on the histogram. Which implies that more rally is on the days ahead. ETH price out run the moving averages.
For the day ahead, we could expect ETH price to test the 9-EMA and 20-EMA at $1506.26 as the higher lows for uptrend bias. We also anticipate that this level will act as a support for the bulls to extend the rally to $2000 psychological level.
LTC
LTC price rally by 10.57% yesterday after it broke out of a range zone of $126.639 and $136.173.
LTC opened the trading session at $131.626. ETH rose to early morning high of $135.880 in the Asian session. The first hour candle created a bullish flap. This was signal for retail traders.
LTC volume increased which caused LTC price to rally to an intraday high of $145.708
As traders book for profit, LTC price fell to a low of $141.894 at the closed of the daily session.
RSI hit over bought territory. The means the bull have upper hand as the RSI crawled on the overbought territory in the days aheads.
For the days ahead we, expect LTC to wick to a low of $147.028 which will be an area of demand for retails traders to long their position. Probable target for the day will be a high of $165.363 as LTC price is making an attempt to create a cup and handle market structure.
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.
Learn more about ZB Exchange by visiting www.zb.com.
