Technical Analysis | ZebPay Trade Desk
Bitcoin reached a recent high of $31,804 but faced profit booking, causing a correction to $28,585. The asset found support at the critical level of $28,500 to $28,250 and rebounded to $30k. However, it couldn't hold above $30k, dropping to $28,927. BTC is currently consolidating below its 50-Day Moving Average with strong support at $28,500. To resume an upward move, it must sustain above this level, while breaking and closing above $32,500 is needed for a rally.
On June 15, 2023, ETH formed a Bullish pattern at $1,628.4, followed by a 24% surge to $2,031.4. However, profit booking caused a drop to $1,815.2, failing to surpass the previous high of $2,146. ETH is now consolidating near its 50-Day Moving Average, seeking support at $1,800. If it holds above this level, bulls may resume the upward movement. A break below the support could lead to further decline, testing the next support at $1,625.
After forming a 'Tweezer Top' candle at $350, BNB started a downward trend. Attempting to find support at $300, the bulls couldn't hold it, resulting in a sharp fall to $220. The asset took the support exactly at the Previous bottom of December 2022 and didn't break the key level of $220 and bounced back from $220.4 up to $257. Currently, BNB trades within a range of $225 to $250, and volume-driven breakouts will determine its future trend.
🔗 https://zebpay.com/blog/crypto-technical-analysis-report-4th-august-2023
Bitcoin reached a recent high of $31,804 but faced profit booking, causing a correction to $28,585. The asset found support at the critical level of $28,500 to $28,250 and rebounded to $30k. However, it couldn't hold above $30k, dropping to $28,927. BTC is currently consolidating below its 50-Day Moving Average with strong support at $28,500. To resume an upward move, it must sustain above this level, while breaking and closing above $32,500 is needed for a rally.
On June 15, 2023, ETH formed a Bullish pattern at $1,628.4, followed by a 24% surge to $2,031.4. However, profit booking caused a drop to $1,815.2, failing to surpass the previous high of $2,146. ETH is now consolidating near its 50-Day Moving Average, seeking support at $1,800. If it holds above this level, bulls may resume the upward movement. A break below the support could lead to further decline, testing the next support at $1,625.
After forming a 'Tweezer Top' candle at $350, BNB started a downward trend. Attempting to find support at $300, the bulls couldn't hold it, resulting in a sharp fall to $220. The asset took the support exactly at the Previous bottom of December 2022 and didn't break the key level of $220 and bounced back from $220.4 up to $257. Currently, BNB trades within a range of $225 to $250, and volume-driven breakouts will determine its future trend.
🔗 https://zebpay.com/blog/crypto-technical-analysis-report-4th-august-2023
#BTC Monday | ZebPay Trade Desk
Bitcoin remains range-bound, while specific altcoins attract buyer interest. Over the weekend, Bitcoin's price showed minimal movement, reflecting uncertainty from both bulls and bears about its future direction. Traders should stay attentive as consolidation phases often precede increased volatility. On the flip side, heightened participation from Bitcoin whales is viewed positively. On-chain data hints that bullish momentum could endure till September, aligning with summer seasonality and potential market shifts.
Presently, BTC is trading at $29,179. It persistently moves within a tight range with low trading volumes, reflecting uncertainty. Hovering slightly below its 50-day moving average, BTC reached $31,804 before a 10% correction to $28,585, finding support at $28,500 and rebounding to $30K. Bulls struggled to maintain prices above $30K. Clear movements above $32.5K or below $28.5K, backed by substantial volumes, will shape the asset's trend.
🔗 https://zebpay.com/blog
Bitcoin remains range-bound, while specific altcoins attract buyer interest. Over the weekend, Bitcoin's price showed minimal movement, reflecting uncertainty from both bulls and bears about its future direction. Traders should stay attentive as consolidation phases often precede increased volatility. On the flip side, heightened participation from Bitcoin whales is viewed positively. On-chain data hints that bullish momentum could endure till September, aligning with summer seasonality and potential market shifts.
Presently, BTC is trading at $29,179. It persistently moves within a tight range with low trading volumes, reflecting uncertainty. Hovering slightly below its 50-day moving average, BTC reached $31,804 before a 10% correction to $28,585, finding support at $28,500 and rebounding to $30K. Bulls struggled to maintain prices above $30K. Clear movements above $32.5K or below $28.5K, backed by substantial volumes, will shape the asset's trend.
🔗 https://zebpay.com/blog
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#ETH | ZebPay Trade Desk
Despite efforts by bulls to maintain Ether's position above the $1,816 support, initiating a strong recovery faces challenges due to limited demand at higher prices. The 20-day exponential moving average is declining at $1,856, and a negative Relative Strength Index favours bears. Negative trends continue, with outflows of $5.9 million in the past week, following the prior week's $1.9 million outflows. Unlike bullish trends in other altcoins like Solana and BCH, Ether's unique challenges are evident.
Ether is currently trading at $1,832. Ether previously peaked at $2,031.4 and fell by 11%, hitting $1,802.6. A Long Legged Doji at this low suggests uncertainty. Strong support from $1,800 to $1,750 is crucial, determining potential bullish resumption above or further decline below.
To stay up to date on the latest developments in the crypto world, visit http://zebpay.com/blog
Despite efforts by bulls to maintain Ether's position above the $1,816 support, initiating a strong recovery faces challenges due to limited demand at higher prices. The 20-day exponential moving average is declining at $1,856, and a negative Relative Strength Index favours bears. Negative trends continue, with outflows of $5.9 million in the past week, following the prior week's $1.9 million outflows. Unlike bullish trends in other altcoins like Solana and BCH, Ether's unique challenges are evident.
Ether is currently trading at $1,832. Ether previously peaked at $2,031.4 and fell by 11%, hitting $1,802.6. A Long Legged Doji at this low suggests uncertainty. Strong support from $1,800 to $1,750 is crucial, determining potential bullish resumption above or further decline below.
To stay up to date on the latest developments in the crypto world, visit http://zebpay.com/blog
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🔒🚀 Unraveling the Curve DAO Hack: Exploring Its Ripple on the Stablecoin Market!
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Discover the aftermath of the Curve DAO hack and its implications for the stablecoin market in our latest blog.
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TRX Price Movement | August 2023 | ZebPay Trade Desk
At the start of August, TRX's price was $0.075, a nearly 20% decrease from its July value of $0.094. A recent analysis of on-chain data revealed growing optimism due to reduced selling pressure. Notably, the sentiment metric, gauging overall mood, notably rose between August 6 and 7. Yet, a significant rise in negative funding rates during this period is crucial to note. This suggests a surge in short positions, indicating a pessimistic perspective on the crypto's value.
At the time of writing, TRX is trading at $0.07689.
TRX exhibited a 'Hammer' candle at the $0.06445 low, sparking a rally. Prices surged almost 46%, reaching a high of $0.09439. However, stiff resistance emerged at $0.09280 (Prior High and Horizontal Trendline), leading to sharp profit-taking, driving prices to $0.07576. Following this, TRX entered consolidation, trading sideways between $0.07579 and $0.07793 with low trading volumes. The asset's future trend hinges on breakout moves from this range, accompanied by substantial volumes.
To learn more visit 🔗http://zebpay.com/blog
At the start of August, TRX's price was $0.075, a nearly 20% decrease from its July value of $0.094. A recent analysis of on-chain data revealed growing optimism due to reduced selling pressure. Notably, the sentiment metric, gauging overall mood, notably rose between August 6 and 7. Yet, a significant rise in negative funding rates during this period is crucial to note. This suggests a surge in short positions, indicating a pessimistic perspective on the crypto's value.
At the time of writing, TRX is trading at $0.07689.
TRX exhibited a 'Hammer' candle at the $0.06445 low, sparking a rally. Prices surged almost 46%, reaching a high of $0.09439. However, stiff resistance emerged at $0.09280 (Prior High and Horizontal Trendline), leading to sharp profit-taking, driving prices to $0.07576. Following this, TRX entered consolidation, trading sideways between $0.07579 and $0.07793 with low trading volumes. The asset's future trend hinges on breakout moves from this range, accompanied by substantial volumes.
To learn more visit 🔗http://zebpay.com/blog
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Let's join hands in celebrating the essence of freedom and the journey that brought us here.
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#India #IndependenceDay2023 #HarGharTiranga
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As we come together to commemorate the spirit of freedom and empowerment, ZebPay is delighted to invite you to a special Crypto Tuesday event that coincides with the joyous occasion of Independence Day.
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BTC Monday | ZebPay Trade Desk
Bitcoin is striving to stabilise around the $25,000 range, yet trader sentiment has turned pessimistic after a 11% drop in price this week. Despite some support near $25,000, many analysts foresee a potential decline to the critical $20,000 threshold. This reflects a prevailing risk-averse stance among traders in the short term.
Currently, BTC is trading at $26,160, down from its recent peak of $31,804. After reaching this high point, profit-taking pushed prices down to $28,585. The crypto then entered a consolidation phase, trading between $28,750 and $30,000, with strong support at $28,500. However, in the previous week, BTC broke below this range, reaching a low of $25,166.
Historically, Bitcoin has found support at the key $25,000 level, characterised by a horizontal trendline and 50% Fibonacci retracement. The recent bounce off this support, indicated by a lower long shadow, suggests buying interest at these levels. Whether Bitcoin can maintain levels above $25,000 will determine if the bulls can regain control or if further declines are in store.
Bitcoin is striving to stabilise around the $25,000 range, yet trader sentiment has turned pessimistic after a 11% drop in price this week. Despite some support near $25,000, many analysts foresee a potential decline to the critical $20,000 threshold. This reflects a prevailing risk-averse stance among traders in the short term.
Currently, BTC is trading at $26,160, down from its recent peak of $31,804. After reaching this high point, profit-taking pushed prices down to $28,585. The crypto then entered a consolidation phase, trading between $28,750 and $30,000, with strong support at $28,500. However, in the previous week, BTC broke below this range, reaching a low of $25,166.
Historically, Bitcoin has found support at the key $25,000 level, characterised by a horizontal trendline and 50% Fibonacci retracement. The recent bounce off this support, indicated by a lower long shadow, suggests buying interest at these levels. Whether Bitcoin can maintain levels above $25,000 will determine if the bulls can regain control or if further declines are in store.
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#Altcoin Thursday | ZebPay Trade Desk
THORChain (RUNE) has gained significant attention this week due to its unique cross-chain liquidity system. Over the past seven days, RUNE has experienced an impressive 33% surge in value. This surge is attributed to increased community discussions about THORChain and the introduction of streaming swaps, which provide swappers with better prices through sub-swaps. Additionally, the technology has expanded to networks like Cosmos and Avalanche, boosting investor confidence.
As of now, RUNE is trading at $1.594. It initially formed a 'Double Doji' candle at the $0.90 support level, followed by an upward movement and the formation of a 'Higher Top Higher Bottom' pattern, resulting in a 125% price increase to $2.029. The asset faced resistance at the $2 psychological level, leading to some profit booking and a drop to $1.53. Currently, RUNE is consolidating just above the $1.50 support. A sustained hold above this support could lead to a resumption of the upward trend, but a break, closure, and sustained presence above the $2 resistance are needed for further price rallies.
THORChain (RUNE) has gained significant attention this week due to its unique cross-chain liquidity system. Over the past seven days, RUNE has experienced an impressive 33% surge in value. This surge is attributed to increased community discussions about THORChain and the introduction of streaming swaps, which provide swappers with better prices through sub-swaps. Additionally, the technology has expanded to networks like Cosmos and Avalanche, boosting investor confidence.
As of now, RUNE is trading at $1.594. It initially formed a 'Double Doji' candle at the $0.90 support level, followed by an upward movement and the formation of a 'Higher Top Higher Bottom' pattern, resulting in a 125% price increase to $2.029. The asset faced resistance at the $2 psychological level, leading to some profit booking and a drop to $1.53. Currently, RUNE is consolidating just above the $1.50 support. A sustained hold above this support could lead to a resumption of the upward trend, but a break, closure, and sustained presence above the $2 resistance are needed for further price rallies.
ZebPay Trade Desk | 25th August 2023
Bitcoin (BTC): After reaching a high of $31,804, Bitcoin faced profit-taking, causing a drop to $28,585. BTC consolidated between $28,750 and $30,000 with solid support at $28,500. Yet, it eventually broke below this range, hitting $25,166. Historically, $25,000 has been a key support level for BTC, with buyers emerging around it. If it maintains above $25,000, a bullish trend may resume; otherwise, a close below this support could lead to further decline.
Ethereum (ETH): Following a 'Hammer' candle at $1,368.3, Ethereum surged to $2,141.5. It then entered a 'Symmetrical Triangle' pattern with $1,550 as strong support and $1,700 as a resistance zone. Breaking down from this pattern, ETH dropped to $1,550. Currently, it's consolidating between $1,575 and $1,700, with a critical support zone at $1,550-$1,500 and resistance at $1,700-$1,750.
BNB (Binance Coin): BNB formed a 'Tweezer Top' candle at $350, leading to a 37% correction to $220. It initially found support at $220 and entered an 'Ascending Triangle' pattern, which it later broke to the downside, falling to $203. BNB showed a 'Morning Star' pattern at the low, but a sustained rally depends on it breaking and holding above the vital $220 level.
Bitcoin (BTC): After reaching a high of $31,804, Bitcoin faced profit-taking, causing a drop to $28,585. BTC consolidated between $28,750 and $30,000 with solid support at $28,500. Yet, it eventually broke below this range, hitting $25,166. Historically, $25,000 has been a key support level for BTC, with buyers emerging around it. If it maintains above $25,000, a bullish trend may resume; otherwise, a close below this support could lead to further decline.
Ethereum (ETH): Following a 'Hammer' candle at $1,368.3, Ethereum surged to $2,141.5. It then entered a 'Symmetrical Triangle' pattern with $1,550 as strong support and $1,700 as a resistance zone. Breaking down from this pattern, ETH dropped to $1,550. Currently, it's consolidating between $1,575 and $1,700, with a critical support zone at $1,550-$1,500 and resistance at $1,700-$1,750.
BNB (Binance Coin): BNB formed a 'Tweezer Top' candle at $350, leading to a 37% correction to $220. It initially found support at $220 and entered an 'Ascending Triangle' pattern, which it later broke to the downside, falling to $203. BNB showed a 'Morning Star' pattern at the low, but a sustained rally depends on it breaking and holding above the vital $220 level.
ZebPay Trade Desk | 28th August 2023
Bitcoin maintained a subdued weekend trading pattern, leaving investors uncertain about its future direction. Open interest in Bitcoin futures on the Chicago Mercantile Exchange dropped, hinting at reduced selling pressure. The 20-day moving average at $27,222 and an oversold RSI suggest a bearish market sentiment. Currently trading at $26,027 after testing $25,000 support, Bitcoin is consolidating in a narrow $25,500 to $26,500 range. A sustained rise above $32,500 resistance may trigger a bullish rally while breaking below $25,000 could lead to further declines towards the $22,500 support level.
Bitcoin maintained a subdued weekend trading pattern, leaving investors uncertain about its future direction. Open interest in Bitcoin futures on the Chicago Mercantile Exchange dropped, hinting at reduced selling pressure. The 20-day moving average at $27,222 and an oversold RSI suggest a bearish market sentiment. Currently trading at $26,027 after testing $25,000 support, Bitcoin is consolidating in a narrow $25,500 to $26,500 range. A sustained rise above $32,500 resistance may trigger a bullish rally while breaking below $25,000 could lead to further declines towards the $22,500 support level.