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

BTC

BTC Price started last week with a strong bearish candle due to the weakness of the bulls caused the price to break above the all-time high of $19923.05. BTC price opened Monday’s trading session at $19,333.97, and broke the previous daily support of $18852.12 as the strength of the bulls were decreased in the market. This also created a tweezers top which indicated a bearish signal.

On the 8th of December, the bears took control of the market. The bearish momentum dropped as the bears lacked steam to constantly force BTC Price to the dip. The weakness of the bears was felt on the 10th of December as the daily candle closed bullish. This denoted indecision of the bears to dump BTC Price.

Despite the pulled back, the bulls held tight to their position after an evening star market structure was played out on the 11th of December. This created the basis for a resumption of uptrend market through the rest days of the week till the time of writing. BTC Price closed the week with a high of $19405.15.

BTC weekly chart

Technically from a daily perspective, BTC Price retested the most recent resistance of $19387.53, which was a hurdle in the previous week trading session.

This is a bullish signal in the coming week if the bulls have more volume to break $19707.96.

BTC Price broke the 9EMA during the weekend volatility.

The 20-period simple moving average acted as dynamic support for BTC price to the upside as the bulls pressure waxed stronger.

The RSI moved to a positive territory of 61.12 mark. RSI is made an east west movement at press time, probably making an attempt to the over-bought region which shows Bullish bias.

Areas of concentration for the upcoming week will be a zone of $16444.68 and $19923.05. We could expect BTC Price to retest the $19858.82 resistance.

Traders could leverage on $19505.52 anticipated support to take long entry for probable target of new all-time high. The $19505.52 resistance must be broken as a trading condition.

ETH

ETH Price started last week with a strong bearish momentum to the downside. ETH Price opened Monday’s trading session at $602.89, and spiked to a daily low of $567.63 on the 7th of December. During the week, volume got decreased as traders booked their position for profit in the crypto market which created a bias for the bears to short their position on the 8th of December.

ETH Price plummet to weekly low of 534.95 on the 10th of December. The bulls wrestled with bears, which led to a weak bearish closed of the daily candle. ETH Price printed an evening star which gave a bullish signal for the rest of the week. ETH retested the most recent resistance of $597.31.

ETH Price closed the week with a high of $597.44.

ETH weekly chart

Technically, we could see that ETH Price made a retest to a market structure of a higher low of $573.85. This shown bullish pressure to the upside.

ETH Price broke the 9EMA as sign of the bulls having an upper on the market.

The 20-period moving average acted as dynamic support as ETH Price rebounded from the $547.21 support level.

The RSI hit the 59.08 mark positive territory, this indicate bullish pressure as ETH Price makes it way to print a higher high of $618.68.

Areas of concentration for the upcoming week will be a zone of $494.12 and $618.68. We could expect that ETH Price retests the $618.68 resistance and turns it to a support.

Traders could leverage on this support to take long entry for probable target of $683.32 as a wick fill strategy. This will be the probable first target in the course of the week.

About ZB Group

ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.

ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.

Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.

Learn more about ZB Exchange by visiting www.zb.com.