07 May 2021 | ZebPay Trade-Desk
After hitting an unprecedented all-time high, BTC witnessed a correction and fell to $50,000 levels. Since then, the asset has been moving in an uptrend, rallying and now trading in the range of $55,000 – $58,000. On the other side, Ether has had a phenomenal week, crossing the $3,500 mark and setting a new ATH as well. The asset continues to surprise week on week, as it rides its upward trend. Altcoins, after witnessing a correction as suggested in our last report, have also started to recover and move in an upward direction, with BNB leading the pack, followed by BAT. Both assets are backed by strong fundamentals and are likely to build a stronger footprint over time.
Bitcoin (BTC) Technical Analysis and Chart:
At the time of writing, Bitcoin is trading around $56,100 reflecting a loss of about 0.6% approximately over the period of 24-hours.
BTC has seen an uptrend this week after the correction experienced last week. It has been fairly range-bound this week, trading between $54,000 – $58,500. As corporates, FIs, banks, and government continue to recognise the asset as an investment opportunity and adopt more of it, coupled with Grayscale now partnering with leading sports teams and organisations, the asset is quickly becoming mainstream, which is likely to further enhance its value proposition and fuel further growth.
As we can see from the daily chart above, BITCOIN, last week after making a ‘Hammer’ pattern at lower levels, started to move up but the asset is not able to get the momentum and is facing stiff resistance around $59,000 levels. On the technical front, BTC is trading in a range from $52,250 to $59,000. Breakouts on either side with good volumes will decide the trend for the asset. $59,250 and $64899 will act as crucial resistance whereas $52,250 and $46,219 will be important support levels to watch out for.
Ethereum (ETH) Technical Analysis and Chart:
At the time of writing, Ether is trading around $3,432 reflecting a loss of about 1.7% approximately over the period of 24-hours.
ETH continues to rally upward, and has and once again hit a new all-time high of $3,541, but has since fallen by about 7% and trades at $3,300 levels now. The sentiment continues to remain bullish, with both the protocol upgrade in sight, but also the growing investor interest in the asset class. The S&P Dow Jones Indices launched new cryptocurrency indexes, it said on Tuesday, further mainstreaming digital currencies including bitcoin and ethereum by bringing them to the trading floors of Wall Street, which has further encouraged this rally. Thanks to its wide applicability in the DeFi space, coupled with the significantly lower cost of acquisition compared to its counterpart BTC, the asset is poised for success.
As we can see from the daily chart above, ETh is trading in an uptrend and every dip in the prices is seen as an accumulating opportunity. This week the asset made a new all-time high of $3,599. On the technical front, the asset has made a ‘Spinning Top’ pattern at higher levels indicating indecision. So we may see some consolidation or profit bookings. $2,950 will act as an important support level. Our approach on the asset remains positive with any dips to be capitalized for accumulation.
Basic Attention Token (BAT) Technical Analysis and Chart:
At the time of writing, BAT is trading around $1.522 reflecting a gain of about 8.5% approximately over the period of 24-hours.
BAT has been on a bull run, ever since it marked the $1bn market capitalization milestone, and within just a couple of months thereon, it has now crossed $2nb in market cap. After hitting a new ATH, the asset saw a correction of ~40%, but since then has recovered and now trades at $1.40 levels. Volumes have seen a slight dip this week, but that wouldn’t be any cause of concern for the asset. Brave Browser continues to attract subscriptions adding to a larger retail base, the asset will continue to significantly appreciate, and coupled with the fact that it remains an asset undervalued to its utility, one can acquire at current price levels as it remains a highly attractive proposition for long term investors.
As we can see from the daily chart above, BAT was consolidating and was trading in a range but this week the asset has given a range breakout on the upside and has started making a ‘Higher Top Higher Bottom’ formation helping the asset surge to a weekly high of $1.592. The asset can face some resistance near the all-time high levels 0f $1.648 but if it breaks and sustains above these levels we may see a further rally.
Binance Coin (BNB) Technical Analysis and Chart:
At the time of writing, BNB is trading around $623 reflecting a loss of about 1.66% approximately over the period of 24-hours.
BNB has been pretty range-bound this week, trading in the range of $600 – $660, and is the native token for cryptocurrency exchange Binance. It did set a new ATH this week of $679 but has since a slight dip since, of about 5%, and trades as $650 levels now. The recent BNB burn did not impact prices much, in fact, the coin followed suit behind BTC and ETH, and saw prices drop a little, before gaining again from an upward trend. BNB is the third-largest cryptocurrency by market capitalization, which is nearly $100 billion. It continues to witness good resilience with respect to volumes, thanks to the spike in interest within the crypto community for this asset. Binance does see volumes break new ground, from time to time, as traders attempt to capitalise on the new highs seen in Bitcoin, Ether, and other cryptocurrencies. This in turn leads to more activity on the exchange, indirectly contributing to BNB’s appreciation, and in the long run, this could be a key driver of BNB’s ROI portfolio.
As we can see from the daily chart above, BNB started on a positive note earlier this week and made the new all- time high of $680, but the asset resisted near the all-time high and made a Bearish Engulfing pattern, though the following candle has not given the confirmation, we anticipate a sideways to bearish movement in the asset. For the prices to go further up it needs to trade and sustain above $680. We may see some downside movement if it breaks the $595 levels.
USDT-INR Technical Analysis and Chart:
At the time of writing, USDT-INR is trading around $78 reflecting a gain of about 0.48% approximately over the period of 24-hours.
The pair is operating with ~7% premium, compared to its traditional counterpart. This is what the Indian market traditionally witnesses, and is lower compared to the previous week as well. The Indian Rupee has strengthened a little over the past week or so, leading to lower premiums as compared to the end of last month. Moreover, BTC, ETH, and the major altcoins witnessed rallies this week, after witnessing corrections the prior week. This suggests that, in order to participate in the upward rally, first traders liquidated their assets in this pair, squared off positions, creating a one-way swing in the market at different times, which has significantly contributed to the pair’s volatility. USDT-INR is trading in a downtrend this week, resisting at the downtrend line. We can see USDT is taking support at $77 levels, and resistance at a level of $80.
The overall sentiment in the crypto space remains positive, but at the same time, investors remain cautious. Last week we said that at $78 levels USDT/INR seems likely, and we were right, and we stand our ground on the same lines. The USDT/INR pair currently trades at these levels, and we don’t expect any movement by a significant margin this week. Hence, we expect USDT/INR to remain pretty range-bound, but given the tendency of rupee depreciation of the past couple of weeks and volatility in the market, we remain cautious on what might be next for the pair.
Weekly Trade Summary Sheet:
Weekly Price Analysis:
| USD ($) | 30 Apr 21 | 06 May 21 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $57,750 | $56,440 | -2.27% | $57,900 | $47,159 | $58,973 | $52,969 |
| ETH | $2,773 | $3,491 | 25.89% | $2,797 | $2,117 | $3,541 | $2,728 |
| BAT | $1.26 | $1.40 | 11.35% | $1.300 | $0.972 | $1.37 | $1.16 |
| BNB | $624.08 | $633.99 | 1.59% | $627.28 | $478.89 | $679.82 | $595.86 |
Weekly Volume Analysis:
| Cryptocurrency | 1w – % Vol. Change (Global) |
| BitCoin (BTC) | -10.73% |
| Ethereum (ETH) | 1.85% |
| Basic Attention Token (BAT) | -23.93% |
| Binance Coin (BNB) | 6.67% |
Weekly Price Pointers:
| Resistance 2 | $64,899 | $4,174 | $2.130 | $744.00 |
| Resistance 1 | $59,250 | $3,599 | $1.648 | $680.00 |
| USD | BTC | ETH | BAT | BNB |
| Support 1 | $46,219 | $2,950 | $1.300 | $595.00 |
| Support 2 | $43,016 | $2,544 | $0.950 | $538.00 |
Market Updates:
- Grayscale will be the official digital currency asset management partner for the New York Giants and will sponsor several events.
- PayPal’s CEO believes crypto assets are forging a more equitable and inclusive financial system.
- Bitcoin bull Mike Novogratz’s company, Galaxy Digital, has analyzed dogecoin and concluded that “despite its deficiencies, dogecoin has remarkably strong fundamentals.
- Revolut has rolled out its Beta launch of Bitcoin withdrawals to U.K.-based Metal customers, who will be allowed to withdraw 500 to 1000 pounds a month in its initial stages.
*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.
