. Daily Crypto Analysis - Bitcoin at $59k, XRP above $0.51

Daily Crypto Analysis – Bitcoin at $59k, XRP above $0.51.

Daily Crypto Analysis – Bitcoin at $59k, XRP above $0.51.

03 May 2024

Introduction

Bitcoin’s price bounces back to $59k amid dollar weakness, yet overshadowed by concerns over prolonged US interest rates. Traders remain cautious ahead of nonfarm payroll data, shaping cryptocurrency sentiment. Despite some relief, Bitcoin faces weekly losses, impacted by rate expectations. Ripple’s XRP holds above $0.51 amidst ongoing legal battle with SEC, while Ethereum shows signs of recovery despite ETF uncertainties. Chainlink sees over $50 million shift in ownership amidst 5% price surge, reflecting market dynamics amid recent volatility.

Markets In Focus Today – BITCOIN

Bitcoin price recovers to $59k but rate fears cloud outlook.

Bitcoin price rose on Friday, taking some relief from a sharp drop in the dollar, although the outlook for the cryptocurrency remained bleak in the face of high for longer U.S. interest rates. Traders also remained largely averse towards cryptocurrencies ahead of key nonfarm payrolls data on Friday, which is likely to factor into the outlook for interest rates. Dollar drop offers some relief to Bitcoin, but weekly losses on tapA sharp overnight drop in the dollar gave Bitcoin and other cryptocurrencies some breathing room, although they were still headed for losses this week. Bitcoin was trading down 6.2% for this week, with traders remaining averse towards crypto in the face of high-for-longer U.S. interest rates. But gains were limited by anticipation of key U.S. nonfarm payrolls data, which is likely to factor into the outlook for interest rates.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 61585.0829 | Negative Crossover | Bearish
  • MA 20 : 63201.0145 | Negative Crossover | Bearish
  • MA 50 : 63831.9787 | Negative Crossover | Bearish

Simple :

  • MA 10 : 62100.2900 | Negative Crossover | Bearish
  • MA 20 : 63340.2065 | Negative Crossover | Bearish
  • MA 50 : 66189.0082 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 36.3540 | Sell Zone | Bearish

Stochastic   Oscillator : 62.4 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 69264.5770 R2 : 72490.2463
  • S1 : 58822.1563 S2 : 55596.4870

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 60697.50 | Take Profit : 57208.44 | Stop Loss : 63389.06

RIPPLE

XRP hovers above $0.51 as Ripple responds to SEC’s motion in ongoing legal battle.

Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox’s testimony should be treated as a summary or expert witness. Ripple (XRP) continues to recover on Friday from its almost ten-day decline, clinging to gains after closing above $0.51 on Wednesday. In the legal battle between Ripple and the US Securities and Exchange Commission (SEC) – which is one of the key drivers of XRP price – both parties are clashing over the validity of the testimony of SEC’s Assistant Chief Accountant Andrea Fox. Ripple filed on Thursday a new letter supporting its motion to strike new expert materials as it considers Fox’s statements as expert testimony and argues that the regulator should have introduced expert testimony during the remedies discovery phase that has passed.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5185 | Positive Crossover | Bullish
  • MA 20 : 0.5279 | Negative Crossover | Bearish
  • MA 50 : 0.5537 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5178 | Positive Crossover | Bullish
  • MA 20 : 0.5166 | Positive Crossover | Bullish
  • MA 50 : 0.5709 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 44.2798 | Neutral Zone | Neutral

Stochastic   Oscillator : 95.14 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6057 R2 : 0.6559
  • S1 : 0.4429 S2 : 0.3927

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 0.516 | Take Profit : 0.465 | Stop Loss : 0.550

ETHEREUM

Ethereum to break out of bearish move, ETH ETFs unlikely in 2024.

Ethereum would likely sustain trading inside key range despite recent sharp movements outside it.Hong Kong spot Bitcoin and Ethereum ETFs recorded a second day of very low trading volume on Thursday.Ethereum (ETH) is beginning to show signs of recovery on Thursday despite a second consecutive day of poor performance in Hong Kong’s spot Ethereum ETFs. Bloomberg analyst James Seyffart has also shared that a spot Ethereum ETF may not happen in the US in 2024. Hong Kong’s spot Bitcoin and Ethereum ETFs recorded another day of underwhelming performance, as their total trading volume was approximately $8.75 million. The three Ethereum ETFs managed a trading volume of about $600,000.The low volume may be attributed to the recent crypto market dip, as investors are exercising caution.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3081.4005 | Negative Crossover | Bearish
  • MA 20 : 3143.9397 | Negative Crossover | Bearish
  • MA 50 : 3220.8702 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3112.2120 | Negative Crossover | Bearish
  • MA 20 : 3115.5630 | Negative Crossover | Bearish
  • MA 50 : 3319.8406 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.9865 | Sell Zone | Bearish

Stochastic   Oscillator : 30.3309 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 3533.1941 R2 : 3737.1759
  • S1 : 2872.8459 S2 : 2668.8641

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3099.40 | Take Profit : 2836.61 | Stop Loss : 3315.47

CHAINLINK

Over $50 Million in Chainlink (LINK) Shift Hands Amid 5% Price Surge.

In a move that has caught the attention of crypto enthusiasts and investors alike, a substantial sum of Chainlink LINKUSD has changed hands, amounting to over $50 million. The transaction, involving over 3.7 million LINK tokens, underscores a significant shift in ownership within the LINK ecosystem. This development coincides with a notable uptick in the price of Chainlink LINKUSD over the past 24 hours. At the time of the transaction, LINK was trading at $13.62, reflecting a 5.32% increase in its value. While this surge may not be categorized as monumental, it holds significance within the context of recent market volatility that has seen cryptocurrencies experience sharp declines earlier in the week.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 13.8930 | Negative Crossover | Bearish
  • MA 20 : 14.4675 | Negative Crossover | Bearish
  • MA 50 : 15.8951 | Negative Crossover | Bearish

Simple :

  • MA 10 : 13.9459 | Negative Crossover | Bearish
  • MA 20 : 14.1172 | Negative Crossover | Bearish
  • MA 50 : 16.4830 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.0350 | Sell Zone | Bearish

Stochastic   Oscillator : 30.2391 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 17.6044 R2 : 19.3374
  • S1 : 11.9942 S2 : 10.2613

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 14.27 | Take Profit : 12.33 | Stop Loss : 15.80

Elsewhere In The Crypto Market

Bitcoin up (0.08%) at 59,139, Ethereum down (0.53%) at 2970.3, Litecoin down (0.04%) at 79.74, Solana down (0.56%) at 136.72, Dogecoin down (0.25%) at 0.131.

Key Economic Events & Data Release Today:

(GBP) Composite PMI (Apr) Forecast 54.0, Previous 52.8 at 14:00. (GBP) Service PMI (Apr) Forecast 54.9, Previous 53.1 at 14:00. (USD) Average Hourly Earnings (MoM) (Apr) Forecast 0.3%, Previous 0.3% at 18:00. (USD) Unemployment Rate (Apr) Forecast 3.8%, Previous 3.8% at 18:00. (USD) Nonfarm Payrolls (Apr) Forecast 238K, Previous 303K at 18:00. (USD) ISM Non-Manufacturing PMI (Apr) Forecast 52.0, Previous 51.4 at 19:30.