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Weekly Trade Report: A Bullish Week

19 March 2021 | ZebPay Trade-Desk

Bitcoin hit a new ATH of $61,788 this week, post which it saw a correction and is currently trading around $58,500 levels. The largest crypto asset by market capitalization continues to witness good volumes. Ether has been range-bound, trading between $1,725-$1,950. Altcoins continue to impress, with BAT leading the pack, as it hit a new ATH of $1.38. 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 $58,500 reflecting a gain of about 2% approximately over the period of 24-hours.

BTC hit a new ATH, after which it saw a correction. During this period, significant profit-booking took place, and volumes saw a pretty good boost. BTC has been moving in an upward direction, ever since the start of this year, making new highs in quick succession, as it continues to be adopted by FI’s and corporations, making it a mainstream financial asset.

As per the daily chart above, Bitcoin is trading in an uptrend and so far we have seen that with Bitcoin, whenever there is a correction, the prices fall to the support levels and bulls take a charge from thereon. This week we saw Bitcoin, post making a new all time high 0f $61,788.45 we saw some profit booking, and the asset corrected by almost 13% making a weekly low of $53,221. On a technical front, Bitcoin tried to make a flag pattern (bullish continuous pattern)on a weekly time frame, however the volumes did not support the pattern and Hence investors should remain cautious at higher levels. 

For Bitcoin to go up further it needs to trade and sustain above $59,955, which acts a good resistance.

Ethereum (ETH) Technical Analysis and Chart:

At the time of writing, Ethereum is trading around $1,800 reflecting a gain of about 3% approximately over the period of 24-hours.

ETH has been trading in a fairly range-bound fashion, fluctuating between $1,725-$1,900 since the start of this week. Ethereum will witness some changes in its network, known as EIP-1559, which will amend the way in which it functions, as tokens will be burned/destroyed, limiting the supply of ETH. This is likely to take effect in June/July this year and is likely to have an upward pressure on price.

As we have mentioned in our previous reports, ETH post-correction from it’s all-time high of $2,036 had taken support at a crucial level of $1,300 and started moving upwards. The asset is facing some stiff resistance at $1,934 levels and is not able to gain momentum so far. On a daily chart, we can see that ETH is consolidating between $1,730 to $1,878 levels (61.8% and 78.6% Fibonacci Retracement levels respectively). Breakouts on either side will decide further trends in the asset. For ETH to go up it needs to break the resistance at higher levels.

ETH may see a bull run if it breaks the resistance level of $1,879 and $1,935.

Basic Attention Token (BAT) Technical Analysis and Chart:

At the time of writing, BAT is trading around $1.215 reflecting a loss of about 5% approximately over the period of 24-hours.

BAT has been on a bull run, ever since it marked the $1bn market capitalization milestone. This week, it saw a new all time high as well as continued growth in volumes as the asset has gained significant investor interest, over the past few weeks.

We mentioned in our earlier report that we may see an upward movement in the asset once it tests the support zone. It rightly did so and this week, we witnessed a sharp rally over 80%  (from last week) as the asset made a new all time high of $ 1.38. A little correction or profit booking was anticipated and the asset corrected almost 17% from the recent high. Hence, we see selling at higher levels in the daily time frame. 

However the weekly time frame still continues to make higher top higher bottom formation and the volumes also support the momentum. So, we remain bullish on BAT unless the support levels are broken convincingly.

Maker (MKR) Technical Analysis and Chart:

At the time of writing, MKR is trading around $2,102 reflecting a loss of about 1% approximately over the period of 24-hours.

MKR has become a key player in the DeFi space. This is primarily due to the belief that being a decentralized autonomous organization, MakerDAO’s long-term goal is to transfer its governance entirely to its users, who will then control and manage this blockchain entirely. As the DeFi space continues to grow, and DApps gain momentum, Maker is more than likely to be a key beneficiary. 

As we can see from the daily chart above, MKR has started an upward journey from January 2021. We witnessed a sharp rally and in over a month it made the all-time high of $3,100 giving a massive return of almost 475% . Post making the all-time high, The asset saw a correction of almost 42%, and prices were dragged to $1,797. 

As this was the crucial support level of 50% Fibonacci retracement, Maker took the support and bounced back. Currently, MKR is consolidating and trading in a broad range of $2,336 to $1,934. Breakouts on either side will decide the further trend for the asset.

USDT-INR Technical Analysis and Chart: 

At the time of writing, USDT-INR is trading around $75.18 reflecting a gain of about 2% approximately over the period of 24-hours.

The pair is operating with ~4.5% premium, compared to its traditional counterpart. This is lower than what the Indian marketplace is used to seeing. After Bitcoin hit a new ATH this week and saw significant profit booking among traders, this resulted in higher selling pressure on the pair, which might have resulted in the depreciating trend seen in the USDT-INR pair, as positions are closed and liquidated. In addition to that, there is still some uncertainty in the minds of crypto investors and traders with respect to how regulation and control in India will be established. USDT-INR is trading in a range-bound fashion, between $72.50-$75.80. We can see USDT is taking support at $72.50 levels, and resistance at a level of $76.50. 

The overall sentiment in the crypto space is positive, but at the same time, investors remain cautious. At current levels, USDT provides a good avenue to gain exposure to USD, and as we are anticipating corrections in both the BTC and ETH pairs moving forward, we anticipate that USDT-INR will also benefit from this, and 76+ levels are likely to come very soon. More importantly, as the overall sentiment with respect to Indian regulations in this space seems to be moving in the right direction, institutional and retail confidence has been coming back and will only improve here on. Hence, we maintain a bullish stance on the pair.

Weekly Trade Summary Sheet: 

Weekly Price Analysis:

USD ($)11 Mar 2118 Mar 21Previous WeekCurrent Week
CloseClose% ChangeHighLowHighLow
BTC$57,815$57,8590.08%$58,113$49,328$61,684$53,555
ETH$1,829$1,783-2.52%$1,879$1,667$1,938$1,729
BAT$0.801$1.22052.31%$0.882$0.663$1.370$0.722
MKR$2,227.020$2,112.710-5.13%$2,283.810$2,048.970$2,194.700$1,995.930

Weekly Volume Analysis:

Cryptocurrency1w – % Vol. Change (Global)
BitCoin (BTC)1.18%
Ethereum (ETH)-2.99%
Basic Attention Token (BAT)115.42%
Maker (MKR)-7.85%

Weekly Price Pointers:

Resistance 2$64,118$1,982$1.760$2,485
Resistance 1$61,788$1,879$1.380$2,331
USDBTCETHBATMKR
Support 1$53,221$1,724$0.900$1,939
Support 2$49,328$1,579$0.731$1,797

Market Updates:

  1. The Pakistani province of Khyber Pakhtunkhwa will build two pilot cryptocurrency mining firms as part of a new state policy. 
  2. AMD has confirmed it has zero intentions of blocking mining operations on its graphics cards. 
  3. Visa CEO Al Kelly anticipates that cryptocurrency could become “extremely mainstream” within five years.
  4. Everipedia’s price spiked to its highest level in years following the project’s pivot toward NFT art.

*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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