09 July 2021 | ZebPay Trade-Desk
Bitcoin has been pretty range-bound over the past few days. The asset has been trading between $32,500 to $36,500 levels. The Bitcoin taproot upgrade is due soon, and while the impact of that of the same prices remains to be seen, this development is likely to have a positive impact on the asset. Ethereum was on an uptrend earlier this week, closing in on $2,600 before it fell back, and now trades at $2,250. BNB has shown some respite, holding on to $300-$350 levels consistently this week as well.
Bitcoin (BTC) Technical Analysis and Chart:
At the time of writing, Bitcoin is trading around $33,100 reflecting a loss of 1% approximately over the period of 24-hours.
The upcoming Grayscale unlockings, coupled with the Taproot upgrade, has already led to blockchain data pointing to increased buying by wealthy investors and BTC whales, so a bullish move upward seems likely soon. The upside is likely to play out, above the 50-day moving average (MA) resistance, which currently sits at $36,000 levels. Most analysts believe that BTC has factored in most, if not all of the negative news during the May sell-off when the price fell from $60,000 to $30,000. Hence, the downside, if any, is likely to be fairly limited.
Bitcoin, post making the low of $28,800 showed signs of recovery and rallied almost by 27.3% up to $36,675. The asset faced stiff resistance around $36,500 and corrected almost by 12% making the weekly low of $32,111. Technically, BTC is trading in a broad range from $36,500 to $31,00 and Breakouts on either side with good volumes will decide the further trend for the asset.
Ethereum (ETH) Technical Analysis and Chart:
At the time of writing, Ether is trading around $2,150 reflecting a loss of about 4% approximately over the period of 24-hours.
Ethereum (ETH), the second-largest asset by market capitalization of $260bn, has seen a dip of almost 20% since the start of the week, falling below the $2,200 mark. Analysts believe that Ethereum could rise sharply against Bitcoin over the next few weeks with the technical advancements with EIP-1559, along with optimistic fundamentals. The depletion of Ether on exchanges globally will limit its circulation and result in scarcity which may drive prices up.
ETH after making the low of $1,711 showed strength and surged almost by 40% up to $2,409. The asset resisted at these levels and have made a ‘Doji’ candle indicating indecision and hence, the prices have corrected almost by 15% from the recent highs. ETH has strong support around $2,000 to $2,025 and If it sustains the support level then we can expect another rally, else we may see a further downfall and the prices may slide to the next support level of $1,720.
Binance Coin (BNB) Technical Analysis and Chart:
At the time of writing, BNB is trading around $310 reflecting a loss of about 3% 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 been range-bound this week, trading in the range of $300-$350. The market sentiment is bearish, and volumes though lower than usual, have held up. BNB has a market dominance of ~4% 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 was consolidating and was trading in a range from $380 to $320. The asset gave a breakout on the downside and witnessed a sharp fall of 30% making the low of $225.42. The asset took the support near the previous low of $211 and started moving upwards and has surged almost by 51% from its recent low up to $340. Post this move, BNB has witnessed some profit booking and has corrected by 11.47%. Technically, BNB is still trading in an uptrend. If it sustains the support levels then we can expect another up to $380.
USDT-INR Technical Analysis and Chart:
At the time of writing, USDT-INR is trading around $77.50 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, after US 10 year yield bonds showed lesser growth than expected. Moreover, BTC, ETH, and other altcoins fell in the second half of this week, after witnessing a slight uptrend movement in the first 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 an uptrend and rallied from 75.2 to 77.9 within two weeks. We can see USDT facing resistance at 78. 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. Earlier 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 $77.50 levels. We expect USDT/INR to be range-bound, most likely between $77-$78.50. Given that the rupee has been quite volatile the past week, coupled with the volatility of crypto markets, this week, we remain cautious on what might be next for the pair.
Weekly Trade Summary Sheet:
Weekly Price Analysis:
| USD ($) | 01 Jul 21 | 08 Jul 21 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $33,572 | $32,877 | -2.07% | $35,868 | $31,638 | $35,938 | $32,133 |
| ETH | $2,114 | $2,120 | 0.30% | $2,274 | $1,813 | $2,404 | $2,022 |
| BNB | $288 | $310 | 7.71% | $308 | $279 | $339 | $277 |
Weekly Volume Analysis:
| Cryptocurrency | 1w – % Vol. Change (Global) |
| Bitcoin (BTC) | -32.69% |
| Ethereum (ETH) | -18.11% |
| Binance Coin (BNB) | -15.74% |
Weekly Price Pointers:
| Resistance 2 | $42,500 | $2,650 | $380.00 |
| Resistance 1 | $36,500 | $2,400 | $340.00 |
| USD | BTC | ETH | BNB |
| Support 1 | $31,000 | $2,000 | $300.00 |
| Support 2 | $28,800 | $1,711 | $270.00 |
Market Update:
- Ethereum’s long-awaited EIP-1559 upgrade is just 26 days away now.
- The new EU Anti-Money Laundering Authority would comprise the “centerpiece” of a new supervisory system that would include national regulators.
- Yield App Launches DeFi Bitcoin Fund, Gives Users up to 12% APY.
- Bank of America, the second-largest bank in the United States will reportedly be devoted entirely to researching cryptocurrencies.
- Visa Inc. announced Wednesday that the transactions via crypto-linked Visa cards exceeded $1 billion in the first quarter. The company further said that it is partnering with 50 major cryptocurrency platforms.
*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.
