Great number of institutional investors have shown increased interest in digital currency, while allocating a portion of their assets to invest in the digital currency such Bitcoin , Ethereum etc.
Many crypto enthusiasts claimed the recent rally is unlike that of 2017 bull run as it’s been driven by institutional demand rather than retail speculation.
With that been said, Bitcoin and Altcoin dipped suddenly during the caused of Monday morning rally as excitement of alt-season grew in the crypto space.
Bitcoin slumped from all-time high of $34,684.54 by 18.85%. Bitcoin lost over $6,538.4 to the crypto bears due to retail traders that booked for profit during the London trading session.
Ethereum made a rally in early hours of the Asian session to $1,153 which was last seen in 2018 but made a healthy correction as traders liquidated their long position in major exchanges such Binance , ZB.com etc.
Yesterday, it was a bullish open of the trading session of BTC. BTC started the trading session with an opened price of $33019.33 with an intraday high of $33491.94. Although a minor support was created in the early hours of the Asian session at $32580.48.
Bitcoin bears broke the support to correct weekend rally to a low of $31,533.99 during the earlier London trading session.
Fundamentally , as UK declared tight locked down due to Covid 19 variant, traders booked for profit from their long position which caused a massive sell-off during the course of the day to an intraday low of $28,146.14.
Irrespective of the pulled back, institutional demand pushed BTC Price up to recover the sudden dumped to a high of $32,141.63 at 12:00 UTC.
Technically, BTC price made a retracement from the 38.2% Fibonacci level to the upside. As institutions expect more correction for global demand, a golden zone of 50% to 61.8% Fibonacci level will be a platform for healthy correction.
At press time BTC price is making an attempt to break below 23.6% level at $30,568.99.
For the day ahead, if BTC price breaks this anticipated price level, the crypto bears could force BTC price to lower to the golden zone.
Yesterday, it was a bullish open of the trading session. ETH price opened with $976.59 with a wick to the bottom.
ETH made sporadic rally leading the short term alt-season with a high of $1,024.44.
Traders launched more long position which caused ETH price to gain momentum to the upside at an intraday high of $1,168.43.
Due to the large dominance of Bitcoin, as Bitcoin plummeted, ETH follows suit to the dip to an intraday low of $889.66.
Despite the sharp dropped of price, ETH price wicked up to the opening price of the day at $976.59.
ETH bulls regain strength to manage to retest a recent resistance of $1,049.53, although the bulls fail to break above this price level.
Technically, a bullish flag was printed from the 4 hour charting pattern. At the close of the trading session, ETH is consolidating which could be platform for accumulation for the continuation of the rally.
Despite the pull back, if the bulls defend support of $973.59 at the close of the trading session and also in the early hours of the Asian trading session.
More so, if the first 4-hours candle print bullish at this support due the bull pressure. We could anticipated for a break of the bullish flag to the upside.
If this is successful in the day ahead, ETH will extend the rally to 2017 all-time high.
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.