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Daily Crypto Analysis – Bitcoin and Ethereum Dip Amid Selling Pressure.

Daily Crypto Analysis – Bitcoin and Ethereum Dip Amid Selling Pressure.

03 Jul 2024

Introduction

Bitcoin struggles around $61,000 as selling pressure mounts. German government Bitcoin transfers and increased miner activity coincide with outflows from U.S. Bitcoin ETFs. Ethereum dips after another sale by the Ethereum Foundation, despite positive ETF inflows forecast. Chainlink and Cardano show bullish signs, with LINK attempting to break resistance and ADA consolidating gains.

Markets In Focus Today – BITCOIN

Bitcoin price struggles around $61,000 as German government transfers, miners activity weigh.

U.S. spot Bitcoin ETFs registered slight outflows on Tuesday.The German Government transferred another 832.7 BTC, valued at $52 million, on Tuesday.On-chain data shows that Bitcoin miners have increased their selling activity at the beginning of this week.Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week. Meanwhile, U.S. spot Bitcoin ETFs experienced minor outflows on Tuesday, coinciding with the German Government transferring an additional 832.7 BTC, valued at $52 million, on the same day.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 61989.9254 | Negative Crossover | Bearish
  • MA 20 : 63205.6894 | Negative Crossover | Bearish
  • MA 50 : 64751.8772 | Negative Crossover | Bearish

Simple :

  • MA 10 : 61408.3650 | Negative Crossover | Bearish
  • MA 20 : 63312.5310 | Negative Crossover | Bearish
  • MA 50 : 66385.8396 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 35.7881 | Sell Zone | Bearish

Stochastic   Oscillator : 40.4383 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 69504.7902 R2 : 72674.6265
  • S1 : 59243.1165 S2 : 56073.2802

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 61640.10 | Take Profit : 58489.83 | Stop Loss : 63901.84

ETHEREUM

Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF.

Ethereum ETFs set for $5 billion in net inflows, says Gemini.Ethereum Foundation shed its holdings again, bringing its total sales since January to 2,266 ETH.Ethereum may decline to $3,378 to target a $3.75 million liquidation pool.Ethereum (ETH) is down more than 1.4% following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini’s recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3407.2484 | Negative Crossover | Bearish
  • MA 20 : 3451.8448 | Negative Crossover | Bearish
  • MA 50 : 3467.4737 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3392.4840 | Negative Crossover | Bearish
  • MA 20 : 3455.0070 | Negative Crossover | Bearish
  • MA 50 : 3555.2588 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.7560 | Sell Zone | Bearish

Stochastic   Oscillator : 38.7198 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3767.9422 R2 : 3920.1245
  • S1 : 3275.2845 S2 : 3123.1022

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3399.94 | Take Profit : 3217.20 | Stop Loss : 3547.02

CHAINLINK

Chainlink (LINK) Price Gains Confidence from Market Trends.

Chainlink’s price has largely relied on the broader market cues to indicate a recovery, and it seems to be working. The network’s lack of participation relays optimism and confidence in a rally, which could lead to considerable profits.LINK price is currently attempting to flip the $14.45 resistance into support, trading at $14.30. A successful test of this level as support would result in a bounce towards the resistance at $15.63.Institutions and whale accounts have been accumulating LINK over the past week, according to on-chain analytics platform Lookonchain.The largest two whale wallets moved around $2 million worth of LINK, which has recovered strongly over the past couple of days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.1820 | Positive Crossover | Bullish
  • MA 20 : 14.4374 | Negative Crossover | Bearish
  • MA 50 : 15.1233 | Negative Crossover | Bearish

Simple :

  • MA 10 : 14.0794 | Positive Crossover | Bullish
  • MA 20 : 14.1591 | Positive Crossover | Bullish
  • MA 50 : 15.8028 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 46.9122 | Neutral Zone | Neutral

Stochastic   Oscillator : 76.8664 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 17.4880 R2 : 18.8931
  • S1 : 12.9395 S2 : 11.5344

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 14.08 | Take Profit : 12.75 | Stop Loss : 15.11

CARDANO

Cardano (ADA) On The Rise Exploring Upward Momentum and Bullish Prospects.

Cardano price started a steady increase around the $0.400 resistance. ADA is now consolidating gains and might aim for more gains above $0.4225.In the past few days, Cardano started a decent increase from the $0.3800 support zone. ADA retested above the $0.40 and $0.4050 resistance levels, outperforming Bitcoin and Ethereum.It even cleared the $0.420 resistance and tested $0.4225. A high was formed at $0.4225 and the price is now consolidating gains. There was a move below the $0.4220 and $0.4200 support levels. The price tested the 23.6% Fib retracement level of the upward move from the $0.3782 swing low to the $0.4225 high . Cardano (ADA), currently boasting a market capitalization of $14.6 million, shows further technical indicators on its daily chart, suggesting a bullish continuation of the current uptrend.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.3981 | Positive Crossover | Bullish
  • MA 20 : 0.4016 | Positive Crossover | Bullish
  • MA 50 : 0.4269 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.3934 | Positive Crossover | Bullish
  • MA 20 : 0.3936 | Positive Crossover | Bullish
  • MA 50 : 0.4320 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 49.5584 | Buy Zone | Bullish

Stochastic   Oscillator : 86.7987 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.4639 R2 : 0.4955
  • S1 : 0.3615 S2 : 0.3299

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 0.37 | Take Profit : 0.42 | Stop Loss : 0.34

Elsewhere In The Crypto Market

Key Economic Events & Data Release Today:

(GBP) Service PMI (Jun) Forecast 51.2, Previous 53.0 at 04:00. (USD) ADP Nonfarm Employment Change (Jun) Forecast 163K, Previous 152K at 08:15. (USD) Initial Jobless Claims Forecast 234K, Previous 233K at 08:30. (USD) ISM Non-Manufacturing PMI (Jun) Forecast 52.6, Previous 53.8 at10:00. (EUR) ECB President Lagarde Speaks at 10:15. (USD) FOMC Meeting Minutes at 14:00.