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Weekly Trade Report: An Altcoin-High Week

09 April 2021 | ZebPay Trade-Desk

Bitcoin has been fairly volatile this week, trading in the range of $55,000 – $60,500. BTC has witnessed a correction, trailing back to $55,000 levels after it saw a new ATH last week of $61,683. Ether, on the other hand, has seen a rally, trading in the range of $1,900 – $2,150 this week and made a new ATH of $2,152. Altcoins have seen an upward trend this week too, with BNB leading the pack, followed by BAT. Let’s see what these coins have in store for us.

Bitcoin (BTC) Technical Analysis and Chart:

At the time of writing, Bitcoin is trading around $58,200 reflecting a loss of about 2% approximately over the period of 24-hours.

After hitting a new ATH last week, BTC witnessed a correction early this week. Some profit booking was seen, but volumes have held up. BTC has been range-bound towards the later part of the week between $57,000 and $59,500. As Bitcoin continues to become a part of corporate balance sheets, and more FI’s, banks, and governments start recognising and adopting the asset, the fundamental value it brings will only get stronger. Hence, from a longer-term perspective, the asset remains very attractive.

As we have mentioned in our previous reports, that BTC is facing stiff resistance at higher levels around $60,600 and the bulls are not able to gain momentum and break the new all-time high. This week too, Bitcoin, after making the weekly high of $59,475 couldn’t cross the resistance level and the prices fell by almost 6.75% making the weekly low $55,400. On the technical front, as we can see from the daily chart above, Bitcoin, after making its all-time high is now consolidating and is trading in a broad range of $60,000 to $50,000. We can see a dip in volumes also. So, breakouts on either side with higher volumes will decide the further trend for the asset.

Ethereum (ETH) Technical Analysis and Chart:

At the time of writing, Ethereum is trading around $2,090 reflecting a gain of about 2% approximately over the period of 24-hours.

ETH has been riding the upward wave this week, and it also hit a new ATH. Overall, compared to last week, ETH has seen a gain of approximately 15%.  The sentiment is bullish, as ETH has crossed a market cap of $220bn last month. As the Ethereum blockchain fully supports DeFi Apps, Ethereum has gained significant traction among major industries, spiking investors’ interest in Ether. In addition to that, the blockchain is soon undergoing an upgrade (late June/early July), which will result in token burns, limiting the ETH supply in the long run, and this is likely to result in an upward price pressure of the asset, and hence a reason to watch out, and maintain a bullish stance. 

As we can see from the daily chart above, ETH started an upward trend after taking support at the crucial level of $1,546 and this week the asset made the new all-time high of $ 2151.3.

On a technical front, ETH, this week has made a ‘DOJI’ pattern at its peak, which indicates uncertainty in the trend. Hence, we saw some profit booking and the prices fell by almost 10% making the weekly low of $1,930. The asset is consolidating and trading in a range of $1,950 to $2,150. For ETH to go further up it needs to trade and sustain above $2,151.

Basic Attention Token (BAT) Technical Analysis and Chart:

At the time of writing, BAT is trading around $1.28 reflecting a gain of about 4% approximately over the period of 24-hours.

BAT has been on a bull run, ever since it marked the $1bn market capitalization milestone. Early this week the asset hit a new ATH of $1.38, but it has witnessed a minor correction since, as it fell by about 10%. This is not very surprising, as volumes have also witnessed a similar trend over the same period, and some profit booking was seen. The BAT project provides a remedy to several problems it saw with digital advertising: the privacy violations of users, the declining revenues of traditional publishers and the inability of advertisers to assess the effectiveness of their ads. BAT measures users’ attention while they browse sites and rewards publishers accordingly.

As we can see from the daily chart above, last week BAT was trading in a triangle pattern. This week the asset gave an upside breakout the asset rallied up to the previous all-time high of $1.38. On the technical front, BAT resisted exactly at the previous all-time high and we saw some profit booking where the asset fell almost by 15.9% as the bulls failed to take charge and break the resistance. BAT is now consolidating and trading in a range of $1.38 and $ 1.16. Breakouts on either side with higher volumes will decide the further trend for the asset.

Binance Coin (BNB) Technical Analysis and Chart:

At the time of writing, BNB is trading around $413 reflecting a gain of about 4% approximately over the period of 24-hours.

Binance coin continues to break new records setting a new all-time high (ATH), as the wider cryptocurrency market gains momentum once again. On April 9, Binance coin (BNB), the native token for cryptocurrency exchange Binance, set a new all-time high of $425.27, after an impressive rally this week. BNB is up 60% month-on-month and is the third-largest cryptocurrency by market capitalization, which is nearly $65 billion. Moreover, Binance is also increasing its own project development effort in the decentralized finance (DeFi) space, with projects such as Binance DEX, its own decentralized exchange.BNB price predictions tend to be the most bullish when there’s a flurry of trading activity on the platform. Binance has repeatedly seen volumes break new ground as traders attempt to capitalise on the new highs seen in Bitcoin, Ether, and other cryptocurrencies. 

As we can see from the daily chart above, BNB has started an upward journey from February and within three months the asset has risen from $51.5 to $422 and has given a massive return of almost 700%. We had seen some profit booking at $350 levels and the asset was consolidating for a long time until this week when the bulls finally took the momentum and were able to break the long-held resistance of $350  which helped the asset surge to an all-time high of $425.27. Currently, BNB is trading in an uptrend near the all-time highs and as of now, there is no reversal pattern. Hence, we remain bullish on the asset until and unless it breaks and trades below the support levels.

USDT-INR Technical Analysis and Chart: 

At the time of writing, USDT-INR is trading around $77.90 reflecting a loss of about 2% approximately over the period of 24-hours.

The pair is operating with ~5% premium, compared to its traditional counterpart. This is slightly lower than what the Indian market traditionally witnesses. The Indian Rupee weakened as the Reserve Bank of India left its benchmark repurchase rate unchanged at 4.00% in April, as expected, and hence the premiums have been washed off. After Bitcoin corrected and is witnessing another rally since, coupled with another rally in ETH, traders are likely to soon liquidate assets in this pair, in order to book profit, upon another correction which is anticipated soon. This anticipation seems to have been factored in, which is probably why USDT/INR has held its nerve and is trading at close to $78 levels over the past week. In addition to that, the sentiments on what might be next for the crypto industry in India seem positive and this has further enhanced investor confidence. USDT-INR is trading in an uptrend this week, taking support at the uptrend line. We can see USDT is taking support at $76.3 levels, and resistance at a level of $79.25. 

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 to hold fort, and we stand our ground, as the economy improves and consumer and business confidence grows, we remain optimistic. At these levels, we expect USDT/INR to maintain premiums, though if BTC/ETH witnesses another rally, a slight correction is likely.

Weekly Trade Summary Sheet: 

Weekly Price Analysis:

USD ($)01 Apr 2108 Apr 21Previous WeekCurrent Week
CloseClose% ChangeHighLowHighLow
BTC$58,800$58,324-0.81%$61,683$45,115$59,475$55,400
ETH$1,919$2,0898.82%$1,947$1,416$2,151$1,930
BAT$1.142$1.29012.96%$1.370$0.520$1.380$1.120
BNB$335.210$418.04024.71%$339.210$234.790$425.370$319.190

Weekly Volume Analysis:

Cryptocurrency1w – % Vol. Change (Global)
BitCoin (BTC)4.73%
Ethereum (ETH)22.81%
Basic Attention Token (BAT)-12.12%
Binance Coin (BNB)33.03%

Weekly Price Pointers:

Resistance 2$68,885$2,238$1.660$451.35
Resistance 1$60,600$2,151$1.380$422.28
USDBTCETHBATBNB
Support 1$50,305$1,874$1.100$357.25
Support 2$46,219$1,741$0.920$287.00

Market Updates:

  1. Consulting firms like PwC Russia said that Russians have been increasingly reporting their income from cryptocurrency operations.
  2. An XRP advocate started a petition to SEC chair nominee Gary Gensler, asking him to end the lawsuit against Ripple should he be confirmed as the new chair.
  3. Cryptojacking activity seems to be losing momentum, specifically types that mine monero, as a recent report unveiled a slowdown in the illicit crypto-mining activities in the cloud.
  4. ChainSwap raises $3M from investors including Alameda Research and NGC Venture.

*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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