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

Daily Crypto Analysis – Bitcoin, Ethereum, XRP, Litecoin.

Daily Crypto Analysis – Bitcoin, Ethereum, XRP, Litecoin.

20 Mar 2024

Introduction

BTC struggles to surpass $65,000 amidst profit-taking ahead of the FOMC meeting, with a potential 12% drop looming before reclaiming its all-time high. Ethereum faces a sharp correction as whales cash out, while XRP slides below key support ahead of the SEC vs. Ripple lawsuit deadline. Litecoin records an 11% drop in a significant selloff, reflecting broader market volatility and uncertainty.

Markets In Focus Today – BITCOIN

BTC is stuck under $65K ahead of FOMC.

Bitcoin price could make a 12% drop to the weekly imbalance zone before reclaiming its ATH. Bitcoin sank to a two-week low on Wednesday, deepening losses to as far as $60,000 as investors locked in profits ahead of a Federal Reserve meeting, while heavy capital outflows from a major exchange-traded fund also weighed. Volatility levels have also increased, as markets await Wednesday’s Federal Open Market Committee (FOMC) policy meeting. Bitcoin (BTC) price dipped to trade within the $62,000 range, providing late bulls to buy BTC around 15% below its all-time high. The effects of the dump spread across the market, causing millions in liquidations even as the countdown to the halving continues.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 66440.4792 | Negative Crossover | Bearish
  • MA 20 : 65253.3120 | Negative Crossover | Bearish
  • MA 50 : 58798.7837 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68375.1520 | Negative Crossover | Bearish
  • MA 20 : 67121.0605 | Negative Crossover | Bearish
  • MA 50 : 56614.0278 | Positive Crossover | Bullish

RSI (Relative Strength Index): 48.9853 | Buy Zone | Bullish

Stochastic   Oscillator : 28.0068 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 64016.7673 R2 : 69244.2994
  • S1 : 47093.7394 S2 : 41866.2073

Overall Sentiment : Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 64265.80 | Take Profit: 58543.44 | Stop Loss: 68732.04

ETHEREUM

Ethereum faces steep correction as whales opt for profit-taking.

Ethereum’s price loses nearly 7% on the daily time frame, adding to the almost 20% weekly decline. Three Ethereum whales sold $95 million in Ether, taking nearly $40 million in gains since Friday. ETH price could sweep the $2,900 level for liquidity before attempting a rebound. Ethereum (ETH), the second-largest crypto asset by market capitalization, is currently in a state of decline. ETH price is down 7% on the day and almost 20% on the week, wiping out recent gains. On-chain data insights reveal that large-wallet investors, popularly known as whales, are shedding their Ethereum holdings and taking profits, increasing the selling pressure on ETH.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3539.6723 | Negative Crossover | Bearish
  • MA 20 : 3541.2180 | Negative Crossover | Bearish
  • MA 50 : 3226.6122 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3674.7970 | Negative Crossover | Bearish
  • MA 20 : 3683.0040 | Negative Crossover | Bearish
  • MA 50 : 3112.0400 | Positive Crossover | Bullish

RSI (Relative Strength Index): 41.4707 | Neutral Zone | Neutral

Stochastic   Oscillator : 16.9018 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 3525.8049 R2 : 3828.1351
  • S1 : 2547.0751 S2 : 2244.7449

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 3354.40 | Take Profit: 3045.41 | Stop Loss: 3582.70

RIPPLE

XRP price falls below psychological support ahead of upcoming SEC vs. Ripple lawsuit deadline.

XRP price extends losses with recent development in SEC vs. Ripple lawsuit. SEC and Ripple have filed a joint sealing proposal related to the upcoming remedies-related brief on March 22. XRP price could extend losses to $0.54 in its downtrend. XRP’s price declined below its psychological support at $0.60 on Wednesday. XRP Ledger’s native token downward trend extends as the US Securities and Exchange Commission (SEC) and Ripple have filed a joint proposal to seal confidential materials in the upcoming remedies brief, which will be held on March 22.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6223 | Negative Crossover | Bearish
  • MA 20 : 0.6194 | Negative Crossover | Bearish
  • MA 50 : 0.5964 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.6446 | Negative Crossover | Bearish
  • MA 20 : 0.6325 | Negative Crossover | Bearish
  • MA 50 : 0.5754 | Positive Crossover | Bullish

RSI (Relative Strength Index): 46.7692 | Buy Zone | Bullish

Stochastic   Oscillator : 24.0389 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6191 R2 : 0.6510
  • S1 : 0.5157 S2 : 0.4838

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Stop Sell: 0.56 | Take Profit: 0.51 | Stop Loss: 0.60

LITECOIN

Litecoin Falls 11% In Selloff.

Litecoin was trading down 10.69% on the day. It was the largest one-day percentage loss since March 19. The move downwards pushed Litecoin’s market cap down to $5.779B, or 0.25% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B. Litecoin had traded in a range of $77.458 to $87.739 in the previous twenty-four hours. Over the past seven days, Litecoin has seen a drop in value, as it lost 20.15%. The volume of Litecoin traded in the twenty-four hours to the time of writing was $979.628M or 0.53% of the total volume of all cryptocurrencies. It has traded in a range of $77.4579 to $98.8706 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 86.0454 | Negative Crossover | Bearish
  • MA 20 : 85.7013 | Negative Crossover | Bearish
  • MA 50 : 80.4961 | Positive Crossover | Bullish

Simple :

  • MA 10 : 89.8470 | Negative Crossover | Bearish
  • MA 20 : 89.0183 | Negative Crossover | Bearish
  • MA 50 : 77.7615 | Positive Crossover | Bullish

RSI (Relative Strength Index): 46.2324 | Neutral Zone | Neutral

Stochastic   Oscillator : 20.5779 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 84.1465 R2 : 88.6554
  • S1 : 69.5501 S2 : 65.0412

Overall Sentiment: Neutral Market Direction : Sell

Trade Suggestion: Limit Sell: 81.70 | Take Profit: 72.65 | Stop Loss: 87.64

Elsewhere In The Crypto Market

Bitcoin up (1.69%) at 62,861, Ethereum up (1.94%) at 3,218.5, Litecoin up (3.42%) at 81.85, Solana up (2.54%) at 174.95, Dogecoin up (4.4%) at 0.134.

Key Economic Events & Data Release Today:

(GBP) CPI (YoY) Feb) Actual Forecast 3.5%, Previous 4.0% at 03:00. (EUR) ECB President Lagarde Speaks at 04:45. (USD) Fed Interest Rate Decision Forecast 5.50%, Previous 5.50% at 14:00. (USD) FOMC Statement at 14:00. (USD) FOMC Press Conference at 14:30. (NZD) GDP (QoQ) (Q4) Forecast 0.1%, Previous –0.3% at 17:45. (AUD) Employment Change (Feb) Forecast 40.2K, Previous 0.5K at 20:30.