Jan 22, 2021
ZB Market Daily: BTC, XMR & DASH technical daily analysis
BTC Price extended its losses by 15.07% yesterday and closed the trading session at $30252.56.
From our previous analysis, we did mention that Bitcoin dominance will further decline to a low of 64.61% if the bearish trend persist in the days ahead.
Yesterday there was strong bearish pressure at the opening of the trading session for Bitcoin in the early hours of the Asian trading session.
BTC opened the trading session at $35620.71 with a sharp plunge to a support of $33874.15.
As the bearish pressure got intensified, traders added more short position which caused BTC price to break the 10days support of $33,874.15 and further headed to the south to an intraday low of $30,174.69. BTC price made minor retracement due to demand zone built on 5th January.
The 9-day EMA acted as strong dynamic resistance as the bulls fail to break the above it.
Despite the pull back, the bears broke the lower band of Bollinger band at press time.
For the day ahead, if the bears break $30,673.59 major support, we could see the price further slide to the downsized for more correction of the recent rally to a low of $26,014.38.
But on the contrary, if the bulls defend the major support of $30,673.59, we could retest a resistance of $33,884.63. At this price level, more volume from the bulls will be needed to break above it in the days ahead.
The RSI is at the over-sold territory, if the bears get weak, then we could have some level of strength from the bulls to recover the losses in the day ahead.
XMR
XMR declined by 17.81% yesterday.
After several days of the bulls defending major support of $152.702, the bulls finally gave up due to the bear pressure on 20th January.
This bearish bias that closed the previous session as XMR price printed lower lows and low highs from on 14th January, became a bearish signal to future traders and also for spot traders. And they liquidated their long position yesterday.
Yesterday, the bulls failed to break above $152.702 recent support (now turn to resistance) led to XMR price to plummet in the early hours of the Asian trading session. As the volatility dropped, the bears broke a lower low of $146.880 to print a fresh lower low of $129.415.
XMR price made a 100% correction on the Fibonacci retracement level after a rally that played out on 9th January that printed a high of $189.438.
The RSI went to the over-sold territory. As the bear trend is still very strong as price broke the low of the previous 4-hour candle at the time of writing.
If the bulls defend $129.81, the bulls could test a minor broken support of $140.98. If the bulls fail to break above this price range then the bears could take control of XMR price.
For the day ahead, if the bears break below major support of $129.81, the bears could further lower price to a demand zone of $110.76.
DASH
DASH declined by 17.75% yesterday.
On 15th January, DASH was faced with a hurdle to breakthrough to the upside. This led to creation of triple top market structure as the bulls lacked steam to pressure DASH price to resume the rally on 9th January.
The neckline of the triple top market structure was broken on 20th January although DASH price printed a liquidity grab toward the end of the session.
Yesterday it was a strong bearish open of the trading session. In the early hours of Asian trading session, the bears broke 9-day EMA which initiated a bearish signal to the start of the day.
The bears further extend its strength as the RSI faces the south direction to break $114.436 support which was a lower low. DASH flipped to a new lower low of $99.614.
We could expect more dip to occur in the early hours of the Asian session to a support of $92.969 in the days ahead.
As the bears pressure increase, the probable short target could be at $84.535, if there is no volume in the crypto market.
More so, this anticipated price level will be a platform to long position if the bulls show up and defend this support of $84.535.
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.
