17 Sept 2021 | ZebPay Trade-Desk
Most assets have seen a correction over the past week. BTC fell from $52,000 to $43,000, a fall of close to 20%, before recovering , and currently trades at $47,800 level . ETH too witnessed something similar, as it fell from highs of $4,100 to $3,200 levels, before recovering and currently trades at $3,600. Most altcoins also faced a similar trend, correcting first and then riding an uptrend.
Bitcoin (BTC) Technical Analysis and Chart:
At the time of writing, Bitcoin is trading around $47,995 reflecting a gain of about 1.15% approximately over the period of 24-hours.
The battle between the bears and the bulls continues, as the asset hovers around the 200-day moving average of $47,500. This is an important level for institutional investors, as it would influence the position that they take on the asset. For now though $47,500 is a crucial level, and this acts as a strong psychological resistance for the asset, and if BTC does cross that threshold, bulls will most certainly take charge.
BTC witnessed a sharp correction almost by 18.5% from its recent high of $52,944 to $42,830. Post this move, the asset was consolidating and trading sideways in a range from $44,500 to $46,500. Technically, on a 12 hourly time frame, BTC has made a ‘Doji Morning Star’ and has started moving up by trading in ‘Higher Top Higher Bottom’ formation. The asset also gave a range breakout above $46,500 but with low volumes. BTC has a very strong support at $46,500 and $42,500. If the prices hold and sustains above these levels then we could expect the bulls to resume the up move.
Ethereum (ETH) Technical Analysis and Chart:
At the time of writing, Ether is trading around $3,580 reflecting a gain of about 0.95% approximately over the period of 24-hours.
ETH has witnessed a significant correction, as it fell from highs of $4,000 to $3,100 levels, before recovering and currently trades at $3,700. We have seen institutional inflows into ETH reduce over the last fews days, and investors are treading cautiously. This does not mean that investors are inactive, but they seem to be investing elsewhere, namely Solana, Cardano, Polkadot and Ripple.
ETH post making a recent top of $4,026 witnessed sharp correction almost by 25% and made the low of $3,026. The asset took support at $3k mark and the prices bounced back up from these levels, however, the bulls were struggling to breach the $3,500 level and prices started to consolidate between $3,200 to $3,500. ETH finally gave a breakout above $3,500 yesterday and is forming a ‘Higher Top Higher Bottom’ pattern. If it sustains above the resistance then we can expect the asset to rally up to $4,000 mark..
1INCH (1INCH)Technical Analysis and Chart:
At the time of writing, 1INCH is trading around $3.271 reflecting a gain of about 1.84% approximately over the period of 24-hours.
1INCH is essentially a DEX aggregator that brings several DEXes into one platform, and allows its users to find the most efficient swapping routes across all platforms. Its network launched in August 2020, while the 1INCH token was launched in December 2020, and since then has seen a ROI of more than 73%. The 1inch Network is governed by a decentralized autonomous organization (DAO), which is unique as it provides instant governance for its users. This means that 1inch users can vote for specific protocol settings and developments that take place on the network.
1INCH after surging almost by 147% from $1.618 to $4.012 faced stiff resistance around $4 and witnessed a sharp correction almost by 36% making the low of $2.546. Post this move, the asset was consolidating and was trading in a range from $2.7 to $3.1.Technically, as per the daily time frame the asset has given a range breakout on the upside and is trying to make a ‘Higher Top Higher Bottom’ formation. 1INCH has an immediate resistance of $3.5 (61.8% Fibbonacci Retracement Level).Once the asset trades or close above this level then we can expect the prices to surge up to $4 and $5.5 levels.
USDT-INR Technical Analysis and Chart:
At the time of writing, USDT-INR is trading around $77.75 reflecting a gain of about 0.3% approximately over the period of 24-hours.
The pair is operating with a ~6% premium, compared to its traditional counterpart. This is what the Indian market traditionally witnesses. Crypto markets have been in the red at the start of this week, after the market fell by 20% or so, before recovering thereafter. Hence, probably the reason why we have seen USDT/INR pair higher at first, and then falling after an uptrend set in. In addition we have seen a slight appreciation of INR against USD. As assets look more attractive after corrections set in, traders buy in, and premiums fall. The pair has been in a downtrend this week and has corrected almost by 3.05% from 79.5 to 77.1. We can see USDT taking support at 77 as the lower longer shadow indicates buying at these levels.
The overall sentiment in the crypto space remains positive, but at the same time, investors remain cautious. We expect USDT/INR to be range-bound, most likely between $79 and $77 However, given the volatility of crypto markets, over the past few weeks, we remain cautious on what might be next for the pair.
Weekly Trade Summary Sheet:
Weekly Price Analysis:
| USD ($) | 09 Sept 2021 | 16 Sept 21 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $44,884 | $47,783 | 6.46% | $52,853 | $43,285 | $48,487 | $43,591 |
| ETH | $3,427 | $3,571 | 4.20% | $4,022 | $3,062 | $3,673 | $3,122 |
| 1INCH | $3.02 | $3.33 | 10.26% | $4.01 | $2.60 | $3.52 | $2.70 |
Weekly Volume Analysis:
| Cryptocurrency | 1w – % Vol. Change (Global) |
| BitCoin (BTC) | -32.54% |
| Ethereum (ETH) | -35.81% |
| 1INCH | -20.00% |
Weekly Price Pointers:
| Resistance 2 | $57,500 | $4,175 | $5.500 |
| Resistance 1 | $53,000 | $3,800 | $3.500 |
| USD | BTC | ETH | 1INCH |
| Support 1 | $46,500 | $3,300 | $3.100 |
| Support 2 | $42,500 | $3,000 | $2.700 |
Market Updates:
- The Korean ruling party is planning to attempt a postponement of the crypto tax laws but the Finance Minister is not for turning.
- More than $1 billion worth of Ether has been withdrawn from centralized exchanges within a 24-hour period. It’s the second time this year and the price went vertical last time.
- Alonzo Hard Fork’s successful completion on September 12 marked the arrival of smart contracts on the Cardano blockchain.
- Avalanche Raises $230 Million From Sale of Surging Crypto Token
*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.
