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

Daily Crypto Analysis – Bitcoin, Ethereum, XRP drama.

Daily Crypto Analysis – Bitcoin, Ethereum, XRP drama.

03 Apr 2024

Introduction

Bitcoin struggles at $66k amidst dollar strength, driven by uncertainty over US interest rates ahead of pivotal labor market data. A broader risk aversion trend, reflected in global stock market declines, adds pressure on Bitcoin, nudging investors toward safe havens like the dollar and gold. Ethereum faces further losses, while XRP dips to a two-week low amid ongoing legal battles. Dogecoin eyes recovery, contingent on Bitcoin’s resilience, after a significant crash.

Markets In Focus Today – BITCOIN

Bitcoin price today pinned at $66k amid dollar pressure.

Bitcoin price fell slightly on Wednesday, weighed chiefly by pressure from a strong dollar as investors grew more uncertain over the path of U.S. interest rates in anticipation of key labor market data this week. A broader decline in risk appetite- marked by a sharp fall in global stock markets- also pressured Bitcoin, as investors pivoted into safe havens such as the dollar and gold. Bitcoin’s strong price run-up this year- where the token hit a record high above $73,000- was driven chiefly by the U.S. approval of spot exchange-traded funds. The prospect of higher-for-longer U.S. interest rates also presents more headwinds for Bitcoin, given that the token usually benefits from a high-liquidity, high-speculation environment.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68308.6213 | Negative Crossover | Bearish
  • MA 20 : 67733.2711 | Negative Crossover | Bearish
  • MA 50 : 62970.2392 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69315.2120 | Negative Crossover | Bearish
  • MA 20 : 67753.5570 | Negative Crossover | Bearish
  • MA 50 : 63140.6794 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 49.3767 | Buy Zone | Bullish

Stochastic   Oscillator : 56.2246 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 73797.2651 R2 : 77652.6083
  • S1 : 61316.4083 S2 : 57461.0651

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 65688.73 | Take Profit : 68094.05 | Stop Loss : 64385.86

ETHEREUM

Ethereum drops further .

Ethereum price falls for a second consecutive day as bears ignite $91.91 million of liquidated positions. Past gains during the year’s second quarter can be a positive amid uncertainty in SEC’s Ethereum ETF approval. Founder Vitalik Buterin explains key steps for “The Purge” on Ethereum. Ethereum’s (ETH) price reached a low of $3,362 on Tuesday after a decline in Bitcoin sent a large part of the crypto market into the red zone. ETH started the second quarter in the red, although historical data suggests that Q2 has been an averagely good month for the largest altcoin. Ethereum’s chances of seeing a significant price boost face uncertainty as the US Security and Exchange Commission (SEC) is yet to show any positive sign of approving applications for a spot Ethereum ETF.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3462.1337 | Negative Crossover | Bearish
  • MA 20 : 3493.0602 | Negative Crossover | Bearish
  • MA 50 : 3338.7682 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3502.8900 | Negative Crossover | Bearish
  • MA 20 : 3487.4400 | Negative Crossover | Bearish
  • MA 50 : 3414.6360 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 45.0463 | Neutral Zone | Neutral

Stochastic   Oscillator : 45.2199 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3993.8064 R2 : 4237.0303
  • S1 : 3206.4203 S2 : 2963.1964

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3384.06 | Take Profit : 3241.38 | Stop Loss : 3472.70

RIPPLE

XRP price dips further as traders dump altcoin in losses.

XRP traders registered $25.67 million in losses on since Tuesday. XRP price slumped to a two-week low of $0.56 on Wednesday. Ripple is expected to file its response to the SEC’s remedies-related brief by April 22. Ripple (XRP) price declined to $0.56 on Wednesday, the lowest level in two weeks, as traders awaited further developments in the Securities and Exchange Commission’s (SEC) lawsuit against Ripple. The next key deadline in the legal battle is April 22, when Ripple is expected to file its response to the SEC’s remedies-related brief. Meanwhile, the recent decline in XRP’s price has caused traders to realize more than $25 million in losses in the past two days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6121 | Negative Crossover | Bearish
  • MA 20 : 0.6171 | Negative Crossover | Bearish
  • MA 50 : 0.6063 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.6179 | Negative Crossover | Bearish
  • MA 20 : 0.6189 | Negative Crossover | Bearish
  • MA 50 : 0.6052 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 44.6460 | Neutral Zone | Neutral

Stochastic   Oscillator : 29.4819 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.7188 R2 : 0.7667
  • S1 : 0.5638 S2 : 0.5159

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Stop Sell : 0.567 | Take Profit : 0.511 | Stop Loss : 0.606

DOGECOIN

Dogecoin price is set and ready for a run up, but there’s a catch.

Dogecoin price collected liquidity resting below $0.1823 after an 11% crash on Tuesday. DOGE is primed for a recovery that is contingent on Bitcoin price showing strength. Key support is found between $0.1337 and $0.0896 where 761.43K addresses hold 26.5 billion DOGE. Dogecoin (DOGE) price was leading the meme coin sector crash on Tuesday as the broader cryptocurrency market succumbs to the weakness seen in the Bitcoin (BTC) price. Dogecoin price dropped nearly 11% on Tuesday, liquidating almost $11 million in long DOGE positions against about $3 million worth of shorts. The crash was instigated by the plummeting BTC price.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1919 | Negative Crossover | Bearish
  • MA 20 : 0.1812 | Positive Crossover | Bullish
  • MA 50 : 0.1533 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1974 | Negative Crossover | Bearish
  • MA 20 : 0.1753 | Positive Crossover | Bullish
  • MA 50 : 0.1450 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 53.9077 | Buy Zone | Bullish

Stochastic   Oscillator : 60.3475 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 0.184 | Take Profit : 0.218 | Stop Loss : 0.164

Elsewhere In The Crypto Market

Bitcoin up (1.42%) at 66403, Ethereum up (1.83%) at 3,3339.0, Litecoin down (5.31%) at 101.16, Solana down (2.61%) at 184.75, Doge coin down (1.99%) at 0.186.

Key Economic Events & Data Release Today:

(EUR) CPI (YoY) (Mar) Forecast 2.5%, Previous 2.6% at 14:30. (USD) ADP Nonfarm Employment (Mar) Forecast –148K, Previous –140K at 17:45. (USD) ISM Non-Manufacturing PMI (Mar) Forecast 52.8, Previous 52.5 at 19:30. (USD) Fed Chair Powell Speaks at 21:40.