ZB Market Daily: BTC & XRP daily technical analysis
BTC
BTC Price retested record all time high of $24149 on Monday from Sunday’s slight dip.
Yesterday, it was a consolidation opened of the trading session of BTC price. BTC price opened on Monday trading session with $23394.61. Crypto bull defended $23202.05 support in the early hours of the Asian trading session. This support level was created on the 20th of December after BTC extended its rally to a new record high.
Due to financial institution and portfolio managers taking financial decision to accumulate the underlying asset from a demand zone of $23202.05, BTC Price retested the all-time high $24149.64 yesterday.
On the 19th and 20th of December from a 4-hour time perspective, BTC Price experience multiple rejection at $24126.22 in the course of the recent rally, which created a hurdle for BTC Price to hedge higher.
From technical volume indicator, BTC Price dropped in volume. More so, BTC price printed a horizontal resistance in previous session at $24126.22. This gave a bearish signal. Based on this trading setup, traders took bearish bias to short their position.
BTC Price broke out of the consolidation zone of $23394.61 and $24325.12 at 16:00 UTC. BTC plunged to a low of $22465.04. Traders loaded more short position, which caused BTC price to plummet to an intraday low of $22019.47.
BTC Price got retracement back to $22568.83 support at 20:00 UTC. BTC Price closed bullish at the support.
As of the time of writing BTC price got rejected at the broken support of $23394.61 from the chart below.
From a technical perspective, BTC price is making an attempt to create a market structure of head and shoulder pattern. More so, based on price action, the crypto bear prevented BTC price to break above the $23342.44 support.
The Bollinger band converges as the bulls lack steam to push BTC price higher. The bulls could not break the 20 period simple moving average and also the 30 EMA acteds a dynamic resistance to the upside.
RSI creeps from the over-bought territory to neutral territory of 50 mark.
For the day ahead, BTC price will be faced with a support of $23342.44 to wrestle with it, if the bears break below this level, BTC will undergo a major correction to the downside.
Also the bulls will be faced with $23342.44 resistance, if the bulls succeed to close its Tuesday gains above the resistance and EMA, BTC Price will extend it rally to new record high.
XRP
XRP price opened Monday trading session with a high of $0.5544. XRP price created a fuel wick and went higher to retest a broken support of $0.5698. This price level became a resistance as the bulls fail to break above it.
From price action holistic view on the 4- hour chart below, we could see XRP price printed a market structure of lower lows and low highs. At every lower high, the bears took control of XRP price to dump the price to a new lower low.
Yesterday at 12:00 UTC, the bulls were indecisive to hedge XRP price higher above the broken support of 0.5698.
At 16:00 UTC, the bears took advantage of the scenario and lower price, which caused XRP price to plunge to an intraday low of $0.4993 during the New York session.
Although XRP price got pulled back and closed the 4-hour candle as a Doji.
More short positions were loaded at the closed on Monday trading session, which caused XRP price to print a recent lower low of $0.5131.
From a technical perspective, XRP price is making an attempt to create an inverted cup and handle market structure at press time.
As of time of writing. The momentum of the bear got weak. The bull making an attempt to push XRP price up to retested a broken support of $0.5478. This could be a probable handle, if XRP price got rejected in the day ahead at this price level.
More so the 20- period simple moving and 30 EMA acted as a dynamic resistance due to the bear pressure.
RSI is 36.42mark and riding lower to the oversold territory.
If the bull ride on the wave of bullish momentum in the day ahead, a probable break of $0.5478 resistance could be printed out.
This will be give room for resumption of the uptrend but if the bull fails a lower low could be printed at $0.4451.
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