ZB Market Daily: BTC, LINK & TRX technical daily analysis
Yesterday, Bitcoin declined by over 8.51% losing over $4,413 from its value since it reached a high of $51,816.97.
Yesterday, BTC opened the trading section at $50,346.16 with a shooting star candle in the early hours of the Asian session.
The bulls pushed BTC price to an intraday high of $51,646.89 but failed to thrust BTC price above the resistance of $51,739.80 that built on 3rd March.
BTC price printed bearish signal as result of the shooting star candle formation, and then it broke the 9 EMA to a low of $49,509.97.
Further dip occurred as the bulls failed to sustain the price above the minor support of $49,138.33 due to the bear pressure. BTC price plunged to an intraday low at a support of $47,258.01 at the close of the daily session.
The bulls defended the horizontal support of $47,403.92 but the 9 EMA acted as dynamic resistance. If the bulls break the 9 EMA and minor resistance of $49,705.32, BTC price will retest yesterday high of $51,693.34.
But on the contrary, RSI shows that a bearish sign for down trend as it down ticked to the neutral level of 50 mark. If the bear pressure increased on the day ahead to break the major support of $47,403.92, BTC price will dip to low of $43,247.34.
After a huge rally that occurred on the 1st to 3rd of March, LINK marine is now undergoing a major correction from its recent high of $31.3323 in March. Link price created an evening star market formation on 3rd March, which was a bearish signal that led to major sell-off to correct the recent 3 days rallies.
Yesterday, it was a bearish open of the trading session for Link. Link opened the trading session with $29.9089 and climbed to an intraday high of $30.5189.
The link price fell and created a minor support at $29.0955 in the course of the trading session but the Link marine failed to defend this support which led to a further plunge of link price to an intraday low of $26.9094 at press time.
A strong rebound off a major support of $26.4010 indicates the bulls aggressively accumulated the recent correction of the rally. The bulls will need to break the 9 EMA which acted as dynamic resistance. In addition, an uptrend will resume if the bulls break above the recent high at $30.8240 in the days ahead.
But on the contrary to this anticipate movement in the days ahead, if the bears sink the price below the lower band of the Bollinger band indicator at $26.4519, LINK price could further drop to $23.1982 as the RSI down ticks to the over-sold territory.
After a brief rally to a high of $0.05311 yesterday, TRX price dumped due to broader market correction.
Yesterday, it was bullish open of the trading session. TRX rose to an early high of $0.04883 and spiked to a high of $0.05175. TRX price wicked down as traders booked for profit due to a psychological level of broken support that was created on 23rd February.
TRX price broke the 20-day SMA and plunged to an intraday low of $0.04851 as of the time of writing. The RSI down ticked to 49mark and steered at the over-sold territory for more sell-off in the days ahead.
If the bulls fails to defend a major support of $0.04803, TRX price could head down to the lower band of the Bollinger band. A horizontal support of $0.04266 will be the primary target for the bears.
But on the contrary, if the bulls defend the major support of $0.04803, TRX price would likely consolidate with a range bound of $0.05430 and $0.04803. Area of focus for traders for traders is to wait patiently for the bulls to break above $0.05430 before taking a swift decision for buy position.
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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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