27 November 2020 | ZebPay Trade-Desk
Bitcoin (BTC) Technical Analysis and Chart:
At the time of writing, Bitcoin is trading around $17,260 reflecting a loss of 4.3% approximately over the period of 24-hours.
As we see in the chart above, over the last 1.5 days BTC has corrected more than 15% it’s value after failing to breach $19,500 levels. It did bounce off from the lows of $16,330 keeping the support intact.
On the technical front despite strong correction technical indicators are close to neutral levels with MACD still positive and Histogram slightly negative. RSI is sitting at neutral levels after flashing overbought for the last two weeks. Support of $16,300 remains intact, and the upside price faces strong resistance around $18.400 levels.
The crash was triggered by large holders moving their BTCs to exchange, we think of this as a temporary set back in rally unlike 2017, hence we are cautiously bullish on the price, with entering on dips.
The analysis will be negated if price breaks below $16,300 levels convincingly.
Ethereum (ETH) Technical Analysis and Chart:
At the time of writing, Ethereum is trading around $524 reflecting a loss of 1.39% approximately over the period of 24-hours.
As we in the chart after the correction of last days, ETH still trades above the bullish channel it formed this week. Support around $485 levels seems to be holding well.
On the technical front, things have not gone sour despite steep fall recently, MACD is still positive and histogram remains positive. RSI in fact has moved to neutral levels from the overbought levels of last few weeks. ETH 2.0 has met its staking target and phase 0 is set for Dec 1.
After meeting our bullish price targets last week we continue to stay cautiously bullish on ETH with dips being a good entry level for further accumulation, yet we feel on upside going beyond $600 is going to be a tough nut to crack.
The analysis will be negated if price falls below $435 levels convincingly.
Basic Attention Token (BAT) Technical Analysis and Chart:
At the time of writing, BAT is trading around $0.227 reflecting a loss of about 3.6% approximately over the period of 24-hours.
As we expected in our last week BAT broke out of the bearish channel and rallied touching $0.29 levels, after a brief sell off in crypto complex bounced off from support of $0.206 levels and currently trades above it.
MACD remains positive after turning positive this week, histogram is positive as well just like last week. After breaking out of bearish channel price has formed both higher lows and higher highs. RSI is still on neutral levels.
Hence, like last week we stay cautiously bullish on BAT looking at resistance of $02.5 in the near term. Analysis will be negated if prices fall within the bearish channel again.
Ripple (XRP) Technical Analysis and Chart:
At the time of writing, XRP is trading around $0.5632 reflecting a loss of about 2.28% approximately over the period of 24-hours.
As shown in the chart though XRP trades at historical highs, after jumping as high as $0.9210 and then puking close to 40% from there in a very short period. The level volatility it showed is too high even for crypto space
On the technical indicator side MACD is positive with Signal line diverging further below, we feel on these levels and RSI becomes a more relevant indicator. Even with the pump and dump we saw in prices, RSI still signals overbought levels, this remains a cause for concern in the near term.
With that said we tilt on the bearish side on XRP, limit order might be a good idea to exit for longs on these levels to make use of volatility.
USDT-INR Technical Analysis and Chart:
At the time of writing, USDT-INR is trading around 77.04 reflecting a loss of about 0.83% 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 after turning positive, has further diverged from the signal line, RSI is nearing the 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.
Last week premium expanded a lot from 3% to currently just above 5%. We believe USDT being a stable coin is an easy way to gain exposure to USD. On the USD front there is a tug of war between positive vaccine news and flaring up cases in the USA, yet other uncertainties have eased considerably with President Trump allowing for the transition process to start. Hence, we feel premium expansion is largely due to crypto factors namely sell off in BTC and ETH. As we point out in analysis of other coins in this report we feel the sell off to be temporary and hence 5% premium to be too high.
With USD-INR pair being largely stable on the INR positive side and unusually large premium we lean on the bearish side on the USDT-INR pair with premium looking to correct at 3% levels in the near term.
Weekly Trade Summary Sheet:
Weekly Price Analysis:
| USD ($) | 19 Nov 20 | 26 Nov 20 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $17,817.090 | $17,150.620 | -$0.037 | $18,393.950 | $15,749.190 | $19,390.970 | $16,351.030 |
| ETH | $471.630 | $518.800 | $0.100 | $492.000 | $440.250 | $621.170 | $471.630 |
| BAT | $0.198 | $0.223 | $0.130 | $0.207 | $0.189 | $0.287 | $0.197 |
| XRP | $0.304 | $0.533 | $0.755 | $0.307 | $0.254 | $0.768 | $0.298 |
Weekly Volume Analysis:
| Cryptocurrency | 1w – % Vol. Change (Global) |
| BitCoin (BTC) | 9.07% |
| Ethereum (ETH) | 19.81% |
| Basic Attention Token (BAT) | 16.31% |
| Ripple (XRP) | 86.31% |
Weekly Price Pointers:
| Resistance 2 | $18,200 | $574 | $0.2460 | $0.7230 |
| Resistance 1 | $17,400 | $530 | $0.2380 | $0.5900 |
| USD | BTC | ETH | BAT | XRP |
| Support 1 | $17,010 | $500 | $0.2230 | $0.4210 |
| Support 2 | $16,330 | $473 | $0.2060 | $0.3300 |
Market Updates:
- $100 Million Liquidated on Defi Protocol Compound Following Oracle Exploit
- Bitcoin could surge towards $100,000 next year following yesterday’s “healthy pullback”, with market psychology currently in the “belief” stage says Stack Funds.
- SBI VC Trade, the crypto-related arm of financial giant SBI Group, is launching a new platform that allows customers to lend their crypto assets and earn usage fees.
- The director of the OECD’s tax center has revealed that the organization expects to release a tax reporting standard for crypto assets by the end of next 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.
