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

BTC

Yesterday, it was a weak bearish opened of the trading session of BTC price. BTC Price fell to an early morning low of $19285.12.

This weakness created a market structure of tweezers bottom, which is a bullish signal.

On a second thought, BTC Price created a support above a major support of $19080.46, which showed the level of the strength of the bull pressure on the BTC Price. BTC Price gained a support on a range bound of $19285.12 from previous trading session.

At 16:00 UTC, BTC Price gained lot of volume to break the $19554.41 resistance, which was a hurdle on the 3rd and 15th of December for BTC Price to resume an uptrend.

BTC Price closed the 4-hour candle above the resistance, which launched a sporadic rally to the upside.

At 20:00 UTC, BTC Price hedged higher as momentum came into the crypto market during the New York session, which caused BTC Price to break the most awaited 20k — all time high of 2017. BTC Price printed a high of $20400.

Traders took more long position as volatility of BTC Price spiked. As of press time, BTC Price rally to an intraday high of $21422.15.

This is a ground breaking record of all-time high due to free traffic to east from the 4 hour time frame chart below.

BTC 4-hour chart

Technically, a bullish divergence of the Bollinger can be seen on the chart above. The band is over stretched due to the bullish pressure.

RSI is 82.68 mark on the over-bought territory.

The 20-period simple moving average and the 9EMA acted as dynamic support to yesterday’s rally of BTC price.

In the coming days, we should expect a correction of the rally to a low of $20593.99 if a bearish candle is printed from the all-time high.

ETH

Yesterday, it was a consolidation opened of the trading session of ETH price. ETH Price fell to an early morning low of $583.03 from a resistance of $593.01.

From technical perspective, from the 4-hour chart below, we could deduce a high level of traffic from the east that was created on the 7th, 14th, 15th of December. This was a strong level of triple top that ETH Price wrestled with yesterday, and that has been an obstacle for ETH Price to resume an uptrend.

The bulls defended $583.03 support on several occasion on the 15th of November. This level became a high level of demand for the underlying crypto asset.

Volume rolled into ETH Price at $586.22. ETH Price commerced a rally after breaking $591.81 resistance.

At 20:00 UTC, ETH Price rally to $620.08. Traders loaded more long position in anticipation for a new high. ETH Price printed an intraday high of $635.76 towards the closed of the trading session.

ETH 4-hour chart

From technical outlook, bullish divergence of the band can be seen on the chart .Bullish pressure on the Bollinger band led to the over stretch of the upper band. The 20-period and 9EMA acted a dynamic support to yesterday rally.

RSI up slope to 77.20 mark on the overbought territory. This indicate uptrend bias .if the RSI moves in an east west direction at the overbought territory , ETH Price will continue to rally in the coming days.

ETH Price broke $619.50 resistance that was created on the 1st and 4th of December.

ETH Price will need to retest this resistance to continue the rally. More so, this will be a platform for higher lows where traders can leverage on to take a snap long entry.

The next hurdle will be $725.89, which will also be a psychological level for traders to book for profit on long position.

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.