16 April 2021 | ZebPay Trade-Desk
Bitcoin has been fairly volatile this week, trading in the range of $59,000 – $65,000. BTC has, after witnessing a correction last week, hit a new ATH of $64,899. Ether has seen a rally this week, trading in the range of $2,100 – $2,500 and made a new ATH of $2,544. Altcoins have seen an upward trend this week too, with BNB leading the pack, and hit a new ATH of $638, followed by BAT, which also hit a new ATH of $1.648. Let’s see what these coins have in store for us.
Bitcoin (BTC) Technical Analysis and Chart:
At the time of writing, Bitcoin is trading around $63,200 reflecting a loss of about 3% approximately over the period of 24-hours.
After BTC saw a correction last week, it rallied upward and made a new ATH this week, crossing the $64,000 mark for the first time. The rally can be attributed to the Coinbase IPO that came out this week. This is the second rally the asset has witnessed this month alone. BTC has been range-bound towards the later part of the week between $62,000 and $63,600. As corporate, FI’s, banks, and government continue to recognise the asset as an investment opportunity and adopt more of it, the asset is likely to only benefit and gain in value here on. Hence, from a longer-term perspective, the asset remains very attractive.
As per the daily chart above, we can see that bitcoin is trading in an uptrend and so far we have seen that every time the asset corrects, bulls take the opportunity to bounce from the support levels. We had educated investors in our previous report about BTC facing stiff resistance near $61,000 levels, however this week, the bulls took the complete charge and the asset gave an ‘Ascending Triangle’ breakout which helped the prices surge to a new all-time high of $64,889.
Although post-making the new high, the asset made a red body ‘Spinning Top’ suggesting a neutral scenario for the time being, and currently it’s trying to test the neckline of the pattern. We continue to remain bullish on BTC until and unless the support level of $55,000 is broken.
Ethereum (ETH) Technical Analysis and Chart:
At the time of writing, Ethereum is trading around $2,500 reflecting a gain of about 4% approximately over the period of 24-hours.
ETH has been riding the upward wave this week, and it also hit a new ATH. Overall, compared to last week, ETH has seen a gain of approximately 20%. The sentiment continues to remain bullish, with both the protocol upgrade in sight, but also the growing investor interest in the asset class. The upgrade will result in token burns, limiting the ETH supply in the long run, and this is likely to result in an upward price pressure of the asset, and hence it might appreciate even more in the long run, heading towards July 2021. ETH buyers have historically held on to their assets, even when prices have dipped, suggesting the fundamental belief in the asset, thanks to its wide applicability in the DeFi space, coupled with the significantly lower cost of acquisition compared to its counterpart BTC.
As we mentioned in our previous report, ETH was consolidating and trading in a range from $1,955 to $2,155 and a breakout on either side was awaited for further course of action. This week, the tables turned in favour of the bulls and the asset gave a breakout on the upside making a ‘Higher Top Higher Bottom’ pattern formation and we witnessed a new all-time high of $2,544. Post making the new all-time high, ETH is trying to make a ‘Bearish Engulfing’ (two day reversal pattern) wherein we can see selling at higher levels. On a technical front, ETH has given a Flag Breakout this week (although with average volumes) and is currently facing some resistance at higher levels which indicates some profit booking is anticipated. However, we continue to remain bullish on the asset until and unless it trades above the support levels of $2,200 and $1,930.
Basic Attention Token (BAT) Technical Analysis and Chart:
At the time of writing, BAT is trading around $1.52 reflecting a gain of about 3% approximately over the period of 24-hours.
BAT has been on a bull run, ever since it marked the $1bn market capitalization milestone. Early this week the asset hit a new ATH, but it has witnessed a minor correction since and has fallen by about 10%. Volumes have seen a significant boost during this period, indicating that bulls are taking control and acquiring the asset, as soon the asset consolidates towards its support level. Over the last couple of weeks, the Brave browser, which acts as the backbone for BAT, has seen a mammoth rise in this user baser, among both retail users and publishers alike. In addition to that, the program has also incorporated new features, which solve some fundamental issues in the digital browsing space. This has significantly contributed to the asset’s appreciation off late, coupled with the fact that it remains a cheap asset to acquire at current price levels.
As we mentioned in our previous report, post a triangle pattern formation last week, BAT gave a breakout on the upside but resisted near its all-time high of $1.38.
This week however, we witnessed the asset gaining momentum and breaking the resistance to give us a new all-time high of $1.6489. Post this feat, we did see some profit booking where the prices came to test the support level of $1.38. Technically BAT is again consolidating near its highs and we anticipate another rally if the asset trades and sustains above $1.648 levels.
Binance Coin (BNB) Technical Analysis and Chart:
At the time of writing, BNB is trading around $530 reflecting a loss of about 3% approximately over the period of 24-hours.
Binance coin continues to break new records setting a new all-time high (ATH), as the wider cryptocurrency market gains momentum once again. On April 12, Binance coin (BNB), the native token for cryptocurrency exchange Binance, set a new all-time high of $638, after an impressive rally this week. A factor that might have contributed to this is the much anticipated upcoming BNB burn. BNB is up 60% month-on-month and is the third-largest cryptocurrency by market capitalization, which is nearly $68 billion. As Binance continues to increase its project development effort in the decentralized finance (DeFi) space, with projects such as Binance DEX, analysts predict that the assets will only continue to appreciate here on over the long run. Binance has repeatedly seen volumes break new ground as traders attempt to capitalise on the new highs seen in Bitcoin, Ether, and other cryptocurrencies, which has significantly contributed to the exchange’s scale in operations and trading volumes, further enhancing the attractiveness of its native coin BNB.
As we mentioned in our previous report, BNB had given a flag breakout and we suggested a bullish move to continue in the asset. This week too, the rally continued and BNB made a new all-time high of $638.56. However post the peak, the asset posted a long upper shadow indicating selling at higher levels or profit booking and corrected almost 21% making a weekly low of $505.56.
On a technical front, as per the daily chart above, we can see that BNB has started making ‘lower top and lower bottom’ formation and is currently trading below $541 (23.6% Fibonacci Retracement level). Next support is seen at $480.57 ( 38.2% Fibonacci Retracement level). On a weekly time frame, BNB is trying to make a gravestone Doji pattern. Thus, we can see more downside on the asset if it breaks and sustains below $505.56.
USDT-INR Technical Analysis and Chart:
At the time of writing, USDT-INR is trading around $79.70 reflecting a gain of about 2% approximately over the period of 24-hours.
The pair is operating with ~4% premium, compared to its traditional counterpart. This is slightly lower than what the Indian market traditionally witnesses, and is lower compared to the previous week. The Indian Rupee weakened, and further depreciated this week, as the Reserve Bank of India left its benchmark repurchase rate unchanged at 4.00% in April, as and hence the high premiums have been washed off. Moreover, BTC, ETH, and the major altcoins witnessed rallies, all achieving new ATH’s this week. This suggests that, in order to participate in the upward rally, traders are likely to liquidate their assets in this pair, creating a one-way swing in the market, which further contributes to its depreciation. USDT-INR is trading in an uptrend this week, taking support at the uptrend line. We can see USDT is taking support at $77.4 levels, and resistance at a level of $81.25.
The overall sentiment in the crypto space remains positive, but at the same time, investors remain cautious. Things have started to look promising in nature, and the ban seems to be a story of yesterday. Last week we said that at $78 levels USDT/INR seems likely to hold the fort, and we stand our ground, but our expectations have been beaten. USDT/INR has successfully crossed $79 levels, by a significant margin this week, and has sustained there too. At these levels, however, we expect USDT/INR to witness a correction, but given the rupee depreciation of the past couple of weeks, we remain cautious on what might be next for the pair.
Weekly Trade Summary Sheet:
Weekly Price Analysis:
| USD ($) | 08 Apr 21 | 15 Apr 21 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $58,324 | $63,314 | 8.56% | $59,475 | $55,400 | $64,889 | $59,369 |
| ETH | $2,089 | $2,519 | 20.61% | $2,151 | $1,930 | $2,544 | $2,109 |
| BAT | $1.290 | $1.520 | 17.83% | $1.380 | $1.120 | $1.648 | $1.390 |
| BNB | $418.040 | $542.630 | 29.80% | $425.370 | $319.190 | $638.56 | $515.10 |
Weekly Volume Analysis:
| Cryptocurrency | 1w – % Vol. Change (Global) |
| BitCoin (BTC) | -3.33% |
| Ethereum (ETH) | -10.00% |
| Basic Attention Token (BAT) | 46.13% |
| Binance Coin (BNB) | 50.00% |
Weekly Price Pointers:
| Resistance 2 | $68,702 | $2,975 | $2.138 | $726.00 |
| Resistance 1 | $64,889 | $2,544 | $1.649 | $638.56 |
| USD | BTC | ETH | BAT | BNB |
| Support 1 | $54,900 | $2,200 | $1.380 | $457.00 |
| Support 2 | $50,305 | $1,930 | $1.050 | $350.00 |
Market Updates:
- Dogecoin and Maker stole the spotlight as the hype around COIN faded and Bitcoin consolidates near $63,500.
- The price of the meme-based cryptocurrency, DOGE, is at an all-time high as it approaches $0.20.
- UK Hedge fund co-founder Alan Howard already has a personal stake in One River Digital Asset Management’s crypto ventures, plans to invest $84mn crypto.
- Cryptocurrencies have become very popular as a tool of investment over the past couple of years. A new crypto exchange, Coinsbit India has just been launched.
*Sources of charts: https://cryptowat.ch, https://pro.zebpay.com/trade/USDT-INR
Disclaimer : This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.
