ZB Market Daily: BTC & XRP daily technical analysis
BTC Price declined by 6.096% on Wednesday after rejection of supply zone during the intraday session.
Despite 6.096% losses on the 23rd of December due to uncertainty in the crypto market caused by XRP lawsuit by SEC which had a drastic negative impact on the major crypto pairs , BTC regained most of the intraday losses towards the closed of the trading session with a gain of 3.53%.
BTC Price closed the trading session yesterday at $23402.27 at press time.
Yesterday it was bearish opened of the trading session of BTC price after the crypto bulls failed to break above the record all time high of $24023.23 on the 22nd of December.
BTC Price opened yesterday trading session at $23813.74 and spiked to a high of $23813.74 to retest the most recent resistance in the first 4-hour of the Asian session.
BTC Price got rejection at the resistance. The 4-hourly candle closed as shooting star candle which gave a bearish bias signal to traders to short their position in the rest of the trading day.
BTC price plunged to a low of $22882.64. This price level was a minor resistance on the 22nd of December which became a support the crypto bulls leveraged on as platform to correct the downward movement of BTC price at 16:00 UTC.
BTC Price rebounced from the support to retest the high of $24069.79 but got pulled back by the crypto bears, which led to further decline of BTC price to a major support of $22533.48.
The crypto bulls defended major support which caused BTC price to retrace to high of $23115.41 at press time.
From a technical outlook, BTC price ranged after a healthy rally. With BTC price moving in east-west direction.
Also from technical indicators, Bollinger band converged which acted as a confluence point to price action consolidation market structure. And also RSI is 50 mark in the neutral territory.
The crypto bears broke the 20-period moving average and closed the 4hour candle as bearish pin bar. This is probable bearish signal in the day ahead.
If the crypto bears succeed to break below the major support, we could see a major correction of the recent rally. But if the crypto bulls defend the major support, then we could see some recovery from the minor dip of BTC price from the all-time high of 24k.
XRP Price plummet by 52.27% on Wednesday after it broke below a demand zone during the opened of the trading session.
The bear pressure was driven by fundamental red impact news of SEC lawsuit against XRP.
The bearish momentum got intensified after the crypto bulls fails to defend $0.439 support level in the early hours of the Asian trading session.
Traders took advantage of the fundamental analysis of the XRP lawsuit by SEC and short their position to dip XRP price to low of $0.343.
It was a bloody day for the tokens holder of the crypto asset as many lacked patient to get final court verdict. XRP Investors sold their holdings out of panic which led to further dip to an intraday low of $0.221 as shown on the chart below.
From our previous technical analysis on Tuesday, the 22nd of December. We did make mention of XRP price is making an attempt to create a market structure of inverted cup and handle pattern which indicated a massive probable sell-off in the day head.
Yesterday, we could see the sell-off after a break of the support.
RSI is at the over-sold territory. For the first time, RSI was penciled at 11 mark.
For the day ahead, if the bulls secure 0.2627 support, we could have a correction of the massive dump of XRP price and probable target of $0.4390.
But if there is less volume to push price to the upside, we could have further decline of XRP price which could be triggered by more sanctions by SEC.
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