. Daily Crypto Analysis - Bitcoin, Ethereum surge, Chainlink mystery.

Daily Crypto Analysis – Bitcoin, Ethereum surge, Chainlink mystery.

Daily Crypto Analysis – Bitcoin, Ethereum surge, Chainlink mystery.

08 Feb 2024

Introduction

Bitcoin sustains its uptrend as Chinese investors shift from the local market to US-focused ETFs. The price remains within the upper Bollinger Indicator range, potentially making a 5% move upwards to surpass the $43,750 hurdle. Ethereum gears up for gains with the Dencun upgrade on the Holesky testnet, while Uni-swap sees a 4.49% increase in the last 24 hours. A mysterious buyer acquires $42 million in Chainlink (LINK) tokens, sparking speculation and driving the cryptocurrency’s surge.

Markets In Focus Today – BITCOIN

Bitcoin price sustains an uptrend as Chinese investors stampede out of the local market in favor of US-focused ETFs.

Bitcoin price is trading horizontally, trapped within the upper range of the Bollinger Indicator.BTC could make a 5% move north soon to clear the $43,750 blockade as volatility increases. A strong break and close below the center-line of the Bollinger at $41,880 would invalidate the bullish thesis.ETF specialist Eric Balchunas highlights how Chinese investors are flocking to the US ETF market. Bitcoin’s (BTC) price continues to sustain its bullish outlook, holding above a key support level. Among other drivers, the spot BTC exchange-traded fund (ETF) theme continues to drive markets even as the investor countdown to the halving event continues.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 43262.1597 | Positive Crossover | Bullish
  • MA 20 : 42887.8580 | Positive Crossover | Bullish
  • MA 50 : 42343.4271 | Positive Crossover | Bullish

Simple :

  • MA 10 : 43206.8140 | Positive Crossover | Bullish
  • MA 20 : 42223.8335 | Positive Crossover | Bullish
  • MA 50 : 43076.1382 | Positive Crossover | Bullish

RSI (Relative Strength Index): 61.6088 | Buy Zone | Bullish

Stochastic   Oscillator : 91.3043 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 47385.7128 R2 : 49859.0872
  • S1 : 39378.6872 S2 : 36905.3128

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 44614.62 | Take Profit: 45515.19 | Stop Loss: 43372.90

ETHEREUM

Ethereum price poised for gains as Dencun upgrade goes live on the test net.

The Dencun upgrade went live on the Holesky testnet on Wednesday. Ethereum’s next milestone is the Dencun upgrade’s main net release, likely in March 2024. Ethereum price is $2,371, unchanged in the past 24 hours. Ethereum’s second most important upgrade after the Merge is the Dencun upgrade. This packs in EIP-4844, an Ethereum Improvement Proposal, to reduce transaction costs for Layer 2 chains.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2352.0581 | Positive Crossover | Bullish
  • MA 20 : 2345.6802 | Positive Crossover | Bullish
  • MA 50 : 2317.7500 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2334.5800 | Positive Crossover | Bullish
  • MA 20 : 2319.5910 | Positive Crossover | Bullish
  • MA 50 : 2352.1698 | Positive Crossover | Bullish

RSI (Relative Strength Index): 58.4881 | Buy Zone | Bullish

Stochastic   Oscillator : 92.0970 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 2598.0773 R2 : 2733.3927
  • S1 : 2160.0227 S2 : 2024.7073

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2393.48 | Take Profit: 2492.58 | Stop Loss: 2336.86

UNISWAP

Uniswap’s Price Increased More Than 4% Within 24 hours.

Over the past 24 hours, Uni swap’s (CRYPTO: UNI) price has risen 4.49% to $6.28. This is contrary to its negative trend over the past week where it has experienced a 0.0% loss, moving from $6.26 to its current price. As it stands right now, the coin’s all-time high is $44.92. The trading volume for the coin has decreased 19.0% over the past week, while the overall circulating supply of the coin has increased 0.31% to over 753.77 million. This puts its current circulating supply at an estimated 75.38% of its max supply, which is 1.00 billion.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 6.24 | Positive Crossover | Bullish
  • MA 20 : 6.12 | Positive Crossover | Bullish
  • MA 50 : 6.09 | Positive Crossover | Bullish

Simple :

  • MA 10 : 6.19 | Positive Crossover | Bullish
  • MA 20 : 6.12 | Positive Crossover | Bullish
  • MA 50 : 6.09 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.82 | Buy Zone | Bullish

Stochastic   Oscillator : 88.6 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 6.45 R2 : 7.00
  • S1 : 5.91 S2 : 5.40

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 6.30 | Take Profit: 7.00 | Stop Loss: 5.91

CHAINLINK

Mystery Chainlink (LINK) Buyer Snaps Up $42 Million in Tokens.

A mysterious buyer has scooped up many LINK tokens, sparking a buying frenzy. Chainlink (LINK) has been on a tear, with its price surging double digits since last month. The identity of the mystery buyer has remained a secret, igniting intense debate and intrigue. The price of Chainlink (LINK), a cryptocurrency powering a decentralized oracle network for smart contracts, has experienced a sudden surge in recent days. This upward trend coincides with the revelation of a mysterious entity aggressively accumulating LINK tokens, igniting speculation within the crypto community.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 17.7719 | Positive Crossover | Bullish
  • MA 20 : 16.7846 | Positive Crossover | Bullish
  • MA 50 : 15.6598 | Positive Crossover | Bullish

Simple :

  • MA 10 : 17.6958 | Positive Crossover | Bullish
  • MA 20 : 16.1510 | Positive Crossover | Bullish
  • MA 50 : 15.4427 | Positive Crossover | Bullish

RSI (Relative Strength Index): 68.5901 | Buy Zone | Bullish

Stochastic   Oscillator : 83.1832 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 16.3953 R2 : 17.4158
  • S1 : 13.0919 S2 : 12.0715

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 18.69 | Take Profit: 19.75 | Stop Loss: 18.01

Elsewhere In The Crypto Market

Bitcoin is up (0.41%) at 44,530, Ethereum is down (0.1%) at 2,421.8, Litecoin is up (1.22%) at 68.76, Solana is up (0.06%) at 101.19, Dogecoin is down (0.5%) at 0.079.

Key Economic Events & Data Release Today:

(AUD) Building Approvals (MoM) Actual –9.5%, Forecast –9.5%, Previous 1.6% at 06:00. (CNY) CPI (MoM) (Jan) Actual 0.3%, Forecast 0.4%, Previous 0.1% at 07:00. (USD) Initial Jobless Claims Forecast 221K, Previous 224K at 19:00.