ZB Market Daily: BTC, SUSHI & LINK technical daily analysis
Tesla CEO Elon Musk has explained his spot on bitcoin and Dogecoin. He affirmed that he supports bitcoin, with a profound statement of“ Bitcoin is a good thing.”, admitting that he is late to the game on bitcoin. Musk said that he should have bought some bitcoin eight years ago when his friend fed him a slice of a bitcoin cake.
MicroStrategy’s Michael Saylor said that “Gold is dead money. Sell your gold, buy Bitcoin because other people are going to sell their gold and if you wait until you’ve been front-run by all the hedge funds when they dump their gold, you’re going to be the last person out. I think gold is getting demonetized”.
This statement shows that bitcoin and major altcoins are on the verge on breaking into traditional finance.
Bitcoin dominance on the crypto market increased from 63.03% to 63.68% with a market capitalization of $629 Billion US Dollar, while altcoin market capitalization is $364 Billion US Dollar.
BTC
BTC still remains in a trap zone where the bulls and the bears are indecisive. BTC is in a strong consolidation with a range bound of $32,733.23 as support and $34,838.16 as resistance. BTC is on a complete 2-days consolidation which could be an accumulation as lot of crypto movers in the lite of Microstrategy and Elon musk are optimistic for another bull run.
Yesterday, BTC opened the trading session at $32,689.28 as the bears got weak at a support of $32,231.37. BTC did a minor push for the price to the upside to retest the upper level of the consolidation but got rejected as the bulls tried to force BTC price to close above $34,838.16.
From market indicators, the MACD showed that the bearish momentum was decreasing as the red bars decreased in length on the histogram. The Awesome Oscillator was also in the bullish-neutral territory. Despite some bullish signal in the BTC price, BTC broke the 9-EMA at press time.
For the day ahead, the bulls will need to break out of the consolidation with high volume as a requirement since the bears are still creating some levels of sell-off pressure. If the bulls break out the price to uptrend, we could see BTC revisit $37,172.01 as the first primary target for long position.
But on the contrary, if the bears break down the support, the bears could probably further lower price to $30,285.26.
SUSHI
SUSHI price rallied on Tuesday at 27.97% after two days of consolidation.
SUSHI price opened the trading session at $10.1179 with an intraday low of $9.7793.
At 16:00 UTC the bulls broke $10.7199 resistance that built on on the 31st of January to print a high of $11.4723.
The breakout of this resistance pushed SUSHI price to rally to an intraday high of $12.9019.
The Chaikin Money Flow suddenly moved upwards, showing a sign that capital inflows were strong for SUSHI price.
The 9-EMA and 20-day SMA was broken and now acted as a dynamic support to the uptrend.
For the day ahead, we could expect a retracement of SUSHI to correct the rally and the probable target for SUSHI to be pulled back with be a retest of $10.8515 support. If this scenario played out, the bulls will need to defend the correction at the anticipated price level. But if the bulls pressure persist, the rally might continue to a high of $15.
LINK
Link is on a strong bullish but currently faced with lot of traffic for price to climb higher to a new all-time high.
LINK is in a critical price level for the bulls and the bears to decide the fate of the crypto asset for bullish reverser or bearish continuation.
Yesterday it was a bullish open of the trading session of LINK. LINK started the trading session with an open price of $20.6418. LINK price spiked to retest recent resistance of $24.4742 in the hours of the Asian session but got pulled back as traders booked for profit.
As the bears pressure increased on crypto market, LINK price fell to an intraday low of $21.7126 but with weak bearish candle. This indicates that the bears run out of steam to lower price below the higher low of $21.7126. The RSI uptick and reversed to the positive territory for the bulls to take control of the market in the coming days.
If the bears force LINK price to close below the higher low, we could expect LINK have a reverse of trend to the downside in the mid-term.
On a second note, the bulls are faced with a resistance of $24.6432 to battle with the bears. If the bulls breakout of the resistance, a healthy rally will play out in the days ahead.
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