ZB Market Daily: BTC & BCH daily technical analysis
By: Zb Market Research
Tags: Blockchain, Bitcoin, Crypto, Cryptocurrency, Analysis

BTC Price rallied by 3.39% on Tuesday after break out of consolidation zone. Despite 5.63% losses on the 20th of December due to second wave of Covid 19 outburst in the UK, BTC Price closed the trading session yesterday at $23791.27 at press time.

Yesterday, it was a consolidation opened of the trading session after the bears pressure cooled off from the rapid plunged of BTC Price to a major support of $22550.71 on the 21st of December.

BTC Price opened yesterday trading session at $22694.39 and printed a low of $22502.82 in the first 4-hour of the Asian session.

Although, this low that was printed was a demand zone for the underlying crypto instrument looking at the west direction from the 4-chart time frame.

Crypto bulls leveraged on the demand zone to pressure BTC price to print a high of $23077.51. Although, a minor resistance was created at $23077.51 on the 22nd of December, which caused BTC Price to fall back to a support of $22502.82.

After Minor consolidation, crypto bulls broke out of the range bound of $22502.82 and $23072.91 at 16:00 UTC with a high of $23152.73.

The crypto bulls got more volume to ride on the bullish momentum to the upside, which caused BTC Price to print an intraday high of $23807.23 as of the time of writing.

BTC 4-hour chart

Technically, the head and shoulder market structure that was printed in our previous analysis on the 21st of December became invalid after the crypto bulls defended $22657.86 major support.

The Bollinger band converged and also the 20-period simple moving average acted as a dynamic support with respect to horizontal support of $23093.47. BTC Price closed the trading session bullish.

RSI flipped higher above a neutral territory of 50 mark and at 59.23 positive territory for bullish bias to the upside.

For the day ahead, the crypto bulls are faced with a major resistance of $24090.91 that was printed during the recent rally.

A break out of this resistance will be a major breakthrough for BTC Price to extend and continue December’s rally to a new record all-time high.

But failure to break this resistance in the next day trading session will lead to retest of the major support of $22657.86.

BCH

BCH Price rallied by 6.23% on Tuesday after preventing the crypto bears from flipping price lower below a major support level.

BCH Price made a major correction after two days rallied from a high of $379.33, leading to a plummet of price to retest a broken resistance of $327.50 on the 21st of December.

BCH Price closed below this Price range which led to the bearish momentum at Tuesday opened trading session.

Yesterday, BCH price opened the trading session at $312.00 with a weak bearish candle. Irrespective of the weakness of the crypto bears, BCH Price fell to an intraday low of $299.50 but got pulled back to close the late afternoon session at $305.71.

This price range was major demand zone for the underlying crypto instrument at $305.71. Volume rolled in the BCH/USDT pairs.

At the closed of the trading session, BCH price printed an intraday high of $324.90.

BCH 4-hour chart

From technical indicators, 20-period moving average acted as a dynamic support simultaneously with 30 EMA & 10 EMA after a swing low of $312.80.

RSI is 49.99 mark in the neutral territory, which was a signal for a range setup of BCH price.

Based on price action perspective, BCH price did a little pulled back due to a minor resistance that was printed on the 21st of December.

For the day ahead, the crypto bulls are faced with a resistance of $327.50.

If the crypto bulls get some level of volume at $318.85, then a probable break of the resistance could occur.

Traders will need to leverage on the broken resistance as a platform to long their position for a probable target of $368.44.

On the contrary view, if the bulls fails to break the resistance, BCH Price will dip lower to retest $305.71 major support.

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