ZB Market Daily: BTC, LTC & BCH technical daily analysis
Goldman Sachs announced yesterday that the company is close to offering its first investment vehicles for bitcoin and altcoins to clients of its private wealth management group. From sources, the company said,
“We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near term,” Rich said in an interview this week.”
From fundamental perspective, this was a bullish news for the crypto market. The total market capitalization rallied yesterday to hit a new all-time high of $1.87 trillion. Although a daily closed above $1.82 market capitalization a signal that the coming months will have more rallies to surpass $2 trillion volume.
Yesterday, BTC uptrend market structure still remain intact as the bulls create higher highs and higher lows. BTC opened the trading with a weak bearish candle, which closed above a minor support of $58495.31. After a brief rally to a high of $59763.73, BTC was faced with a hurdle of $59530.11.
From the 4-hour chart, we could deduce multiple rejections to the upside after several attempts by the bulls to thrust BTC price above the resistance.
The bears broke the 20 period simple moving average and BTC price plunged to an intraday low of $56747.66. Although the bulls wrestled with the bears at the EMA crosses at $56981.28. BTC price made a retracement to revisit $59530.11 due to buying pressure.
For the day ahead, area of concentration will be a zone of $57889.79 and $59530.11. BTC price has been rejected for the 4th time at $59530.11 resistance.
Institutional cash that flew into the crypto market could increase volume in the next few sessions. If there is high volatility, the bulls will thrust BTC price above $59530.11 and a new all-time high will be printed in the day ahead.
But from a bearish perspective, due to this multiple rejections that wered witnessed at $59530.11, if the bears break below a horizontal support of $57889.79, BTC price will tank to $56332.34 in the day ahead.
Yesterday, it was a bearish open of the trading session for LTC. The bearish pressure caused LTC price to break the 20-period simple moving average to a low of $191.66. Despite the spike to a high of $199.13, the bears forced LTC price to lower to a support of $186.79. Rejection wick was created at this level, this means the bears run out of steam to further push LTC price lower.
The bulls took advantage of the weakness of the bears to pull LTC price up above the EMA crosses.
At press time, LTC regained its intraday losses completely and is now resting on the upper band of the Bollinger band.
Taking a glance look at the 4-hour chart, LTC price is faced with a lot of traffic to the left.
Awesome Oscillator registered a series of red bars as momentum remained strong among the sellers due to the psychological level of $200.15 resistance.
On 20th March, the bears broke the $200 support which became a resistance on 30th March.
For the day ahead, the bulls will need to break above $200 resistance, LTC price will retest $205.80. If a breakout occurs above this price level, LTC will resume the uptrend in the next few sessions.
BCH price created a double top market structure which resulted to a sell-off during the Asian opened session yesterday.
The bears simultaneously broke the 20 period simple moving average and the EMA crosses. BCH price declined by 4.38% and fell to low of $503.92.
BCH price retraced back to the EMA crosses and closed the 4-hour candle as a Doji. This means the bears were indecisive to pressure BCH price lower.
BCH price regained its intraday losses as the broader market volume increased.
BCH closed the trading session above its yesterday hurdle of $534.61 and rallied to a high of $549.65 as of the time of writing.
For the day ahead, during the Asian session, if the bulls pressure BCH price to close above 549.65, BCH will be steering at the $602.25 overhead resistance. Buying pressure will probably push BCH price to retest this 602.25 high.
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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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