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

BTC

Yesterday, it was a consolidation opened of the trading session of BTC. BTC Price fell to an early morning low of $19172.26, leaving an exhausted wick to the bottom.

The bearish pin bar closed below $19302.24 resistance which was printed on the 4th of December. BTC Price steered at $19434.87 resistance during the Asian session for a period of 8 hours but couldn’t break above the resistance.

Although a minor support was created at $19232.48 yesterday at 4:00AM UTC. Due to the bear pressure from a high of $19377.79, BTC Price broke the minor support, and plunged to a low of $19099.30.

BTC Price made a correction of the dip to a high of $19238.82, and retraced back to retest the broken minor support of $19232.48. Failure to break above this support level led to the sell off to an intraday low of $18909.05.

BTC 4-hour chart

Technically, from the chart above, BTC Price is faced with lot of traffic to the left. These are probable hurdle that has prevented BTC Price from printing a new all-time high after BTC Price hit the 2017 all-time high. Traders leveraged on this traffic level as a platform for taking short position to the downside.

BTC Price traded below the 20- period simple moving average of the Bollinger band due to the high volume of long position took by the bears. At press time, BTC Price rejected 9-EMA which prevented BTC Price from flipping higher.

From a technical outlook, BTC Price forms a triple top formation. This is a bearish signal which could create a potential sell-off, if BTC Price breaks below $18581.18 support.

RSI is mixed at 49.57 mark on the neutral territory as BTC Price moved sideways.

In the coming days, as the momentum builds up, Bitcoin is faced with a resistance of $19212.90 which needs to be broken if more buy positions are loaded.

ETH

Yesterday, it was bearish opened of the trading session of the day of ETH.

ETH Price fall to an early morning intraday low $591.30 with a wick to the bottom. A little pulled back was made which caused ETH Price to closed at the $592.70 support. This support was created on the 6th of November.

This level became a potential demand level for BTC Price to retraced back from the selloff. ETH Price made its ways to retest the $604.77 resistance.

The bullish engulfing candle closed below this resistance and also without a fuel wick at 4:00AM UTC. This shows that the bulls have exhausted their steam to push ETH Price to the upside.

Since the bullish engulfing candle didn’t close above the resistance, this gave a bearish signal to traders, leading to further dip of ETH Price to a low of $590.69.

Irrespective of the pulled back by the bulls from the low of $590.89 to retest the broken support of $594.11, ETH rejected the up movement and printed a bearish engulfing candle to an intraday low of $584.86.

ETH 4-hour chart

Technically, a bearish divergence can be seen on the chart above. Although overall market structure was chopping.

ETH Price is trading below the 20-period simple moving average of the Bollinger band which indicates bearish pressure to the downside.

From a technical outlook ETH Price printed a triple top formation from the 6th of November till the time of writing, which was major trigger for probable sell-off scenario.

The RSI is down sloped which indicates the presence of the bears taking some control of ETH Price. The RSI is at 46.77.The RSI is making an attempt to move further to the over-sold territory which could trigger more sell off in the coming days.

Probable target for ETH Price to dip will be $567.36 support level if the bears pressure is intensified in the coming days.

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