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Weekly Trade Report: BTC to $50,000?

12 February 2021 | ZebPay Trade-Desk

It may be time for Bitcoin to set its eye on crossing the $50,000 mark, as the largest crypto asset by market capitalization continues to surpass it’s all time high from time to time. Ether is following suit, hitting a new all time high this week, and continues to benefit from incredible interest among crypto enthusiasts, and the industry. Institutional flows remain positive, and volumes reflect the same. Alt Coins have also been performing in an impressive fashion, meaning that overall the 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 $47,200 reflecting a gain of 3% approximately over the period of 24-hours.

Bitcoin has seen an upward trend this week, gaining over 30% 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 mentioned in our previous reports that Bitcoin was taking multiple support at $29,000 levels. After consolidating, BTC started its upward journey ( ascending trendline as shown in the chart ) and this time the bulls convincingly broke the resistance of $38,000 levels. As it broke and sustained above the resistance level we saw a sharp rally and BTC made an all time high of $48,912. Tesla’s investment in the asset and its plan to accept crypto currency on February the 8th further fuelled the rally. Bitcoin may face resistance at $50,177. Hence, we conclude that BTC remains bullish unless it trades below the support zone.

Institutional flows have continued to impress, hence the picture over the long term is fairly positive. Tactically $40,900 and $38,050 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 $1,750 reflecting a gain of 5% approximately over the period of 24-hours.

ETH hit an all time high of $1,838 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 $1,424 it gave a rally pushing the bulls to touch the new all time highs of $1,838. Though we remain bullish on ETH we suggest to be cautious as its consolidating near its highs and hence profit booking or a correction cant be ruled out if it fails to sustain the support levels. 

ETH may continue to see its bull run until and unless it breaks and trades below the key support levels of $1,695 and $1,425 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 $0.675 reflecting a gain of about 10% 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 upto the price of $0.66.

As we suggested in our earlier reports that BAT has started trading in an uptrend. We had also mentioned that we may see a rally in BAT once it manages to break its resistance of $0.44 levels, which it convincingly did last week and the prices almost doubled which gave us the new all time high of $0.68. With further support by the bulls and increase in volumes we may see more upside in BAT.

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 $73 reflecting a loss of about 2% approximately over the period of 24-hours.

The pair is operating with a 0.5% 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 the Parliament. To add to that, there has also been talk of an ordinance being issued, which has resulted in more panic among traders and investors. However, the crypto industry remains positive and believes that the government is unlikely to impose an outright ban on cryptocurrencies, including Bitcoin. Hence, compared to the previous weeks, we have witnessed a recovering trend, with USDT-INR touching $75.9 earlier this week. The USDT-INR pair has been largely range bound this week, between $72-$75. We can see USDT is taking support at $72.3 levels, we anticipate an upward movement once it breaks this resistance level of $75.85. 

In order to participate in the rally, Bitcoin and Ether traders tend to liquidate their stable coins in exchange for these assets. This has further contributed to the wash off in premium that we have seen, though is not the primary reason.  Lastly, RBI’s recent comments suggest the Central Bank will continue their intervention in 2021 to build-up huge forex reserves ignoring rupee’s underperformance versus the regional currencies. Much of these inputs seemed to have been priced in as USD has shown good stability. Though the ramifications of the bill that is currently being debated in Parliament remains ambiguous, we still believe that the USDT-INR will continue to see an upward trend and recover from its recent lows. 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 ($)04 Feb 2111 Feb 21Previous WeekCurrent Week
CloseClose% ChangeHighLowHighLow
BTC$36,926.0$47,909.329.74%$38,592$30,023$48,463$36,317
ETH$1,594.7$1,783.811.85%$1,689.2$1,274.4$1,826.7$1,501
BAT$0.313$0.59389.70%$0.327$0.291$0.660$0.313

Weekly Volume Analysis:

Cryptocurrency1w – % Vol. Change (Global)
Bitcoin (BTC)13.86%
Ethereum (ETH)9.55%
Basic Attention Token (BAT)88.53%

Weekly Price Pointers:

Resistance 2$54,745$1,965$0.8760
Resistance 1$50,177$1,850$0.7540
USDBTCETHBAT
Support 1$40,959$1,675$0.4400
Support 2$38,085$1,424$0.3800

Market Updates:

  1. First Bitcoin ETF gets approved in Canada.
  2. Two Ethereum-native DeFi protocols are headed to Binance Smart Chain, but critics doubt the layer-1 has staying power.
  3. A corporate registration filing with the State of Delaware shows that Grayscale is considering Yearn Finance as a future offering.
  4. Electric car maker Tesla announced Monday that it invested $1.5 billion in Bitcoin, making it the biggest investment by a mainstream corporation into the most popular cryptocurrency.
  5. PayPal CEO Dan Schulman said last week the company would add crypto buying, selling, and custody features to “Venmo and select international markets” in 2021.

*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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