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Weekly Trade Report: A very merry Christmas

25 December 2020 | ZebPay Trade-Desk

Christmas is merry indeed for the cryptos, except for XRP which is facing regulatory issues, the crypto complex is bid. Let’s look at what we have in store for a trade set-up. 

Bitcoin (BTC) Technical Analysis and Chart:

At the time of writing, Bitcoin is trading around $23,814 reflecting a profit  of 4.08% approximately over the period of 24-hours.

After Breaching the $20,000 levels BTC has largely been steady, testing the resistance beyond $24,000 levels, $22,000 remained supported.

On the technical front, the picture is a bit mixed, MACD levels and histogram are both very much in the green, ADX is confirming the trend. RSI is an indicator that we have emphasised recently, currently flashes overbought in the weekly chart. Apart from these, there is a large expiry of futures and options, we might see some fireworks later in the day.

Institutional flows are as strong as ever, Microstrategy accumulated some BTCs, Alan Howard of Brevan Howard has dipped his toes into BTC as well.

We see some downside in very near term with RSI overbought and derivatives expiries, yet for over a week or two may prove to be a good entry point. Hence, we BTC pulled back slightly over the next few days before continuing the rally.

Ethereum (ETH) Technical Analysis and Chart:

At the time of writing, Ethereum is trading around $617 reflecting a profit of 5.01% approximately over the period of 24-hours.

ETH after rallying last week, pulled slightly to test the support around $540 levels, currently looking to test the resistance at $640 levels.

The technical front picture is positive with MACD and histogram in the positive territory and  RSI looking to move below overbought levels, price still trades above the bullish channel. Just like last week, higher highs and lows are supportive of prices. 

On the flows front, CME is finally going ahead with the ETH futures, which would lead more positive flows in ETH along with BTC. We keep tilting to the Bullish side on ETH, just like last week.

Basic Attention Token (BAT) Technical Analysis and Chart:

At the time of writing, BAT is trading around $0.2185 reflecting a profit of about 8.05% approximately over the period of 24-hours.

Price after successfully exiting the bearish trend it formed last month, continues to trade above the support level of $0.20, with resistance on upside t $0.235

On the technical front picture turning  to the positive side with MACD line crossing above the signal line and RSI levels are moving below the neutral levels on the weekly chart despite positive moves overnight. Prices remain well supported around these levels.

With that said we tilt to the bullish side on the BAT looking at $0.235 levels, analysis will be negated if price closes above the $0.20 levels

USDT-INR Technical Analysis and Chart: 

At the time of writing, USDT-INR  is  trading around 79.10 reflecting a loss of about 1.3% approximately over the period of 24-hours.

USDT-INR makes up for an interesting pair as USDT is a stable coin, hence the pair has the property of both forex and crypto. 

On the technical front, MACD has moved to positive levels,, RSI is back to overbought  levels and ADX is not confirming the trend. But as we point out in our previous reports it’s important to see what’s happening with premium, the pair had with regards to USD-INR.

This week, the premium expanded again and is currently at around 6.5%. We believe USDT being a stable coin is an easy way to gain exposure to USD. On the USD front, President Trump’s veto on the stimulus bill has created an interesting situation, which might spoil the year end party. Yet higher BTC and ETH remains a headwind for premium.

With USD-INR pair being largely stable, rallying BTC and ETH and very high premium, we tilt to the bearish side on the pair.

Weekly Trade Summary Sheet: 

Weekly Price Analysis:

USD ($)17 Dec 2024 Dec 20Previous WeekCurrent Week
CloseClose% ChangeHighLowHighLow
BTC$22,805.160$23,735.9504.08%$23,642.660$17,619.530$24,209.660$22,159.370
ETH$642.870$611.610-4.86%$18,268.450$545.250$668.770$560.360
BAT$0.227$0.218-3.81%$0.238$0.201$0.263$0.182
XRP$0.577$0.338-41.42%$0.654$0.442$0.610$0.221

Weekly Volume Analysis:

Cryptocurrency1w – % Vol. Change (Global)
BitCoin (BTC)18.24%
Ethereum (ETH)-32.97%
Basic Attention Token (BAT)3.82%
Ripple (XRP)-10.76%

Weekly Price Pointers:

Resistance 2$26,300$735$0.2885$0.5260
Resistance 1$24,200$635$0.2330$0.3880
USDBTCETHBATXRP
Support 1$22,800$580$0.1950$0.2960
Support 2$20,000$542$0.1730$0.2560

Market Updates:

  1. Big money is still scooping up the available Bitcoin supply despite short-term bearish signals, data shows.
  2. In October, rumors swirled that PayPal was poised to acquire BitGo, one of the country’s oldest cryptocurrency firms. That deal will not happen, according to multiple sources, and BitGo is now charting a new path.
  3. Despite Bitcoin’s Price Highs, Onchain Data Shows BTC Miners Are Not Spending More Than Usual.
  4. Jay Clayton ended his term as the Securities and Exchange Commission (SEC) Chair on a high note for crypto, filing a major lawsuit against Ripple. 

*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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