18 December 2020 | ZebPay Trade-Desk
Bitcoin (BTC) Technical Analysis and Chart:
At the time of writing, Bitcoin is trading around $22,900 reflecting a profit of 5.08% approximately over the period of 24-hours.
BTC, finally breached $20,000 levels this week, breaching the long held resistance, finally proving the believers right. Currently trades at levels never seen before. Drawing in more flows.
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.
The institutional flows keeps getting better and better, Oner River Asset management’s digital arm has stealthily accumulated $600M in cyptos looking at 1 Billion figure, ‘50 Cents’ vol whale, Ruffer investments have ventured into BTC as well.
With that said, the picture over the long term is very positive, tactically $20,000 will act 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 $643.9 reflecting a profit of 3.01% approximately over the period of 24-hours.
Just like BTC, ETH has breached the long resistance of $635, enjoying the inflows as well. Investment world is paying more attention to ETH along with BTC.
The technical front picture is very positive with MACD and histogram in the positive territory with RSI still below the overbought is a very positive sign, price still trades above the bullish channel. The Bullish channel acts as support in the near term.
Institutional flows are seen in ETH as well, with Eric Peter (One River Digital Asset Management) looking to take exposure to BTC and ETH to 1 Billion from 600 million currently. We remain bullish on ETH, looking at $800 levels as the next stop in the rally we currently see.
Basic Attention Token (BAT) Technical Analysis and Chart:
At the time of writing, BAT is trading around $0.2285 reflecting a loss of about 0.35% approximately over the period of 24-hours.
Price has successfully exited the bearish trend it formed last month, rallying last week to trade close to the resistance level 0f $0.235.
On the technical front picture getting less positive with MACD line crossing below the signal line and RSI levels are moving close to overbought levels on the daily chart, with a mild rally.
Price trades close to short term resistance also remains cause for concern along RSI levels.
With that said we tilt to the bearish side on the BAT looking at $0.20 levels, analysis will be negated if price closes above the recent high.
USDT-INR Technical Analysis and Chart:
At the time of writing, USDT-INR is trading around 76.99 reflecting a profit of about 0.52% approximately over the period of 24-hours.
USDT-INR makes up for an interesting pair as USDT is a stable coin, hence the pair has the property of both forex and crypto.
On the technical front, MACD has moved to neutral levels,, RSI is back to neural levels and ADX is not confirming the trend. But as we point out in our previous reports it’s important to see what’s happening with premium, the pair had with regards to USD-INR.
This week, the premium finally contracted, and is currently at around 4.5%. We believe USDT being a stable coin is an easy way to gain exposure to USD. On the USD front there is a
barrage of news battering USD priced in, be it vaccination in the UK or USA, or fed extended the timeline for usd FIMA repo or Swap lines with foriegn central banks.
With USD-INR pair being largely stable with a lot of USD negative news already priced and year end approaching, we remove our bearish bias tactically from pair, and look for profit booking near the year end.
Weekly Trade Summary Sheet:
Weekly Price Analysis:
| USD ($) | 10 Dec 20 | 17 Dec 20 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $18,264.990 | $22,805.160 | 24.86% | $19,511.400 | $17,935.550 | $23,642.660 | $17,619.530 |
| ETH | $559.680 | $642.870 | 14.86% | $618.980 | $533.000 | $673.830 | $537.810 |
| BAT | $0.210 | $0.227 | 8.21% | $0.248 | $0.208 | $0.238 | $0.201 |
| XRP | $0.573 | $0.577 | 0.65% | $0.633 | $0.506 | $0.654 | $0.442 |
Weekly Volume Analysis:
| Cryptocurrency | 1w – % Vol. Change (Global) |
| BitCoin (BTC) | 5.55% |
| Ethereum (ETH) | 2.82% |
| Basic Attention Token (BAT) | -3.48% |
| Ripple (XRP) | -9.88% |
Weekly Price Pointers:
| Resistance 2 | $26,300 | $880 | $0.2885 | $0.8250 |
| Resistance 1 | $23,800 | $743 | $0.2330 | $0.7430 |
| USD | BTC | ETH | BAT | XRP |
| Support 1 | $19,400 | $635 | $0.1950 | $0.5260 |
| Support 2 | $19,000 | $580 | $0.1730 | $0.3880 |
Market Updates:
- Forex trading is the world’s largest decentralized liquidity market. LPN TOKEN is an undisputed leader in this domain of finance.
- While all eyes are on Bitcoin’s new all-time highs, some analysts are predicting four-figure Ethereum in the coming months.
- Leading crypto fund manager Bitwise Asset Management has announced that its 10 Crypto Index Fund is trading at a much higher premium than the underlying assets it represents.
- Following MicroStrategy, the Bitcoin-friendly fintech company Square shocked the space earlier this year when it revealed it would be deploying capital into BTC. Square is now up over 100% on that investment.
- This year’s Form 1040 requires all U.S. taxpayers to answer a question about whether they traded or acquired “virtual currency” during the year.
*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.
