ZB Market Daily: BTC, FIL & AAVE technical daily analysis
South Korea and other notable world leading countries’ financial regulation agencies met on a virtual meeting to regulate the digital currency industry against money laundering, and other illicit crime. In a statement the officials declared that ,
“We will strictly crack down on illegal activities related to transactions such as market price manipulation, money laundering, and tax evasion using virtual assets through cooperation with the police, prosecution and financial authorities.”
From a fundamental perspective, crypto investors and traders went on risk-off sentiment bias towards their crypto asset holdings and trading positions respectively.
The Kimchi premium fell sharply from its sporadic rally and also had a negative effect on the crypto market at large.
After reaching an intraday high of $1.966 trillion, the total crypto market capitalization tanked to a low of $1.782 trillion. Crypto market were in red territory as the bears showed up on all sessions of trading.
Yesterday, the bulls were faced with heavy resistance at $59180.07. Due to low volume during the Easter holiday, the bulls lacked steam to thrust BTC price above the resistance, leading to BTC price fall to a low of $57717.21 on 6th April.
Yesterday it was a weak bearish start of the day as BTC price flipped to an intraday high of $58587.23 but got pulled back after it retested a minor resistance.
The bears broke the EMA crosses and the 20-day SMA to the downside as the bulls couldn’t defend a horizontal support of $57717.21. Traders liquidated their long position, causing BTC price to plunge to an intraday low of $55507.50. Bitcoin declined by 5.25%.
On the 4-hour chart, the bears broke 3-days support of $56997.32 to create a lower low. At press time, BTC price retraced back to retest the broken support.
The RSI up sloped to 36.96 mark as BTC price steered at the broken support for a probable retest. During the Asian trading session, if the 4-hour candle closed bearish below $56997.32, the bears will further extend declination on BTC price. Upon breakout from the support of $55209.91, BTC price will tank to a low of $50979.14 in the day ahead.
After reaching an all time high of $239.8814, FIl price embarked on a correction of the yearly rally as its printed downtrend market structure by creating lower lows and lower highs.
An extension of the bearish pressure from previous session was witnessed in yesterday’s trading session. FIl price declined by 18.78% as the broader market were in bloodbath.
Inability of the bulls to sustain $165.3487 support during the Asian trading session will cause FIl price flip lower to an intraday low of $134.2292.
FIl gained support and recovered 70% of its losses before the daily close of the candle.
At press time, FIL made attempt to retest the broken support of $165.3487 but the 20-day SMA acted as a dynamic resistance. The RSI down ticked to the over-sold region.
On the day ahead, if the first 4-hour candle closes bearish, FIL price will retest the $134.2292. More so, if the bulls fail to defend $134.2292 support , FIL will retest the lower band of the Bollinger band and this could cause FIL price to tank to a low of $94.5108.
AAVE created a triple top market structure on the 5th of April. This was a bearish signal to the start of yesterday trading session.
After the bears broke the $390.1260 support, AAVE price fell to a critical support of $377.9120.
Due to the bearish pressure of previous session, the bulls couldn’t sustain AAVE price at $377.9120. This led to a free fall of AAVE price to an intraday low of $342.6795.
As of time of writing, AAVE is consolidating at the lower band of the Bollinger band. The RSI upticks as AAVE price steered at a critical support. The 20-day SMA could be a barrier for AAVE price to retest the critical support.
On the day ahead, if the bulls fail to thrust AAVE price above the critical support and a 4 hour bearish candle closes below this support, this will create a bearish signal which will probably cause more bearish pressure on AAVE. If this scenario plays out, the bears could tank AAVE price to a low of $301.4829.
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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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