ZB Market Daily: BTC, XRP & LTC daily technical analysis
After Meitu, a big Chinese firm invested a large sum into bitcoin and ETH, Norwegian Giant Aker ASA floats new firm follow suit to invest in Bitcoin.
The firm bought 1,170 Bitcoin Worth of $58 Million. Øyvind Eriksen, President and CEO of Aker ASA made an official announcement yesterday that,
“With the launch of seetee, the Aker Group makes another move into software and fintech. We are very excited about the industrial opportunities that will be unlocked by Bitcoin and blockchain technology and we want to contribute forcefully to that effort.”
From sources, the Norwegian oil billionaire Kjell Inge Rokke said that “Bitcoin may still go to zero. But it can also become the core of a new monetary architecture, bitcoin could worth millions of dollars. People who know the most about Bitcoin believes its future success is nearly inevitable. The direction is clear, finance will be disrupted as surely as fossil fuels will be.”
Such a profound statement ignites the stability of the crypto market. The crypto market appreciated by 8.72% rose to a high of $1.62 trillion market capitalization yesterday. Bitcoin dominance fell from an intraday high of 61.47% to an intraday low of 60.32%.
After a fake out that was created on 3rd March, BTC rose to an intraday high of $52,673.06 above a resistance of $50,989.92.
The bulls revisited the resistance at the open trading session of yesterday, BTC spiked to early morning high of $51,880.99 but got pulled back due to low volume. BTC price fell to an intraday low of $49,372.80, while gaining a support at $49,735.83. The 9-EMA acted as a dynamic support to the uptrend.
But the fundamental impact news that was mentioned above launched a rally during the New York session. BTC price rallied by 7.96% as of the time of writing.
From 5th of March till present, taking a holistic view on the 4-hour chart, BTC price created a market structure of higher highs and higher lows.
On the day ahead, during the early hours of the Asian session, we could expect the BTC price to rally to a high of $55062.30. If traders book for profit at this price level, then we could anticipated for higher lows at $51687.25 for a healthy uptrend. RSI spiked to 69 mark. If the RSI crawled on the over-bought region, we could expect BTC price to revisit the all-time high of 58k in the next trading session.
CPA Australia stated that the bank of France was considering Ripple and XRP as potential platforms for digital euros, better than BTC and ETH. This caused XRP to spike to an intraday high of $0.48998. But the crypto asset fell back to a range bound of $0.48998 and $0.48998 due to uncertainty rounding the digital from the unsettled SEC law suit.
The bulls broke the 9-EMA and 20-day SMA simultaneously with just one bullish candle showing the XRP army is back. XRP is crawling on the upper band of the Bollinger band as a sign of uptrend at press time. The RSI up ticked above the neutral territory and shows strong uptrend bias.
On the day ahead, the bulls will need to thrust XRP price above the resistance built on 22nd February. If succeed, traders can launch a buy position for probable target of $0.59487 for profit booking.
It was a bearish start to the day then LTC price spiked to an intraday high of $195.27. Traders opened short position as a result of the shooting star candle, which was a bearish signal. LTC price plunged to an intraday low of $179.75. Although it got pulled back and created a higher low at $183.60. Buying pressure was increased, which caused LTC price to appreciate to a high of $199.78.
With the 20-day SMA acting as a dynamic support and also with the bullish momentum, LTC could hit a major resistance of $208.08. This price level will be tough for the bulls to break. Because this level is the bridge between the uptrend and downtrend.
With broader market support and volume on the side of the bulls, LTC price could break above the $208.08 and resume the rally in the day ahead.
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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.
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