23 Sept 2021 | ZebPay Trade-Desk
After witnessing a sharp correction this week, one that threatened to pull Bitcoin (BTC) and altcoin prices to new lows this year, markets seem to have started to rebound. This comes after Evergrande informed investors yesterday that it intends to make an on-time payment on its debt. This instilled a sense of confidence, and relief among investors, which then led to BTC, several altcoins, and global markets rebound. Altcoins too, witnessed a strong recovery, with many coins posting a 10% or more gain over a 24hr period at the time of writing.
Bitcoin (BTC) Technical Analysis and Chart:
At the time of writing, Bitcoin is trading around $44,170 reflecting a gain of about 4.64% approximately over the period of 24-hours.
The battle between the bears and the bulls continues, as the asset hovers around $43,500. After BTC dropped below $40,000 on Sept. 21, the asset now trades above $43,500. Volumes have seen an uptrend movement over the past few days, and that is anticipated, as when assets are correct, it looks a lot more attractive, which is why participants buy in.
BTC witnessed a sharp correction from its recent high of $52,944 to $39,600, a fall of almost 25%. Post this move, the asset has taken support at this level and has seen some recovery. Technically, on the 12 hourly time frame, BTC has made a ‘Bullish Harami Pattern’ and is trading in ‘Higher Top Higher Bottom’ formation. The asset has an immediate resistance around $44,500 to $46,500. Hence to conclude, BTC needs to break and trade above the resistance with good volumes.
Ethereum (ETH) Technical Analysis and Chart:
At the time of writing, Ether is trading around $3,114 reflecting a gain of about 8.7% approximately over the period of 24-hours.
ETH has witnessed a significant correction, as it fell from highs of $4,000 to $2.700 levels, before recovering and currently trades at $3,000. Institutional inflows have seen a dip, but volumes are up significantly over the past few days, as the asset seems rather attractive at these levels. Currently, $3,300 acts as a strong psychological resistance, and if the asset beats that, bulls are likely to take charge.
ETH witnessed a sharp correction after touching the 4k mark and fell almost by 34% from $4027.9 to $2,656.9. The prices have taken support at $2,625 (61.8% Fibonacci Retracement level) and have shown signs of recovery. Technically, on the daily time frame, ETH has made a ‘Bullish Engulfing’ pattern, which is a two-day bullish reversal pattern occurring in a downtrend. Hence to conclude, we may see some relief rally in the asset unless the support levels of $2,625 or the low of the pattern($2,656) are broken on a closing basis.
Binance Coin (BNB)Technical Analysis and Chart:
At the time of writing, BNB is trading around $379.75 reflecting a gain of about 7.2% approximately over the period of 24-hours.
Binance Coin (BNB) is the native token of the world’s largest exchange Binance. BNB at the time of writing has a market capitalization of $64 bn and is the 5th largest asset. Over the past week or so, the market has been in the red, and BNB is no exception, falling by close to 15% week on week. Volumes though, have held up well, and have seen a boost over the past 2 days, as at current levels, the asset looks rather attractive. BNB currently trades at $370.
BNB surged 103% from $254 to $518 within 2 months. Post this move the asset faced stiff resistance and made a ‘Double Top’ or ‘M’ pattern (Bearish Reversal Pattern) at higher levels with the neckline of $448. Once the neckline was broken, the bears took the lead and the prices witnessed a sharp fall making the low of $336. BNB has taken support at the crucial level of $340. If the prices hold and sustain above $340 then we could expect some relief rally and if the support is broken on a closing basis then the asset could further slide to $300 levels.
USDT-INR Technical Analysis and Chart:
At the time of writing, USDT-INR is trading around $78.90 reflecting a loss of about 1% approximately over the period of 24-hours.
The pair is operating with a ~9% premium, compared to its traditional counterpart. This is higher than what the Indian market traditionally witnesses. Crypto markets have been in the red all week, after the market fell by 20% or so, before recovering slightly after only today. This is probably the reason why we have seen USDT/INR pair higher at first, as markets dipped significantly.
In addition, we have seen a slight depreciation of INR against USD. As assets look more attractive after corrections set in, traders buy-in, and premiums fall though. The pair has been in an uptrend this week and has rallied almost by 4.05% from 77.5 to 80.5. We can see USDT facing resistance at 80.5 and has corrected. USDT has support at 78 and If it breaks and trades below this, then the prices can slide to the next support level which is at 77.
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 $79.5 and $78. However, given the volatility of crypto markets, over the past few weeks, we remain cautious on what might be next for the pair.
Weekly Trade Summary Sheet:
Weekly Price Analysis:
| USD ($) | 16 Sept 2021 | 22 Sept 21 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $47,783 | $43,574 | -8.81% | $48,487 | $43,591 | $48,792 | $39,788 |
| ETH | $3,571 | $3,077 | -13.83% | $3,673 | $3,122 | $3,673 | $2,676 |
| BNB | $424.65 | $379.44 | -10.65% | $438.92 | $385.38 | $433.19 | $339.01 |
Weekly Volume Analysis:
| Cryptocurrency | 1w – % Vol. Change (Global) |
| BitCoin (BTC) | 1.60% |
| Ethereum (ETH) | 10.50% |
| Binance Coin (BNB) | -9.30% |
Weekly Price Pointers:
| Resistance 2 | $50,350 | $3,675 | $420.000 |
| Resistance 1 | $46,500 | $3,350 | $380.000 |
| USD | BTC | ETH | BNB |
| Support 1 | $42,500 | $2,950 | $340.000 |
| Support 2 | $37,500 | $2,650 | $300.000 |
Market Updates:
- Cardano’s, Alonzo Hard Fork’s successful completion on September 12 marked the arrival of smart contracts on the Cardano blockchain.
- Paypal has completed the first international expansion of its cryptocurrency offering outside of the U.S. Paypal Crypto is now available to customers in the U.K. allowing them to buy, hold, and sell four kinds of cryptocurrencies.
- Following the $250 million funding round, Dapper Labs intends to launch more licensed collectibles in music, entertainment and other sports codes.
- Non-fungible token company Bookblocks.io has partnered with a New York-based organization to help women in Afghanistan have access to education amid the Taliban takeover.
*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.
