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Weekly Trade Report: Bitcoin to the Moon?

19 February 2021 | ZebPay Trade-Desk

For the first time ever Bitcoin crossed the $52,500 mark, as the largest crypto asset by market capitalization continued to soar, and hit a new all-time high of $52,640. Ether is following suit, hitting a new all-time high this week of $1,949, and continues to benefit from incredible interest among crypto enthusiasts, and the industry. Institutional flows are strong, and volumes further emphasize the same. Altcoins have also shown an upward trend, meaning that overall sentiment stays positive. Let’s have a look at what some of these assets have in store for us.

Bitcoin (BTC) Technical Analysis and Chart:

At the time of writing, Bitcoin is trading around $51,500  reflecting a  loss of 0.2% approximately over the period of 24-hours.

Bitcoin has seen an upward trend this week, gaining over  6% over the previous week. BTC continues to see strong inflows, and volumes have also seen a boost during the week, reflecting a positive overall sentiment.

As we can see in the charts BTC after taking multiple support at $29,000 levels was trading in an uptrend channel. Bulls took the complete charge and we saw BTC making the new all time high of $52,640.35 last week facing resistance at the upper line of the channel.

As per the daily chart, BTC has made a bearish harami pattern ( bearish reversal pattern) near the resistance level. Hence we may see some corrections or profit booking and can expect further upside only once the resistance is broken.

Institutional flows have continued to impress, hence the picture over the long term is fairly positive. Tactically $46,250 and $43,600 are acting as good support and dips accumulation remains an attractive strategy.

Ethereum (ETH) Technical Analysis and Chart:

At the time of writing, Ethereum is trading around $1,914 reflecting a loss of 1.2% approximately over the period of 24-hours.

ETH hit an all-time high of $1,949 and continues to benefit from good institutional flows, as well as good commitments. Volumes have also held up well. The second-largest asset by market capital is gaining more traction from investors, and the crypto community. 

As mentioned in our earlier reports, ETH is continuously trading in an uptrend. Post breaking its resistance of $1,675 it gave a rally pushing the bulls to touch the new all-time highs of $1,949. As we can see on the chart ( 4-hour time frame), ETH has made a tweezer top and a bearish Engulfing pattern  ( trend reversal patterns). Hence ETH needs to close above $1,949 for further upside to negate the bearish patterns. Until then corrections and profit booking can’t be ruled out.

ETH may continue to see its bull run until and unless it breaks and trades below the key support levels of $1,760 and $1,675 will act as important support levels, and hence we continue to remain bullish on ETH.

Basic Attention Token (BAT) Technical Analysis and Chart:

At the time of writing, BAT is trading around $0.620 reflecting a  loss of about 2.51% approximately over the period of 24-hours.

BAT has successfully exited the long bearish trend it had formed in the last month as the prices carried an upward momentum up to the price of $0.713.

As we have mentioned in our previous reports BAT has given a breakout above $0.44 levels giving a sharp rally to touch the new all-time high of $0.713. Due to the resistance level profit booking was expected at higher levels and it did so by dragging it down to the support level of $0.455.

The momentum was back at support levels as the bulls took charge at dips and made the high of $0.657.

Hence, we conclude that BAT is making a higher top higher bottom pattern formation suggesting buy on dips scenario.

For BAT to further rally, it would have to break the crucial resistance level of $0.75 and needs to sustain above that.

USDT-INR Technical Analysis and Chart: 

At the time of writing, USDT-INR  is trading around $74 reflecting a loss of about 0.2% approximately over the period of 24-hours.

The pair is operating with a 1.7% premium, compared to its traditional counterpart, which is usually not the case. The primary reason for this, the uncertainty around the introduction of the cryptocurrency bill in the current session of Parliament. Hence, we have seen a recovery, and currently, USDT-INR is trading in a range-bound fashion, between $72-$75. We can see USDT is taking support at $72.03 levels, we anticipate an upward movement once it breaks this resistance level of $74.85. 

There has been a good rally in BTC and ETH, which is why Bitcoin and Ether traders might have liquidated their stable coins (USDT), and participated in this upward rally. Moreover, the RBI seems like it will continue its intervention in 2021 with the aim of building forex reserves, and this might put a contractionary pressure on the USD-INR pair. If the positive sentiment in the crypto space continues to grow, we might witness 6-8% premiums in the USDT-INR pair soon again. Though the ramifications of the bill that is currently being debated in Parliament remain ambiguous, we still believe that the USDT-INR will continue to see an upward trend throughout this month. Hence, in this light, we are bullish on the pair, as we expect inflows to get stronger over the month.

Weekly Trade Summary Sheet: 

Weekly Price Analysis:

USD ($)11 Feb 2118 Feb 21Previous WeekCurrent Week
CloseClose% ChangeHighLowHighLow
BTC$47,909.330$51,601.0007.71%$48,463.470$36,317.500$52,640.000$45,768.000
ETH$1,783.800$1,937.5008.62%$1,826.700$1,501.750$1,949.000$1,650.000
BAT$0.593$0.6367.22%$0.660$0.313$0.657$0.455

Weekly Volume Analysis:

Cryptocurrency1w – % Vol. Change (Global)
BitCoin (BTC)-22.05%
Ethereum (ETH)-17.41%
Basic Attention Token (BAT)10.17%

Weekly Price Pointers:

Resistance 2$54,460$1,998$0.8760
Resistance 1$52,640$1,950$0.7540
USDBTCETHBAT
Support 1$46,250$1,760$0.4400
Support 2$43,600$1,675$0.3800

Market Updates:

  1. Statista has found that one-in-three Nigerians held or used crypto assets during 2020.
  2. Robinhood’s reputation has taken a battering lately, but it hopes to regain credibility among the crypto community by introducing cryptocurrency transfers.
  3. xSigma Prepares to Launch Its Stablecoin DEX With Major Backers
  4. BlackRock has started to ‘dabble’ in crypto, says CIO

*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.

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