25 September 2020 | ZebPay Trade-Desk
Bitcoin (BTC) Technical Analysis and Chart
At the time of writing, Bitcoin is trading around $10,320 reflecting a loss of 1.39% approximately over the period of 24-hours.
As we see in the bitcoin chart above, the Bitcoin bulls have been defending the clinical level of $10,000 since July after failure to breach $12,000 last month level and thus, the biggest asset my market capitalization has been trading in the tight range just above the 10k mark.
The ascending bullish pattern (channel as shown in the chart ) hasn’t been negated yet and BTC shall find strong support around $9,750 followed by $7,850 levels. On the upper side, BTC finds small resistance at $10,800 above which it will find ease in picking the prices up again. The falling EMA crossover and MACD histogram near 0, provides a reason to worry but should be negated with price maintaining above critical levels (200 day EMA and above the lower band of channel)
The fibonacci immediate retracements also finds it place between the $10,300-$9000 mark indicating strong support in the region. BTC is still strong after a healthy correction and the analysis will be negated if prices fall below $9,750 in a shorter time frame. Technical standpoint remains as “Buy on Dips” till the support levels mentioned above are not broken.
Ethereum (ETH) Technical Analysis and Chart
At the time of writing, Ethereum is trading around $329.18 reflecting a loss of 1.45% approximately over the period of 24-hours.
As we see in the chart above, the Ethereum is trading close to support level 0f $310-305 after making a local high of $488.85 last month. Currently, close to 21 days EMA (just above), both the moving average and support level haven’t been tested this month.
Breaching these levels Ethereum has strong support around $260, yet if support remains intact next small resistance is at $365 on the upper side. Ethereum has been under pressure since reversing from the local high this month with largely sideways last few days with stable volumes, making the support level or the EMA level a good entry point.
Basic Attention Token (BAT) Technical Analysis and Chart
At the time of writing, BAT is trading around $0.219 reflecting a loss of about 3.85% approximately over the period of 24-hours.
BAT had a bearish run overall for the month, it breaches the support at $0.26 this month (which acts as a resistance now), now has an EMA crossover. Next support comes at around $0.18, despite this RSI is close to neutral level, these observations along with breakout from the channel makes it ripe for further sell off.
The Analysis will be negated if BAT breaches the EMA convincingly .
Weekly Trade Summary Sheet
Weekly Price Analysis
| USD ($) | 16 Sept 20 | 23 Sept 20 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $10,959.61 | $10,235.10 | -6.61% | $11,179.90 | $10,253.30 | $10,999.40 | $10,135.22 |
| ETH | $365.23 | $320.63 | -12.21% | $394.55 | $355.00 | $376.76 | $313.00 |
| BAT | $0.2510 | $0.2124 | -15.38% | $0.2630 | $0.2293 | $0.2439 | $0.2068 |
| ATOM | $5.121 | $3.840 | -25.01% | $5.5410 | $4.535 | $4.739 | $3.796 |
| XRP | $0.2467 | $0.2215 | -10.21% | $0.2585 | $0.2343 | $0.2481 | $0.2195 |
Weekly Volume Analysis
| Cryptocurrency | 1w – % Vol. Change (Global) |
| BitCoin (BTC) | -3.73% |
| Ethereum (ETH) | -1.48% |
| Basic Attention Token (BAT) | -3.23% |
| Cosmos (ATOM) | 0.22% |
| Ripple (XRP) | -0.98% |
Weekly Price Pointers
| Resistance 1 | $10,800 | $365 | $0.2600 | $5.18 | $0.2640 |
| Resistance 2 | $12,000 | $440 | $0.3400 | $4.50 | $0.2438 |
| USD | BTC | ETH | BAT | ATOM | XRP |
| Support 1 | $10,000 | $305 | $0.1780 | $3.65 | $0.2080 |
| Support 2 | $8,200 | $260 | $0.1000 | $3.05 | $0.1880 |
Market Updates
- China looks into DeFi – A recap of last week’s ‘DeFi Marathon’ hosted by CT China.
- London Stock Exchange-listed miner Argo Blockchain is mining 545% more Bitcoin than last year, with profits up 280%.
- Flare Aims To Provide a Platform for XRP Value to Be Used With Smart Contracts
- Bitcoin and cryptocurrency are no hedge for inflation – Its an alternative to the dominant system entirely.
- Invictus Capital Introduces Bitcoin Alpha Fund With Downside Protection For Investors
- Mastercard announced on Wednesday the release of a proprietary tool targeted to central banks that wish to test their Central Bank Digital Currency, or CBDC.
- Challenging Ethereum 2.0? Competing blockchains are seizing the moment.
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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.
