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Weekly Trade Report: The Rally Continues

08 January 2021 | ZebPay Trade-Desk

Bitcoin (BTC) Technical Analysis and Chart:

At the time of writing, Bitcoin is trading around $37,200 reflecting a profit of 2.4% approximately over the period of 24-hours.

BTC breached $40,000 levels this week, breaching the long held resistance, finally proving the believers right. Currently trades at levels never seen before and drawing in more flows. 

On the technical front, the picture is bullish, MACD levels are very much in the green, ADX is confirming the trend. BTC is trending upwards in a loudspeaker pattern as shown in the chart. The high volumes also support the trend mentioned above, though one must remain cautious as BTC is trading at all time high levels, and correction is anticipated.

As the institutional flows keep getting better and better, the picture over the long term is very positive, tactically $32,000 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 $1186.5 reflecting a loss of 3.5% approximately over the period of 24-hours.

Just like BTC, ETH has surpassed its long held resistance levels, enjoying the inflows as well. Investment world is paying more attention to ETH along with BTC, due it’s steep upward rally.

The technical front picture is very positive with MACD is in the positive territory and the prices still trades above the bullish channel. The Bullish channel acts as support in the near term. The ADX is also confirming the trend. After breaking resistance, it significantly shot upwards. We can see the trend is supported by a good number of volumes though it was a christmas week.  Seeing the current rally we remain bullish on ETH.

Good institutional flows are seen in ETH as well, looking at $1400 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 $0.2601 reflecting a profit of about 1.4% 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 of $0.260.

On the technical front picture getting less positive as BAT is trading in a broad range as shown in the chart with MACD line crossing below the signal line  on the daily chart, with a mild rally. BAT had a range bound run overall for the month, it breaches resistance of 0.288 this month, it can show an upward move.

With that said we tilt to the bullish side once the resistance breaches. 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 78.20 reflecting a profit of about 1.80% 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, USDT is showing a bearish trend after touching the levels of $80.  MACD has moved to bearish levels. 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 lot of news battering USD priced in, be it vaccination in the UK or USA, as well as the ongoing barrage in the US presidential candidate election, with an official say on Biden’s win.

With USD-INR pairs being largely stable with a lot of USD negative news already priced and the new year already set in, we stick to our bearish bias tactically for the pair.

Weekly Trade Summary Sheet: 

Weekly Price Analysis:

USD ($)01 Jan 2107 Jan 21Previous WeekCurrent Week
CloseClose% ChangeHighLowHighLow
BTC$29,374.150$39,371.04034.03%$29,244.880$23,463.670$40,180.370$28,722.760
ETH$730.370$1,225.68067.82%$754.300$605.420$1,282.520$718.110
BAT$0.205$0.25725.21%$0.225$0.197$0.282$0.204

Weekly Volume Analysis:

Cryptocurrency1w – % Vol. Change (Global)
BitCoin (BTC)42.03%
Ethereum (ETH)104.03%
Basic Attention Token (BAT)40.95%

Weekly Price Pointers:

Resistance 2$43,865$1,419$0.3705
Resistance 1$40,425$1,265$0.2888
USDBTCETHBAT
Support 1$31,810$983$0.1950
Support 2$29,891$838$0.1561

Market Updates:

  1. Not many crypto search terms have come close to their peaks in spite of the new bull market, but Ethereum is a notable exception.
  2. Bitcoin’s meteoric price rise is showing no signs of slowing down and its latest all-time high has priced the asset higher than a 20 ounce gold bar.
  3. Ripple’s CEO Brad Garlinghouse has responded to some of the community’s concerns surrounding the SEC’s $1.3 billion lawsuit against the firm.
  4. Nexon, the South Korean multi-billion-dollar gaming conglomerate, is reportedly planning to buy a 65% stake in troubled crypto exchange Bithumb in a deal worth about 500 billion won ($460 million).

*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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