ZB Market Daily: BTC, ETH & LTC weekly technical analysis
Online payments giant PayPal said it has agreed to acquire Curv, an Israel-based crypto custodian, in an effort to expand its crypto offerings to her customer within the globe.
Investors risk appetite went bullish at the beginning of the trading session as many institutional demand for bitcoin and altcoin were on the increase as US senate approved the anticipated stimulus package to relief the economic.
The crypto market capitalization rallied by 20% to an all time high of $1.867 Trillion. Bitcoin took the bull by the horn to print a fresh record high which has a negative impact on most altcoins. Altcoins were in red territory such as ADA, AAVE etc.
In our previous weekly technical analysis, we do mention that “if the bulls succeed to break the weekly resistance $58,338.61. And the 20-day SMA acts as an dynamic support, BTC could ignite another phase of rally above 60K. From volume technical indicator, it shows volume is on the increase. With this volume, the bulls could thrust BTC price above the $58,338.61 resistance.”
Last week, BTC price appreciated by 20.49% after it broke a consolidation with a range bound of $46,889.29 and $50,437.85 from a daily time frame chart perspective.
Bitcoin opened the trading session at $50,799.73 with a strong bullish candle with a weekly low of $49424.58.
With momentum on the side of the bulls, bitcoin rallied hard in the course of the week and broke the monthly resistance of $58,338.61 to print a fresh record high of $61,805.64.
RSI crawled on the over-bought territory for long period of weeks showing the uptrend is very strong. The volume indicator ended last week session with high volume, this shows demand is still on the increased.
For the week ahead, area of concentration will be a range bound of $57,318.32 as support and $61,294.27 as a resistance. If the bulls thrust BTC price above $61,294.27, then BTC will extend the rally to a new breaking record high to 65K.
But on the contrary, if the bears break below $57,318.32 we could expect a correction of the last week rally to a low of $52,389.88.
ETH faced lot of turbulence to the upside during the last week trading session.
ETH opened the trading session at $1,728.53 and dipped to a weekly low of $1,667.76. As the volume increased momentarily, ETH price rebounced off from the 9 EMA to a high of $1,869.86.
Due to a psychological level of $1869.86 which was previously a resistance on 13th February, traders liquidated their long position which caused ETH price to loss it gains as the beginning of the week.
ETH price fell back to the 9 EMA at $1,728.53. The bulls got a solid support to push ETH price to revisit $1,944.81, the weekly resistance. Although ETH price was rejected again as traders booked for profit which caused ETH price to fall to a low of $1850.06.
On the week ahead, if the bulls break above the upper band of the Bollinger at horizontal resistance of $1,962.89, ETH price will resume the uptrend to print a fresh record high.
But on the contrary, if the bears force ETH price to break the middle band of the Bollinger band and a horizontal support of $1,770.95, ETH could plunged to a low of $1,573.74.
Last week, LTC opened the trading session at $190.26 with a weekly low of $179.78. This low was for a retest of 5th of March support in other to propel LTC price for a rally. After gaining volume and momentum, LTC price appreciated by 21.96%.
LTC made series of rejection to the downside despite several attempts by the bears to dip price below the 20-SMA.
The bulls broke $205.53 minor resistance to print a weekly high of $230.08 but due to a resistance built on 19th February, traders swiftly booked for profit which caused a minor correction to a low of $213.56.
On the week ahead the bulls will be faced with horizontal resistance of $237.77. This will probably be a hard work for the bulls to thrust LTC price above due to multiple rejections.
But with broader market support, the bulls could thrust LTC price above the resistance. This will attract the attention of traders to add long position, which could cause a rally to new all-time high of $300.
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.
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