Weekly Trade Summary Report


27 August 2021 | ZebPay Trade-Desk

BTC crossed the $50,000 mark for the first time since the mid-May sell-off. Despite witnessing lower volumes over the past few days the asset has managed to hold onto the high price levels successfully, given a small dip that took place today. However, how long these levels will sustain remains to be seen, as typically without volume support, reversals are likely.

ETH’s rally has turned into a double-edged sword, as the rally has fuelled congestion on its network, leading to higher gas fees, and further stressing the network. This could be the reason why, despite inflows coming in, the asset hasn’t seen a rally as large as its close competitors like Solana, or Cardano. BNB has seen great traction this week too, closing in on $500 levels.

Bitcoin (BTC) Technical Analysis and Chart:

At the time of writing, Bitcoin is trading around $46,850 reflecting a loss of about 2.2% approximately over the period of 24-hours.

BTC is all set to cross the $50,000 mark. Despite witnessing lower volumes over the weekend the asset has managed to hold onto the high price levels, above $47,000 successfully. However, how long these levels will sustain remains to be seen, as typically without volume support, reversals are likely. Having said that, $50,000 has been a psychological resistance level for a long time now, and breaking that would certainly fuel some growth, and the upward trend might continue to play out in the short term at least.

BITCOIN witnessed a sharp rally from $28,800 up to $50,505 surging almost by 75%. The asset faced some stiff resistance around $51,000 (61.8% Fibonacci Retracement Level) and the prices have corrected by 8%. BTC has strong support at $46,500 and $42,500, if the prices rebound off these levels then the bulls will again try to resume the up move.  

Ethereum (ETH) Technical Analysis and Chart:

At the time of writing, Ether is trading around $3,085 reflecting a loss of about 2% approximately over the period of 24-hours.

Ethereum options traders are constantly monitoring the asset at $3,200 levels as towards the end of the week, close to $800 million worth of ETH options expire. This is the first time that $3,000 and higher options will have a real chance, though, bulls seem to have missed an opportunity to capitalize on the expiry, as analysts believe that ETH bulls have been overly optimistic with ETH’s price potential.

At this point, the network seems to have become its own worst enemy, as the increasing adoption has contributed significantly to the rise in competitors’ decentralized finance applications and growth. At current levels, bears need to push and hold ETH above $2,900 levels.

ETH made a ‘Double bottom’ or a ‘W’ pattern at $1,720 with a neckline of $2,400. The asset resisted a couple of times around these levels but once it was breached the bulls grabbed the opportunity with both hands and the prices rallied and made the high of $3,380 surging almost by 96.5%. Currently, the asset is resisting at a crucial level of $3,350 (61.8% Fibonacci Retracement level) and trading in a broad range from $3,350 to $2,975. Breakouts on either side with good volumes will further decide the trend for the asset.

Binance Coin (BNB) Technical Analysis and Chart:

At the time of writing, BNB is trading around $475.5 reflecting a loss of about 3.5% approximately over the period of 24-hours.

BNB is the native token of Binance which is the world’s largest and fastest-growing exchange. The fourth-largest asset by market capitalization has rallied almost 20% this week and is now worth $80bn at the time of writing. This week the asset has been fairly range-bound, trading between $450 and $500. Volumes have been supportive too. The rally has indirectly contributed to larger inflows and volume in Binance, and BNB being the native coin of the exchange, is a direct beneficiary of the same. Hence, we do remain bullish on the asset.

BNB post making the low of $254 surged almost by 104% and made a high of $518.9. The asset is facing stiff resistance and is consolidating at this level. Technically, BNB is trading in a range from $460 to $500 which indicates indecision. Breakouts on either side with good volumes will further decide the trend for the asset.
USDT-INR Technical Analysis and Chart: 

At the time of writing, USDT-INR is trading around $78 reflecting a gain of about 0.25% approximately over the period of 24-hours.

The pair is operating with a ~4.5% premium, compared to its traditional counterpart. This is lower than what the Indian market traditionally witnesses.

Crypto markets have been in the green most of this week, and this is probably the reason why we have seen USDT/INR pair maintain these premium levels, as last week. In addition, we have seen a slight depreciation of INR against USD. Typically, when prices start to rise, people liquidate USDT, in exchange for INR to buy into the rally. This upward selling pressure washes off premiums.

If however, some profit booking is seen we can anticipate that the premiums shall return, the extent of that though remains unknown. The pair has been in an uptrend this week and has rallied almost by 4% from 75.5 to 78.5. We can see USDT facing resistance at 78.5 as the upper longer shadow indicates selling at these levels.

The overall sentiment in the crypto space remains positive, but at the same time, investors remain cautious. Earlier we said that at $78.5 levels USDT/INR seems likely to sustain, and we have been more or less on point. We expect USDT/INR to be range-bound, most likely between $75.5 and $78.5 However, given the volatility of crypto markets, over the past few weeks, we remain cautious on what might be next for the pair.

Weekly Trade Summary Sheet: 

Weekly Price Analysis:

USD ($)19 Aug 2126 Aug 21Previous WeekCurrent Week
CloseClose% ChangeHighLowHighLow

Weekly Volume Analysis:

Cryptocurrency1w – % Vol. Change (Global)
BitCoin (BTC)4.22%
Ethereum (ETH)-18.27%
Binance Coin (BNB)13.61%

Weekly Price Pointers:

Resistance 2$57,175$3,850$570
Resistance 1$51,100$3,400$520
Support 1$46,500$2,950$440
Support 2$42,500$2,650$380

Market Updates:

  1. Turkish media reports that authorities there are investigating an alleged Dogecoin mining scam that  pulled the rug on investors after amassing $119 million worth of deposits.
  2. Cardano is expecting the launch of its ERC-20 converter next week.
  3. August is shaping up to be a record month for nonfungible token sales with almost $900 million spent on them over the past 30 days.
  4. Nearly 6.1% of all Ether tokens in circulation, which means that the staking rate for Ethereum is now over 6%. The Wrapped Ether deposit contract comes in second, holding 6.97 million tokens

*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 the Author is for informational purposes only and should not be treated as investment advice.

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