Weekly Trade Summary Report

25 June 2021 | ZebPay Trade-Desk

This week BTC fell below $30,000 and ETH fell below the $2,000 mark, falling to $1,750, in the first half this week, while BTC made a low of $28,600. Since then, however, BTC has recovered well, by almost 20%, crossing the $35,000 mark, while ETH climbed up by 20% to $2,000. Over the week, BTC has seen its market cap fall by close to 10% from $710bn to $640bn, and a similar story has played out with ETH, as its market cap currently stands at $230bn. BNB has seen a dip this week too, and currently trades just below $310, a fall of over 15% compared to last week.

Bitcoin (BTC) Technical Analysis and Chart:

At the time of writing, Bitcoin is trading around $35,100 reflecting a gain of 7% approximately over the period of 24-hours.

The end of Q2, and the start of July, Q3, remains crucial for investors, and it will be interesting to see what happens next for the asset, but we remain optimistic, as at these levels the assets look very attractive, and over the week we have seen whales buy in, and increasing their BTC dominance, now up to 49%. Nonetheless, no one can confidently say that the $28,600 floor seen on Tuesday this week, will be the last of Bitcoin’s bearish turns and investors ought to remain cautious. Volumes have improved slightly this week, as the asset does look attractive at these levels.

Bitcoin, last week yet again resisted around the $41k mark and plunged almost 30% and made a low of $28,800. On the daily time frame, this week the asset took support at its five-month low around $28,732 levels as the candle made a longer lower shadow indicating some buying at these levels and started moving upwards by forming a ‘Higher Top Higher Bottom’ pattern. BTC can face some stiff resistance around $38,450 and $42,500. Hence, to further rally the asset needs to sustain and close above these resistance levels.

Ethereum (ETH) Technical Analysis and Chart:

At the time of writing, Ether is trading around $2,000 reflecting a gain of about 6% approximately over the period of 24-hours.

Ethereum (ETH), the second-largest asset by market capitalization of $230bn, has seen a dip of almost 20% since the start of the week, falling below the $2,000 mark, for the first time since the market rest last month, and hit a low of $1,750. Post that though, it saw a slight recovery to $2,000 levels. Volumes have held for too. Moreover, with the EIP-1559 upgrade likely to happen in June end, the asset looks promising at these levels.

ETH was consolidating and trading in a broad range from $2,200 to $2,800. The asset witnessed a sharp fall post giving a breakout on the downside and made the low of $1,711.4. Technically, the asset has tested the support of $1,755 and has made a ‘Doji’ pattern indicating indecision at these levels. ETH is trying to take support at these levels. If it sustains the support then we can expect some recovery, else we may see a further downfall, and the prices may slide to the next support level of $1,550.

Binance Coin (BNB) Technical Analysis and Chart:

At the time of writing, BNB is trading around $310 reflecting a gain of about 8% 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, BNB has had a tough week, falling over 20% in a week span. The asset currently trades at $310. The week for BNB has been range-bound, between $275-$350. 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. As Binance as an exchange continues to grow and remains the leading exchange globally, BNB’s appreciation soon in likely, and in the long run, this could be a key driver of BNB’s ROI portfolio.  

 BNB last week was consolidating and was trading in a range from $380 to $320. This week the asset gave a breakout on the downside and witnessed a sharp fall by 30% making the low of $225.42. The asset took the support near the previous low of $211 and has shown good signs of recovery. However, the asset will face stiff resistance at $320 and $380 (last week’s range). Hence, for BNB to further rally it needs to sustain and close above $380 whereas $211.7 will be an important support level to watch out for.

USDT-INR Technical Analysis and Chart: 

At the time of writing, USDT-INR is trading around $76.90 reflecting a loss of about 2% approximately over the period of 24-hours.

The pair is operating with a ~4% premium, compared to its traditional counterpart. This is lower than what the Indian market traditionally witnesses. This comes due to the appreciation of INR vs USD. INR 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 was trading in an uptrend and rallied from 75 to 78 within a week. We can see USDT facing resistance at 78.5 whereas 76.2 can act as important support.

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 $76.90 levels. We expect USDT/INR to be range-bound, most likely between $76-$77.50. Given that the rupee has appreciated, 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:

Weekly Volume Analysis:

Weekly Price Pointers:

Market Updates:

1. A new report shows that U.S. regulators have imposed fines and penalties totaling $2.5 billion on crypto firms and individuals so far. The U.S. The Securities and Exchange Commission (SEC) has imposed the most fines.
2. Over the next three years, 50,000 EV charging stations across Europe will start accepting crypto payments.
3. Bitcoin price briefly traded above $35,000 as the stock market hit new highs and Paraguay aims to become the second country to adopt BTC as legal tender.
4. According to reports, more than 90% of China’s bitcoin mining capacity is estimated to be shut down.

*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.