ZB Market Daily: BTC & XRP technical daily analysis
Bitcoin made parabolic move to the upside and created a fresh historical record by setting a new all-time high for the first time and more so spike to 40k as we forecast in our previous analysis.
BTC ranked as the 6th Largest Global Currency. Bitcoin capitalization is at $738 million surpassing Tesla and Alibaba by global market capitalization and is $12 million away from knock off out Facebook by market cap.
BTC price extended its rally 11.07% on Thursdays as result of the weakness of the US dollar and followed on Wednesday’s gain of 8.46% which caused BTC price to rally hard to an intraday high of $40363.29 at the closed of the trading session.
Yesterday, it was a bullish opened of the trading session of BTC. BTC started the trading session with an opened price of $36775.87 and an intraday low of $36434.20.
BTC price created a minor support and resistance at $36775.87 and $37664.14 respectively. These levels when accumulation zone on the one hour time frame perspective. The crypto bulls broke the $37664.14 minor as traders loaded more bags of Bitcoin in their portfolio in anticipation for 40k price level for profit.
BTC price rallied to an intraday all-time high of $40,363.29, although dropped sharply within couple of minutes as traders booked for profit.
From the Gann fan, BTC is on a bullish channel and there is still much room to the top based on the 4-hour chart before a healthy correction can be expected. BTC price created a higher highs at $40,363.29.
Although BTC price wicked down to retest a 2/1 Gann fan channel at $36,434.20 and also this level was horizontal support, which was a confluence point that led to quick recovery by the bulls to a high of $39,133.30.
RSI is crawling on the over-bought territory at 78.18 mark. This implies that there is still bullish momentum to the fill a wick at $40,397.46 in the day ahead. If the bulls break above this price level, then the next target will be 45k which is the upper part of the Gann fan level.
BTC price rallied on Thursdays by 44.56% after one week of consolidation. Prior to the consolidation, XRP plunged to the dip with a low of $0.1755 due to the SEC cracked down on the underlying crypto asset.
Yesterday, it was a consolidation open of the trading session for XRP price.
BTC Price opened yesterday trading session at $ 0.2495 and printed a low of $ 0.2463 in the first 4-hour of the Asian session.
XRP price rose to an early high of $0.2772. The XRP army got momentum on their side to break a two-week resistance at $0.300. XRP price continued on the wave of the bullish momentum to print an intraday high of $0.3612.
Technically, XRP created a cup and handle market structure, the handle was spotted at $0.300. Traders booked for profit due to psychological level of resistance at $0.3612 which led to the minor correction of the rally to print the hand structure.
A break out of this psychological level will push for more recovery from the dip to a long target of $0.4439 in the days ahead.
RSI is at 72.14 mark in over-bought territory. If the RSI crawls in these region, we could anticipate for further extension of the rally.
The Bears were unable to break the 20-day simple moving average which shows that the bulls have upper hand in the market due to all-season.
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