. Daily Crypto Analysis - Bitcoin, Ethereum surge amid regulation.

Daily Crypto Analysis – Bitcoin, Ethereum surge amid regulation.

Daily Crypto Analysis – Bitcoin, Ethereum surge amid regulation.

16 Feb 2024

Introduction

Bitcoin aims for $55,000 despite an overbought state, targeting a crucial barrier at $53,000 within the ascending parallel channel. A 4% extension to $55,000 is plausible as various technical indicators signal bullish momentum. The bullish scenario hinges on maintaining support above $45,554, while Bitcoin’s adversary acknowledges its role in the inclusive financial system. Meanwhile, Chainlink sustains proximity to its 2024 high, with reduced exchange supply and positive network activity. Ethereum rallies towards $3,000, anticipating potential Ethereum ETF approvals. XRP gains nearly 2%, nearing the $0.60 target, as investors await updates on the SEC v. Ripple lawsuit with the potential to revive the $1 level.

Markets In Focus Today – BITCOIN

Bitcoin $55,000 in sight despite overbought state as BTC adversary turns to coat.

Bitcoin price confronts a crucial barrier, the upper boundary of the ascending parallel channel at $53,000.BTC could extend gains 4% to $55,000 as multiple technical indicators flash bullish. The bullish thesis would be invalidated if the price breaks and closes below the $45,554 mean threshold. Bitcoin’s (BTC) price has its eyes peeled on the $55,000 range after clearing the $50K milestone, with investors demonstrating confidence in the continuation of the intertwined BTC adversary has shocked markets with a bold move to acknowledge BTC as a truly inclusive financial system.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 49109.1734 | Positive Crossover | Bullish
  • MA 20 : 46935.1059 | Positive Crossover | Bullish
  • MA 50 : 44444.6950 | Positive Crossover | Bullish

Simple :

  • MA 10 : 48778.5650 | Positive Crossover | Bullish
  • MA 20 : 45820.7650 | Positive Crossover | Bullish
  • MA 50 : 44098.8564 | Positive Crossover | Bullish

RSI (Relative Strength Index): 80.8229 | Buy Zone | Bullish

Stochastic   Oscillator : 93.2464 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 47387.2295 R2 : 49860.6039
  • S1 : 39380.2039 S2 : 36906.8295

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 50046.40 | Take Profit: 52736.02 | Stop Loss: 48313.09

CHAINLINK

Chainlink’s price remains close to its 2024 peak amid a decline in the available supply of LINK on exchanges.

Chainlink supply on exchanges dipped nearly 4% in February to 211.61 million LINK tokens. LINK price lingers near its 2024 peak of $19.90 on Friday. Chainlink network activity and trade volume support recent LINK price gains. Chainlink has observed an increase in address activity in the past week. This paved the way for the LINK price to rally towards its 2024 high of $20.856. Three key on-chain metrics, Active Addresses, Daily Active Addresses, and Supply on Exchanges support LINK’s recent price gains.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 19.4581 | Positive Crossover | Bullish
  • MA 20 : 18.4441 | Positive Crossover | Bullish
  • MA 50 : 16.7746 | Positive Crossover | Bullish

Simple :

  • MA 10 : 19.5247 | Positive Crossover | Bullish
  • MA 20 : 18.1936 | Positive Crossover | Bullish
  • MA 50 : 16.0877 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.8022 | Buy Zone | Bullish

Stochastic   Oscillator : 79.3590 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 16.3976 R2 : 17.4180
  • S1 : 13.0942 S2 : 12.0737

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 18.60 | Take Profit: 20.80 | Stop Loss: 17.41

ETHEREUM

Ethereum (ETH/USD) Eyes $3k.

Ethereum is also rallying hard as traders and investors look to potential spot Ethereum ETFs in the coming months. A handful of Ethereum ETF applications are already in the SEC’s in-tray and talk is growing that a decision, one way or another, may be made towards the end of H1. As always, care should be taken until a definitive decision is made. On its current trajectory, $3k is within reach with a couple of levels of resistance off weekly highs before $3,582 comes into view.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2638.6824 | Positive Crossover | Bullish
  • MA 20 : 2531.3290 | Positive Crossover | Bullish
  • MA 50 : 2412.8091 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2607.2300 | Positive Crossover | Bullish
  • MA 20 : 2457.1575 | Positive Crossover | Bullish
  • MA 50 : 2409.1184 | Positive Crossover | Bullish

RSI (Relative Strength Index): 78.4344 | Buy Zone | Bullish

Stochastic   Oscillator : 94.7116 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 2598.1573 R2 : 2733.4727
  • S1 : 2160.1027 S2 : 2024.7873

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2734.08 | Take Profit: 2982.25 | Stop Loss: 2603.28

RIPPLE

XRP Bulls are back in the game.

XRP price increased nearly 2% on Friday, inching closer to its $0.60 target. XRP holders await the February 20 deadline for updates on the SEC v. Ripple lawsuit. XRPLedger’s native token could see the $1 target back in play if on-chain metrics catalyze gains in XRP. XRPLedger’s native token XRP price climbed to $0.5791 on Friday, inching closer to the $0.60 target. XRP price could eye a return to the $1 level with bullish on-chain metrics and likely positive developments in the SEC lawsuit

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5387 | Positive Crossover | Bullish
  • MA 20 : 0.5335 | Positive Crossover | Bullish
  • MA 50 : 0.5490 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5332 | Positive Crossover | Bullish
  • MA 20 : 0.5228 | Positive Crossover | Bullish
  • MA 50 : 0.5512 | Positive Crossover | Bullish

RSI (Relative Strength Index): 64.8964 | Buy Zone | Bullish

Stochastic   Oscillator : 87.5034 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6027 R2 : 0.6393
  • S1 : 0.4843 S2 : 0.4477

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.54 | Take Profit: 0.60 | Stop Loss: 0.51

Elsewhere In The Crypto Market

Bitcoin is down (0.38%) at 51,747, Ethereum is down (0.79%) at 2,803.6, Litecoin is down (0.06%) at 69.80, Solana is down (4.36%) at 110.76, Dogecoin is down (0.32%) at 0.085.

Key Economic Events & Data Release Today:

(GBP) Retail Sales (MoM) (Jan) Forecast 1.5%, Previous –3.2% at 02:00. (CAD) Wholesale Sales (MoM) (Dec) Forecast 0.7%, Previous 0.9% at 08:30. (USD) Building Permits (Jan) Forecast 1.509M, Previous 1.493M at 08:30. (USD) PPI (MoM) (Jan) Forecast 0.1%, Previous –0.1% at 08:30.