. Daily Forex Analysis - Bitcoin Hits $67K, Ripple Whales Buy Dip.

Daily Crypto Analysis – Bitcoin Hits $67K, Ripple Whales Buy Dip.

Daily Crypto Analysis – Bitcoin Hits $67K, Ripple Whales Buy Dip.

11 Jun 2024

Introduction

Bitcoin tumbles toward $67K, leading a broader cryptocurrency market decline with total capitalization falling below $2.6 trillion. Fear of Fed actions, including the upcoming US CPI report and FOMC decision, spurred the sell-off. XRP whales buy the dip despite reduced on-chain activity, while Ethereum and Cardano face further downward pressure after failing to hold key support levels.

Markets In Focus Today – BITCOIN

Bitcoin Plummets Toward $67K.

The cryptocurrency market went through a considerable decline in the last few hours. Bitcoin plunged toward $67K but some altcoins have it worse.The cryptocurrency market continues declining following the crash that happened late last week. The total capitalization was pushed below $2.6 trillion on the back of significant losses by Bitcoin an most of the altcoins.Fed Fear impacted buyer demand for BTC and the broader crypto market. Investors awaited the US CPI Report, FOMC interest rate decision, economic projections, and the press conference.Fresh bears emerged after a mild recovery was repeatedly capped by psychological 70K barrier, with drop marking so far the biggest daily loss since May1.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69042.6009 | Negative Crossover | Bearish
  • MA 20 : 68564.9471 | Negative Crossover | Bearish
  • MA 50 : 66968.4770 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69422.9530 | Negative Crossover | Bearish
  • MA 20 : 68873.5615 | Negative Crossover | Bearish
  • MA 50 : 65886.6502 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 46.3800 | Neutral Zone | Neutral

Stochastic   Oscillator : 4.45 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 70751.8229 R2 : 74228.2304
  • S1 : 59497.6904 S2 : 56021.2829

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 67963.53 | Take Profit : 65067.02 | Stop Loss : 70637.23

RIPPLE

XRP whales buy the dip while Ripple on-chain activity fades.

Ripple whales holding 100 million and a higher volume of XRP tokens are buying the dip in June. Active addresses decline by nearly 40% in June, down to 19,500 on June 11. XRP wipes out nearly 2% of value on Tuesday, down to $0.4885. Ripple (XRP) whales in different segments holding 100 million and higher tokens have added to their holdings during the recent dip. XRP price has been down nearly 6% since June 1, and large wallet investors are buying the dip. Ripple has noted a decline in its on-chain activity amidst the price correction.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5045 | Negative Crossover | Bearish
  • MA 20 : 0.5119 | Negative Crossover | Bearish
  • MA 50 : 0.5242 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5080 | Negative Crossover | Bearish
  • MA 20 : 0.5177 | Negative Crossover | Bearish
  • MA 50 : 0.5191 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 35.0211 | Sell Zone | Bearish

Stochastic   Oscillator : 0.00 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5791
  • S1 : 0.4868 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.489 | Take Profit : 0.451 | Stop Loss : 0.518

ETHEREUM

Ethereum Price Downward Drift.

Ethereum price failed to clear the $3,720 resistance. ETH declined again and is now at risk of more losses below the $3,500 support zone.Ethereum started a fresh decline from the $3,720 resistance zone.The price is trading below $3,650 and the 100-hourly Simple Moving Average.Ethereum price attempted a decent increase above the $3,650 resistance zone. ETH even spiked above $3,700 but the bears were active. A high was formed at $3,710 and the price started a fresh decline. There was a sharp decline below the $3,660 and $3,650 levels.A low was formed near $3,500 and the price is now consolidating losses, like Bitcoin.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3693.2147 | Negative Crossover | Bearish
  • MA 20 : 3662.4875 | Negative Crossover | Bearish
  • MA 50 : 3499.7748 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3730.7770 | Negative Crossover | Bearish
  • MA 20 : 3760.9135 | Negative Crossover | Bearish
  • MA 50 : 3381.2880 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 45.2999 | Neutral Zone | Neutral

Stochastic   Oscillator : 0.0 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3957.6476 R2 : 4230.4424
  • S1 : 3074.5324 S2 : 2801.7376

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3640.74 | Take Profit : 3401.81 | Stop Loss : 3821.55

CARDANO

Cardano (ADA) Bearish Breakdown Critical Support Level Broken.

After struggling to reach key resistance at $0.522, ADA has managed to break an important support level. This shift indicates a potential continuation of the bearish trend, with significant implications for future price action.The recent price action has seen ADA break below the critical support level at $0.458 and test the important support at $0.420. This breach is a strong bearish signal, suggesting that the selling pressure has overwhelmed the buying interest at these key levels.If these trends continue, ADA’s price could face further downward pressure, potentially leading to lower support levels being tested in the near future.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4458 | Negative Crossover | Bearish
  • MA 20 : 0.4516 | Negative Crossover | Bearish
  • MA 50 : 0.4713 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4488 | Negative Crossover | Bearish
  • MA 20 : 0.4526 | Negative Crossover | Bearish
  • MA 50 : 0.4583 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.2072 | Sell Zone | Neutral

Stochastic   Oscillator : 0.00 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.4931 R2 : 0.5149
  • S1 : 0.4229 S2 : 0.4011

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.422 | Take Profit : 0.379 | Stop Loss : 0.454

Elsewhere In The Crypto Market

Bitcoin down (3.6%) at 67,001, Ethereum down (3.69%) at 3530.8, Litecoin down (0.44%) at 79.30, Solana down (2.73%) at 154.65, Dogecoin down (1.95%) at 0.141.

Key Economic Events & Data Release Today:

(GBP) Average Earning Index + Bonus (Apr) Forecast 5.7%, Previous –5.7% at 02:00. (CAD) Building Permits (MoM) (Apr) Forecast 4.9% Previous –11.7% at 08:30. (CNY) CPI (MoM) (May) Previous 0.1% at 21:30. (CNY) PPI (YoY) (May) Forecast –1.5%, Previous –2.5% at 21:30.