. Daily Crypto Analysis - Bitcoin dips, Ethereum dwindles, Litecoin revives, XRP crisis.

Daily Crypto Analysis – Bitcoin dips, Ethereum dwindles, Litecoin revives, XRP crisis.

Daily Crypto Analysis – Bitcoin dips, Ethereum dwindles, Litecoin revives, XRP crisis.

18 Jan 2024

Introduction

Bitcoin hovers below $43,000 as altcoins surge amid a looming BTC halving event in 110 days. Bitcoin’s 8% weekly dip, fueled by a failed ETF support, marks the onset of an “altcoin season.” Ethereum’s low exchange supply and an 18% dominance surge against Bitcoin contribute to its bullish momentum. Litecoin attempts a rebound, supported by a long-standing ascending trend line. XRP experiences a sudden downturn, potentially jeopardizing its recent uptrend, while Ripple’s engagement with the US government surfaces.

Markets In Focus Today – BITCOIN

Bitcoin halving event draws close, BTC trades below $43,000 amidst altcoin season.

Bitcoin is trading sideways below the $43,000 level on Thursday. BTC halving event, which is 110 days away, is considered a typical catalyst for Bitcoin price. Bitcoin (BTC) market participants look indecisive as BTC trades sideways below $43,000 on Thursday. Bitcoin price has declined nearly 8% in the past week after the sport Exchange Traded Fund failed to support prices, giving way to a so-called “altcoin season.” The BTC halving event, which is considered a catalyst for Bitcoin price, is 110 days away. Bitcoin price has fallen well below its two-year high of $48,989, declining nearly 8% in the past week.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42589.87 | Negative Crossover | Bearish
  • MA 20 : 43908.55 | Negative Crossover | Bearish
  • MA 50 : 44039.88 | Negative Crossover | Bearish

Simple :

  • MA 10 : 42565.56 | Negative Crossover | Bearish
  • MA 20 : 43908.43 | Negative Crossover | Bearish
  • MA 50 : 44039.78 | Negative Crossover | Bearish

RSI (Relative Strength Index): 39.09 | Sell Zone | Bearish

Stochastic   Oscillator : 17.7 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 43370.67 R2 : 44599.88
  • S1 : 42141.47 S2 : 40657.47

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 42014.31 | Take Profit: 40657.94 | Stop Loss: 43031.59

ETHEREUM

Ethereum price could rise further as supply on exchanges nears an all-time low.

Ethereum supply on exchanges is close to its all-time low of 8.05%, lending support to ETH price gains. The altcoin’s dominant surge against Bitcoin pushes ETH/BTC nearly 18.00% higher in the past week. Ethereum added over 89,400 ETH addresses per day in the past week, according to Santiment data. Ethereum supply on exchanges is close to its all-time low of 8.05%, lending support to ETH price gains. The altcoin’s dominant surge against Bitcoin pushes ETH/BTC nearly 18.00% higher in the past week. Ethereum added over 89,400 ETH addresses per day in the past week, according to Sentiment data.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2524.40 | Negative Crossover | Bearish
  • MA 20 : 2536.97 | Negative Crossover | Bearish
  • MA 50 : 2381.37 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2527.62 | Negative Crossover | Bearish
  • MA 20 : 2536.98 | Negative Crossover | Bearish
  • MA 50 : 2381.80 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.09 | Buy Zone | Bullish

Stochastic   Oscillator : 0.98 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 2601.14 R2 : 2706.54
  • S1 : 2495.74 S2 : 2374.2

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 2463.31 | Take Profit: 2613.30 | Stop Loss: 2374.12

LITECOIN

Litecoin’s (LTC) price bounced last week but failed to sustain it, falling below $70 in the process.

The price has not begun a significant increase yet, though there are positive signs in lower time frames. Litecoin Attempts to Bounce at Support. On the weekly timeframe, LTC’s price action shows a decline from its peak at $115 in July 2023. The drop led to a low of $56 in August. Following a brief rebound and subsequent decline, the Litecoin price created a higher low. This bounce in Litecoin’s price confirmed a long-standing ascending support trend line. The trend line has existed for nearly 600 days and coincides with a horizontal area that has served as support and resistance.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69.13 | Positive Crossover | Bullish
  • MA 20 : 70.29 | Negative Crossover | Bearish
  • MA 50 : 68.98 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69.09 | Positive Crossover | Bullish
  • MA 20 : 70.30 | Negative Crossover | Bearish
  • MA 50 : 68.98 | Positive Crossover | Bullish

RSI (Relative Strength Index): 44.44 | Neutral Zone | Neutral

Stochastic   Oscillator : 5.2 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 69.29 R2 : 73.75
  • S1 : 66.81 S2 : 63.62

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 68.58 | Take Profit: 72.12 | Stop Loss: 66.52

RIPPLE

XRP price takes a sudden downturn, nearly invalidating the uptrend noted since last week.

Ripple, in a recent job opening, stated that it was a federal contractor or subcontractor. This is the first public admittance, albeit indirect, of Ripple engaging with the US government.XRP price is seeing a decline, invalidating the week-long uptrend that resulted in a 6% rally. XRP price is seemingly losing the micro uptrend that it has been witnessing for the past few days amid mixed signals from the price indicators. On the other hand, Ripple has grabbed the attention of the crypto community for its rather unexpected affiliation with the United States government.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.55 | Negative Crossover | Bearish
  • MA 20 : 0.56 | Negative Crossover | Bearish
  • MA 50 : 0.57 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.54 | Negative Crossover | Bearish
  • MA 20 : 0.56 | Negative Crossover | Bearish
  • MA 50 : 0.57 | Negative Crossover | Bearish

RSI (Relative Strength Index): 40.64 | Sell Zone | Bearish

Stochastic   Oscillator : 3.08 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.57 R2 : 0.61
  • S1 : 0.54 S2 : 0.50

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 0.53 | Take Profit: 0.50 | Stop Loss: 0.56

Elsewhere In The Crypto Market

Bitcoin is down (0.83%) at 42,384, Ethereum is down (0.53%) at 2,515.0, Litecoin is down (0.22%) at 69.29, Solana is up (1.27%) at 99.46, Dogecoin is down (1.49%) at 0.080.

Key Economic Events & Data Release Today:

(AUD) Employment Change (Dec) Forecast 17.6K, Previous 61.5K at 06:00. (JPY) Industrial Production (MoM) (Nov) Forecast –0.9%, Previous 1.3% at 10:00. (ECB) ECB Publishes Account of Monetary Policy Meeting at 18:00. (USD) Building Permits (Dec) Forecast 1.426M, Previous 1.560M at 19:00. (USD) Initial Jobless Claims Forecast 270K, Previous 202K at 19:00. (EUR) ECB President Lagarde Speaks at 20:45.