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

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

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

06 Feb 2024

Introduction

Bitcoin’s price appears poised for a 5% drop despite Powell’s bullish outlook, with technical indicators signaling limited upside potential. Ethereum (ETH) maintains a range between $2,266 and $2,333, facing resistance at recent highs, while the staking ratio surges to 24%. XRP holds steady above $0.50 amid setbacks in the SEC vs. Ripple legal battle. Uniswap (UNI) eyes a bullish move towards $7 after introducing a new feature, trading above $6.00 and the 100 simple moving average.

Markets In Focus Today – BITCOIN

Bitcoin price is likely to fall 5% despite Powell’s bullish thesis for Bitcoin.

Bitcoin price continues to trade horizontally with technical indicators showing limited upside potential. BTC could drop 5% after a multi-week consolidation below the $43,750 blockade. The bearish thesis will be invalidated if the price breaks and closes above $46,000. Fed chair Jerome Powell said the US is on an “unsustainable path” as debt will outpace economic growth. In his opinion, investors will soon question the government’s ability to pay its debt, which will push them towards dumping the US dollar in favor of a hedge. In such a turn of events, Bitcoin would pass as the best candidate for this hedge.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42628.0793 | Positive Crossover | Bullish
  • MA 20 : 42517.1815 | Positive Crossover | Bullish
  • MA 50 : 42157.9179 | Positive Crossover | Bullish

Simple :

  • MA 10 : 42830.6130 | Negative Crossover | Bearish
  • MA 20 : 41917.0685 | Positive Crossover | Bullish
  • MA 50 : 43012.1772 | Negative Crossover | Bearish

RSI (Relative Strength Index): 51.6391 | Buy Zone | Bullish

Stochastic   Oscillator : 75.8080 | Buy Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 43418.52 | Take Profit: 44722.75 | Stop Loss: 42626.67

ETHEREUM

ETH Remains Range Bound With Neutral to Bullish Momentum.

Ethereum’s price held above $2,300 over the past 24 hours, ranging between $2,266 and $2,333. The cryptocurrency faces technical resistance at its recent highs according to an analysis of key oscillators and moving averages. These indicate continued neutral to bullish momentum over the past month across the daily, 4-hour, and 1-hour time frames. Ethereum (ETH) staking ratio, i.e., the percentage of ETH coins locked in staking, reaches 24% and keeps surging. Meanwhile, only 11% of the ETH supply is stored on centralized exchanges.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2306.5513 | Positive Crossover | Bullish
  • MA 20 : 2323.1641 | Negative Crossover | Bearish
  • MA 50 : 2306.7890 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2301.9040 | Positive Crossover | Bullish
  • MA 20 : 2322.5205 | Negative Crossover | Bearish
  • MA 50 : 2341.7488 | Negative Crossover | Bearish

RSI (Relative Strength Index): 49.2359 | Buy Zone | Bullish

Stochastic   Oscillator : 56.2946 | 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: Stop Buy: 2324.16 | Take Profit: 2404.46 | Stop Loss: 2273.98

RIPPLE

XRP holds steady above $0.50 despite the setback in the SEC vs. Ripple legal battle.

XRP price is in a downward trend but keeps trading above the $0.50 psychological level on Tuesday. Judge Sarah Netburn, who presides over the SEC vs. Ripple lawsuit, granted the SEC’s motion to compel in its entirety. Ripple is ordered to produce its 2022-2023 financial statements and post-complaint institutional sales proceeds. XRP price hovers around $0.5054 on Tuesday as the altcoin struggles to stay above the psychologically important level of $0.5000. XRP price is at risk of further correction as Ripple pocketed a loss in the latest ruling affecting the payment-remittance firm against the US Securities and Exchange Commission (SEC).

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5123 | Negative Crossover | Bearish
  • MA 20 : 0.5255 | Negative Crossover | Bearish
  • MA 50 : 0.5556 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5120 | Negative Crossover | Bearish
  • MA 20 : 0.5228 | Negative Crossover | Bearish
  • MA 50 : 0.5693 | Negative Crossover | Bearish

RSI (Relative Strength Index): 36.3703 | Sell Zone | Bearish

Stochastic   Oscillator : 31.5759 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.6025 R2 : 0.6391
  • S1 : 0.4840 S2 : 0.4474

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.50 | Take Profit: 0.48 | Stop Loss: 0.52

UNISWAP

Uniswap Bulls Sight Key Bullish Move To $7.

Uniswap recently introduced a new feature that allows users to send tokens directly from the interface, making it easier to manage assets. UNI started a fresh increase from the $5.50 support zone. The price is trading above $6.00 and the 100 simple moving average (4 hours). The pair is showing bullish signs and might rally if it clears the $6.20 resistance.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 6.08 | Positive Crossover | Bullish
  • MA 20 : 6.07 | Positive Crossover | Bullish
  • MA 50 : 6.13 | Positive Crossover | Bullish

Simple :

  • MA 10 : 6.05 | Positive Crossover | Bullish
  • MA 20 : 6.07 | Positive Crossover | Bullish
  • MA 50 : 6.13 | Positive Crossover | Bullish

RSI (Relative Strength Index): 44.3840 | Buy Zone | Bullish

Stochastic   Oscillator : 41.6489 | Neutral Zone | Positive

Resistance   And Support Levels :

  • R1 : 6.19 R2 : 6.95
  • S1 : 5.85 S2 : 5.50

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 6.31 | Take Profit: 6.95 | Stop Loss: 5.92

Elsewhere In The Crypto Market

Bitcoin is up (0.29%) at 43,431, Ethereum is down (0.2%) at 2,313.9, Litecoin is up (0.68%) at 67.95, Solana is up (0.2%) at 95.67, Dogecoin is down (0.3%) at 0.078.

Key Economic Events & Data Release Today:

(CAD) Ivey PMI (Jan) Forecast 55.0, Previous 56.3 at 10:00. (CAD) Building Permits (MoM) (Dec) Forecast 1.8%, Previous –3.9% at 08:30. (NZD) Employment Change (QoQ) (Q4) Forecast 0.3%, Previous –0.2% at 16:45.