ZB Market Daily: BTC, XRP & LINK technical daily analysis
Microsoft President Brad Smith said early yesterday that “The world is best served when currencies are issued, backed by and regulated by governments.” In additional, he stressed that he is not a fan of encouraging the private sector to issue digital currencies like Facebook and the rest of the Tech companies. The crypto market were in red territory yesterday as this news caused market volatility and uncertainty to retail traders.
Furthermore, the price of Bitcoin and Altcoins edged lower on Thursday. The options market that is set to expire in the next trading session has contributed to the drop in BTC prices alongside Altcoins diminishing retail interest as investors parked their capital in less risky alternatives such as the USDT and QC.
Most financial institutions anticipated for Bitcoin to remain in bullish territory but needed the price to dip to the bottom for healthy correction for flexible accumulation. This is the reason why Bitcoin hasn’t have any significant movement to the upside as institutional pressure is still very low.
BTC price ranged on throughout the trading session yesterday as the volatility dropped due to the fundamental impact news mentioned above. BTC opened the trading session at $52,301.24.
BTC spiked to an intraday high of $53,027.04 but got reject as the bulls made attempts to thrust price above a broken support (now resistance) to the upside. This caused BTC price to dip to a low of $50,607.73.
Lots of indecision was felt all through the Asian session as the bulls and the bears lacked steam to push or pull price to any distinct direction.
The RSI uptick from the over-sold territory. BTC price is seated at a solid support after correction from the all-time high that has been made. And also rested on the lower band of the Bollinger as the Bitcoin option set to expired.
In the day ahead, the bulls will be faced with overhead resistance of $53,934.28. Due to high volatility expected in the next trading session, the bulls might have lots of volume and aggressive momentum to break the overhead resistance to the upside
But on the contrary, if the volatility is low, the bears will be forced to break the solid support to low of 46k as anticipated in our weekly analysis.
As the crypto market went to the dip on 24th March, XRP price did not escape the selling pressure. The bears broke a support of $0.54043. Following on the next trading session, the bear pressure continued to dip XRP price to a low of $0.45176 yesterday during the Asian opened.
XRP price founded a support at this intraday low which was created on 16th March.
XRP made a recovery of the losses and broke the EMA crosses to an intraday high of $0.53683 at press time.
On the day ahead, XRP will be face with overhead resistance of $0.55127, if the bulls break this resistance, XRP will revisit $0.59474 highs that was created on 21st March.
But on the contrary, if the bulls fail to thrust price above this anticipated price level, the bears might pull XRP price back to a low of $0.43164 in the next few trading session.
LINK price created a triple top market pattern which escalated selling pressure to the downside on 20th March. A break out of the horizontal support of $26.8282 extended the selling pressure yesterday to an intraday low of $23.7734.
The EMA crosses acted as a dynamic resistance as the bear pressure increased during the Asian session.
As broader market made a recovering from the sell-off, LINK followed suit to recover yesterday’s losses.
LINK closed the session bearish, meaning the bears still have upper hand in the market.
The Bollinger bands diverged as the price started to collapse from $27, while the Signal line remained above the candlesticks. At press time, the Bands remain in bearish divergence, which indicates that the decline in LINK price may extend further to the downside if the volatility is very low in the next couple of trading sessions.
The Relative Strength Index dipped under 30, suggesting that LINK was oversold. More so, the RSI remained in the over-sold territory, meaning more dip could be expected in the day ahead.
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.
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