18 June 2021 | ZebPay Trade-Desk
This week, Bitcoin, the number one asset by market cap, has been fairly range-bound. This week, Bitcoin, the number one asset by market cap, has been somewhat more stable as compared to last week. BTC has been trading between $35,500 – $40,500 most of the week. Ethereum has also been trending in a similar fashion, trading between $2,300 – $2,600 all week. An upward trend was observed during the mid-week but the bears became active pulling it back. BNB, a popular altcoin, has also faced a somewhat similar trend, first witnessing falls and then slowly seeing a recovery.
Bitcoin (BTC) Technical Analysis and Chart:
At the time of writing, Bitcoin is trading around $37,860 reflecting a loss of 2% approximately over the period of 24-hours.
BTC has been range-bound this week, trading between $35,000 to $ 40,500. The asset had a rebound of approx. 8.5% around mid-week and rose to $41,300. The market stance has been bullish for the asset, and volumes have persisted at good levels. Another tweet by CEO Elon Musk suggested that Tesla would accept Bitcoin as a means of transactions when miners who verify transactions use more renewable energy, leading to this uptrend. As the asset continues to ride the upward trend, whales seem to be accumulating in anticipation of higher prices, making Bitcoin again the favorite of them all.
Bitcoin last week made a ‘Dragonfly Doji’ (Trend Reversal) pattern where the lower longer shadow indicated buying at the support zone of $31,000 and has surged almost 33.2% making the weekly high of $41,322. Technically, on a daily time frame, the asset has yet again faced resistance around these levels and made a ‘Spinning Top’ candle that makes it difficult to predict which way the asset will swing in the immediate future. The prices have retraced almost by 10%, in the past 2 days. For a further rally to take place, BTC needs to trade and close above the resistance of $42,500.
Ethereum (ETH) Technical Analysis and Chart:
At the time of writing, Ether is trading around $2,340 reflecting a loss of about 4% approximately over the period of 24-hours.
ETH has been range-bound, in the range of $2,300 – $2,600. However, the week has been pretty good for Ethereum as the asset picked up at $1,965 and we witnessed a slight uptrend, when the asset came up to $2,600 levels, before falling again. During the week, we have seen some profit booking, as prices have fallen, but volumes seem to have held the fort. As the end of the month approaches, the anticipation with regard to the EIP-1559 is growing, and while we think this will have a positive effect on prices, the real repercussions are yet to be seen.
At the time of writing, ETH is trading at $2,330 down by 3.25% in the last 24 hours. On the daily time frame, ETH has resisted multiple times around $2,620 and this time too it did the same and retraced almost 12.5% from its recent high of $2,640.3. Technically, the asset is consolidating and trading in a range from $2,250 to $2,620. Breakouts on either side with good volumes will further decide the trend for ETH.
Binance Coin (BNB) Technical Analysis and Chart:
At the time of writing, BNB is trading around $352 reflecting a loss of about 1% approximately over the period of 24-hours.
BNB is the native token of Binance which is the world’s largest and fastest-growing exchange. One of the leading altcoins, it has also led the upward trend of recovery since the market reset in mid-May. After witnessing correction and consolidating at $300 levels it is currently trading at $350 levels with an intraday loss of 2%. The week for BNB has been fairly range-bound, between $320-$400. The market sentiment is bearish, and volumes have seen a dip. BNB has a market dominance of 3.40% ranking 3rd among core cryptos in terms of market cap. The statement of Jeremy Hogan about the coin being the next target of SEC because of its danger rating being quite high (8.5/10) could bring some troubles or publicity to the asset.
BNB retraced almost by 26% from its recent high of $433. Post this move, the asset has taken multiple supports at $322 (50% Fibonacci Retracement Level). Technically on a daily time frame, BNB is consolidating and trading in a range from $320 to $380. 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 $76.50 reflecting a loss of about 2% approximately over the period of 24-hours.
The pair is operating with a ~5% premium, compared to its traditional counterpart. This is lower than what the Indian market traditionally witnesses. This comes due to the depreciation of INR vs USD. USD has strengthened with the news that the FED has left its monetary policy unchanged for June. Moreover, BTC, ETH, and other altcoins fell early this week, before witnessing a slight uptrend movement in the second half of the week. This suggests that, in order to participate in the correction and to book profits during periods of corrections, first traders liquidated their assets in this pair, squared off positions, creating a one-way swing in the market, as demand for USDT spike sup to profit book, which has significantly contributed to the pair’s volatility. USDT-INR is trading in a range of $75 to $77. this week. We can see USDT is taking support at 74.7 levels, and resistance at a level of $77.5.
The overall sentiment in the crypto space remains positive, but at the same time, investors remain cautious. Last week we said that at $77 levels USDT/INR seems likely to sustain, and we have been more or less on point. The USDT/INR pair currently trades close to $76.50 levels. We expect USDT/INR to be range-bound, most likely between $76-$77.50. Given that the rupee has depreciated, coupled with the volatility of markets, this week, we remain cautious on what might be next for the pair.
Weekly Trade Summary Sheet:
Weekly Price Analysis:
| USD ($) | 10 Jun 21 | 17 Jun 21 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $36,702 | $38,053 | 3.68% | $39,242 | $31,114 | $39,519 | $37,439 |
| ETH | $2,471 | $2,372 | -4.01% | $2,857 | $2,315 | $2,457 | $2,312 |
| BNB | $352 | $353 | 0.16% | $428 | $320 | $362 | $346 |
Weekly Volume Analysis:
| Cryptocurrency | 1w – % Vol. Change (Global) |
| Bitcoin (BTC) | -1.62% |
| Ethereum (ETH) | -21.00% |
| Binance Coin (BNB) | -42.35% |
Weekly Price Pointers:
| Resistance 2 | $42,500.000 | $2,981 | $433.00 |
| Resistance 1 | $40,900.000 | $2,625 | $380.00 |
| USD | BTC | ETH | BNB |
| Support 1 | $34,635.000 | $2,300 | $319.00 |
| Support 2 | $31,111.000 | $2,178 | $296.00 |
Market Updates:
- Analysts search for bearish signals after the June BTC futures trade below spot exchange pricing.
- The U.S. Securities and Exchange Commission (SEC) has released its regulatory agenda which does not mention bitcoin or cryptocurrency regulation.
- The decentralized finance protocol’s native token MIR jumps over 30% overnight as traders’ attention shifts to its protocol upgrade and Gemini listing.
- Sequoia Capital India, Lightspeed India, Elevation Capital, and others are warming up to India’s cryptocurrency and blockchain industry.
*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.
