. Daily Crypto Analysis - Bitcoin, Ethereum, XRP drama.

Daily Crypto Analysis – Bitcoin, Ethereum, XRP drama.

Daily Crypto Analysis – Bitcoin, Ethereum, XRP drama.

18 Apr 2024

Introduction

Bitcoin edges up to $64k, yet dollar pressure and rate apprehensions linger. Despite a marginal increase on Wednesday, Bitcoin remains within a month-long trading range amid cautious risk sentiment, bolstered by higher US interest rates. Chair Jerome Powell’s reinforcement of the Fed’s reluctance to cut rates further adds to the dollar’s strength. Attention now turns to Bitcoin’s impending halving event as block no. 840,000 approaches. Ethereum faces declines amidst a broader crypto market downturn, accentuated by concerns over a potential Iran-Israel conflict and a proposed reduction in ETH issuance. Similarly, XRP struggles below $0.50 resistance as Ripple’s CLO dispels rumors of a pretrial conference with the SEC, while Dogecoin’s on-chain metrics suggest a possible price drop amid increased transaction volume and whale selling.

Markets In Focus Today – BITCOIN

Bitcoin price rises to $64k, but dollar pressure and rate fears persist.

The bitcoin price rose marginally on Wednesday, staying within a trading range established over the past month as risk sentiment remained fragile in the face of higher-for-longer U.S. interest rates. Strength in the dollar pressured crypto markets in recent sessions, especially as strong U.S. inflation and retail sales data gave the Federal Reserve little impetus to begin cutting interest rates. This notion was also reiterated by Chair Jerome Powell on Tuesday. Weak risk appetite, amid persistent geopolitical tensions in the Middle East, also kept traders largely on the sidelines, while safe-haven demand and rate expectations put the dollar at over five-month highs. Bitcoin halving in focus as block no. 840,000 approaches Focus was now on the upcoming halving event, which is expected to take place in the coming days with the generation of block no. 840,000 on the Bitcoin blockchain.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 66049.5968 | Negative Crossover | Bearish
  • MA 20 : 66950.6575 | Negative Crossover | Bearish
  • MA 50 : 64778.6155 | Negative Crossover | Bearish

Simple :

  • MA 10 : 67054.0370 | Negative Crossover | Bearish
  • MA 20 : 67898.4805 | Negative Crossover | Bearish
  • MA 50 : 67385.6392 | Negative Crossover | Bearish

RSI (Relative Strength Index): 42.6144 | Neutral Zone | Neutral

Stochastic   Oscillator : 19.8769 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 73797.1717 R2 : 77652.5149
  • S1 : 61316.3149 S2 : 57460.9717

Overall Sentiment : Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 65020.84 | Take Profit: 61452.74 | Stop Loss: 67973.76

ETHEREUM

Ethereum declines as the crypto market crash increases bearish sentiment.

Ethereum risk reversal sunk by 20% following nervousness surrounding the recent crypto market crash.ETH liquidated long positions reached $67.37 million in the past 24 hours as short traders prevailed. Glassnode shared insights into the recent Ethereum issuance reduction proposal that has sparked criticism from the crypto community. Ethereum’s (ETH) price briefly dipped below $3,000 on Tuesday after tensions surrounding a potential Iran-Israel conflict suppressed the effect of Hong Kong’s spot ETH approval. Regardless of the price dump, the recent ETH issuance reduction proposal has made the rounds again following research firm Glassnode’s report.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3221.6254 | Negative Crossover | Bearish
  • MA 20 : 3316.5242 | Negative Crossover | Bearish
  • MA 50 : 3318.6506 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3294.6970 | Negative Crossover | Bearish
  • MA 20 : 3358.3295 | Negative Crossover | Bearish
  • MA 50 : 3513.7784 | Negative Crossover | Bearish

RSI (Relative Strength Index): 40.3667 | Sell Zone | Bearish

Stochastic   Oscillator : 26.6370 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 3993.1797 R2 : 4236.4036
  • S1 : 3205.7936 S2 : 2962.5697

Overall Sentiment : Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 3206.67 | Take Profit: 2971.65 | Stop Loss: 3401.40

RIPPLE

XRP stuck below $0.50 as Ripple CLO says no pretrial conference was held with SEC.

XRP is stuck below the $0.50 resistance after failing to close above this level since Monday. Ripple CLO Stuart Alderoty said late Tuesday there was no pretrial conference since the SEC dropped charges against executives. Alderoty says Ripple will file its response to the SEC’s request for penalties by April 22. Ripple (XRP) is trading range-bound below $0.50 on Wednesday as it struggles to break this important resistance level for three consecutive days. While XRP holders speculated about the possibility of a settlement between the Securities and Exchange Commission (SEC) and Ripple, the payment remittance firm’s Chief Legal Officer (CLO) Stuart Alderoty said that the pretrial conference, one of the last chances to reach an agreement between both parties before the formal trial phase begins, did not take place on Tuesday as previously expected.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5331 | Negative Crossover | Bearish
  • MA 20 : 0.5614 | Negative Crossover | Bearish
  • MA 50 : 0.5834 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5481 | Negative Crossover | Bearish
  • MA 20 : 0.5752 | Negative Crossover | Bearish
  • MA 50 : 0.6069 | Negative Crossover | Bearish

RSI (Relative Strength Index): 33.8880 | Sell Zone | Bearish

Stochastic   Oscillator : 32.2736 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.7187 R2 : 0.7666
  • S1 : 0.5637 S2 : 0.5158

Overall Sentiment : Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.51 | Take Profit: 0.45 | Stop Loss: 0.56

DOGECOIN

Dogecoin on-chain metrics signal DOGE could suffer a price drop.

Dogecoin transaction volume has increased by nearly 80% between April 6 and 15, while DOGE price declined. Retail holders and small-wallet investors accumulated DOGE in the recent price dip, but whales sold their meme coin holdings. DOGE on-chain metrics signal the likelihood of further correction after 3.3% losses on the daily time frame. Dogecoin (DOGE), one of the largest meme coins in the crypto ecosystem, has noted an increase in on-chain activity alongside a price correction since the beginning of April. DOGE price, which is down 3.3% on the day, is at risk of a further drop as whales shed their token holdings.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1693 | Negative Crossover | Bearish
  • MA 20 : 0.1746 | Negative Crossover | Bearish
  • MA 50 : 0.1628 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1748 | Negative Crossover | Bearish
  • MA 20 : 0.1843 | Negative Crossover | Bearish
  • MA 50 : 0.1703 | Negative Crossover | Bearish

RSI (Relative Strength Index): 43.0695 | Neutral Zone | Neutral

Stochastic   Oscillator : 36.2637 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.2318 R2 : 0.2583
  • S1 : 0.1460 S2 : 0.1195

Overall Sentiment : Bearish Market Direction: Sell

Trade Suggestion : Limit Sell: 0.161 | Take Profit: 0.137 | Stop Loss: 0.178

Elsewhere In The Crypto Market

Bitcoin is up (0.7%) at 63982, Ethereum is up (0.36%) at 3096.4, Litecoin is down (1.13%) at 79.10, Solana is down (0.53%) at 171.51, Dogecoin is up (0.31%) at 0.156.

Key Economic Events & Data Release Today:

(NZD) CPI (QoQ) (Q1) Forecast –0.6%, Previous –0.5% at 04:15. (GBP) CPI (YoY) (Mar) Forecast 3.1%, Previous 4.4% at 11:30 (EUR) CPI (YoY) (Mar) Forecast 2.4%, Previous 2.6% at 14:30. (USD) Crude Oil Inventories Forecast 1.600M, Previous 5.841M at 20:00. (GBP) BoE Gov Bailey Speaks at 21:30. (EUR) ECB President Lagarde Speaks at 23:30.