11 December 2020 | ZebPay Trade-Desk
Crypto seems to have hit a brick wall recently and couldn’t breach the area around previous all time highs. The situation is still positive and markets still trade above key resistance levels, alt coins have takens a step back as well. Let’s look at what we have in store for a trade set-up.
Bitcoin (BTC) Technical Analysis and Chart:
At the time of writing, Bitcoin is trading around $17,795 reflecting a loss of 2.08% approximately over the period of 24-hours.
As we see in the chart above, BTC has failed from around $20,000 levels.Price seems to be stabilizing around these levels, but further failure to breach the resistance may become a cause for concern.
On the technical front, the picture is a bit mixed, MACD levels and histogram are both very much in the green, ADX is confirming the trend. RSI is an indicator that we have emphasised recently, even after mild correction remains very high.
Mainstream adoption and institutional flows remain strong with microstrategy allocating $50 million more to BTC. With said we tilt on the bearish side in near term on BTC, with price looking to touch early $17,000 in near term. Analysis will be negated if RSI moves back to neutral levels
Ethereum (ETH) Technical Analysis and Chart:
At the time of writing, Ethereum is trading around $545.9 reflecting a loss of 4.01% approximately over the period of 24-hours.
As we in the chart price failed to breach $ 620 levels and currently trades down around $540 levels. ETH followed BTC down last week, after failing to breach the resistance.
The technical front picture is very positive with MACD and histogram in the positive territory with RSI moving closer to the neutral, price still trades close to the bullish channel. Although recent fail is a cause of concern
We remain bullish on ETH, if the price is able to break $580 levels next levels we are looking at $640. The analysis will be negated if prices break below the bullish channel.
Basic Attention Token (BAT) Technical Analysis and Chart:
At the time of writing, BAT is trading around $0.2020 reflecting a loss of about 6.72% approximately over the period of 24-hours.
As in the chart after successfully exiting the bearish channel, forming the bullish trend, price breached the bullish trend from below.
On the technical front picture getting less positive with MACD line crossing below the signal line and despite a strong sell off, RSI staying close to neutral levels signalling further legs in the sell off.
With that said we tilt to the bearish side on the BAT looking at $0.18 levels, analysis will be negated if price closes above the recent high.
USDT-INR Technical Analysis and Chart:
At the time of writing, USDT-INR is trading around 78.98 reflecting a loss of about 0.07% approximately over the period of 24-hours.
USDT-INR makes up for an interesting pair as USDT is a stable coin, hence the pair has the property of both forex and crypto.
On the technical front, MACD is very positive,, RSI has crossed the overbought levels and ADX has confirmed the trend. But as we point out in our previous reports it’s important to see what’s happening with premium, the pair had with regards to USD-INR.
Last week, the premium has further expanded, and is currently at around 6.5%. We believe USDT being a stable coin is an easy way to gain exposure to USD. On the USD front there is a
Barrage of news battering USD, be it vaccine approval in the UK or potential vaccination in the USA as early as next week.
With USD-INR pair being largely stable with USD under pressure and expensive premium we are bearish on the USDT-INR pair with premium looking to correct at 4.5% levels in the near term.
Weekly Trade Summary Sheet:
Weekly Price Analysis:
| USD ($) | 03 Dec 20 | 10 Dec 20 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $19,445.400 | $18,264.990 | -6.07% | $19,845.980 | $16,526.420 | $19,511.400 | $17,935.550 |
| ETH | $616.710 | $559.680 | -9.25% | $635.160 | $497.240 | $618.980 | $533.000 |
| BAT | $0.241 | $0.210 | -13.00% | $0.258 | $0.214 | $0.248 | $0.208 |
| XRP | $0.631 | $0.573 | -9.27% | $0.679 | $0.509 | $0.633 | $0.506 |
Weekly Volume Analysis:
| Cryptocurrency | 1w – % Vol. Change (Global) |
| BitCoin (BTC) | 1.15% |
| Ethereum (ETH) | 0.06% |
| Basic Attention Token (BAT) | -3.54% |
| Ripple (XRP) | -5.63% |
Weekly Price Pointers:
| Resistance 2 | $19,400 | $635 | $0.2885 | $0.8250 |
| Resistance 1 | $19,000 | $580 | $0.2330 | $0.7430 |
| USD | BTC | ETH | BAT | XRP |
| Support 1 | $18,120 | $540 | $0.1950 | $0.5260 |
| Support 2 | $17,640 | $484 | $0.1730 | $0.3880 |
Market Updates:
- Bitcoin is going through the roof in Argentina while the Government imposes new taxes.
- Massachusetts Mutual Life Insurance Co. has purchased $100 million in Bitcoin for its general investment fund, the latest mainstream firm to dabble in digit assets.
- Glassnode’s Rafael Shultze-Kraft has shared several on-chain metrics that he believes suggest Bitcoin will comfortably charge into six-figure price-thresholds in future.
- Digital asset investment managers 3iQ introduced ETH market exposure to Canada’s stock traders and investors on Thursday.
*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.
