. Daily Crypto Analysis - Bitcoin Faces Pressure, Ripple Lawsuit Developments.

Daily Crypto Analysis – Bitcoin Faces Pressure, Ripple Lawsuit Developments.

Daily Crypto Analysis – Bitcoin Faces Pressure, Ripple Lawsuit Developments.

13 May 2024

Introduction

Bitcoin faces downward pressure, revisiting the $60k mark amid inflation concerns. With little improvement in sentiment towards cryptocurrencies and the looming U.S. inflation data likely to influence interest rates, the dollar’s stability amplifies pressure on crypto markets. As fears of regulatory actions persist and capital outflows from crypto products continue, Bitcoin remains fragile. The spotlight now shifts to the SEC vs. Ripple lawsuit developments, while Ethereum and Litecoin brace for potential volatility ahead.

Markets In Focus Today – BITCOIN

Bitcoin price down and tested again $60k as inflation jitters weigh.

Bitcoin price fell on Monday, once again testing key support levels as sentiment towards cryptocurrencies showed little signs of improving ahead of U.S. inflation data that is likely to factor into interest rates. The dollar steadied from last week’s losses, applying more pressure on crypto markets as traders remained largely biased towards the greenback ahead of the inflation readings. The token sank over 3% in the past seven days, as fears of more U.S. regulatory action against the crypto market further soured sentiment. This was exacerbated by signs of sustained capital outflows from crypto investment products, chiefly spot Bitcoin exchange-traded funds. Bitcoin fragile, dollar strong as US inflation test approaches The dollar steadied on Monday, pressuring Bitcoin and crypto prices as focus turned squarely towards upcoming readings on U.S. inflation.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62052.1021 | Positive Crossover | Bullish
  • MA 20 : 62665.3466 | Negative Crossover | Bearish
  • MA 50 : 63408.6041 | Negative Crossover | Bearish

Simple :

  • MA 10 : 62353.5990 | Positive Crossover | Bullish
  • MA 20 : 62400.6525 | Positive Crossover | Bullish
  • MA 50 : 65490.8308 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 48.5665 | Buy Zone | Bullish

Stochastic   Oscillator : 55.52 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 69274.0151 R2 : 72498.3816
  • S1 : 58835.8116 S2 : 55611.4451

Overall Sentiment : Bullish Market Direction : Sell

Trade Suggestion : Limit Sell : 63056 | Take Profit : 61768 | Stop Loss : 63840

RIPPLE

SEC vs. Ripple lawsuit : All related parties to file letters to seal motions and evidence.

Ripple, SEC and any third parties are expected to file letters to seal proceedings and supporting evidence by Monday. Ripple CEO voiced concerns over the SEC’s treatment of the largest stablecoin, USD Tether. XRP declined below $0.50 support, down 1.38% on Monday.XRP trades at $0.4940, losing more than 1% at the time of writing, as the Securities and Exchange Commission (SEC) and Ripple are set to file the so-called “Omnibus letter motions” on Monday, which will seal materials and supporting evidence related to the remedies-related court phase. The filing of this motion is one of the last steps before the judge rules on whether Ripple needs to pay a penalty for its institutional sales of XRP and, if so, which amount should it pay. Meanwhile, Ripple CEO Brad Garlinghouse criticized the SEC on the US financial regulator’s approach towards USD Tether (USDT) on a podcast.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5127 | Negative Crossover | Bearish
  • MA 20 : 0.5198 | Negative Crossover | Bearish
  • MA 50 : 0.5417 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5177 | Negative Crossover | Bearish
  • MA 20 : 0.5184 | Negative Crossover | Bearish
  • MA 50 : 0.5508 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.2440 | Neutral Zone | Neutral

Stochastic   Oscillator : 32.93 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6055 R2 : 0.6558
  • S1 : 0.4428 S2 : 0.3925

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.511 | Take Profit : 0.468 | Stop Loss : 0.546

ETHEREUM

Ethereum Price Takes Hit and Turns At Risk of Fresh Lows.

Ethereum price is gaining bearish momentum below $2,950. ETH might continue to move down toward the $2,550 support in the near term. Ethereum price failed to continue higher above the $2,950 resistance, like Bitcoin. A high was formed at $2,951 and the price started a fresh decline. There was a steady decline below the $2,920 and $2,900 levels. A low has formed at $2,864 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $2,951 swing high to the $2,864 low. Ethereum is now trading below $2,955 and the 100-hourly Simple Moving Average. On Monday, the dollar stabilized, exerting pressure on cryptocurrency prices, with attention now squarely directed towards upcoming U.S. inflation data.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2990.8466 | Negative Crossover | Bearish
  • MA 20 : 3049.5418 | Negative Crossover | Bearish
  • MA 50 : 3150.6958 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3006.0110 | Negative Crossover | Bearish
  • MA 20 : 3065.0630 | Negative Crossover | Bearish
  • MA 50 : 3229.0254 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.2366 | Neutral Zone | Neutral

Stochastic   Oscillator : 49.23 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3533.0374 R2 : 3737.0193
  • S1 : 2872.6893 S2 : 2668.7074

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 3025.1 | Take Profit : 2937.3 | Stop Loss : 3082.9

LITECOIN

Litecoin’s price action might turn volatile in the coming weeks .

LTC’s price had dropped by more than 6% in the last seven days. LTC was mimicking its 2021 price action, hinting at a bull rally. Litecoin’s [LTC] price action has somewhat taken a backseat over the last year, as it didn’t move much. However, the latest datasets suggest that the coin might soon turn volatile and reach new highs. At the time of writing, Litecoin was trading at $81.50 with a market capitalization of over $6 billion. The sluggish price action also had an impact on the coin’s popularity last year.However, all of this might change soon as a bullish pattern formed on LTC’s chart, which earlier resulted in a massive bull rally. LTC had once again started to consolidate in a similar pattern since the beginning of 2022.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 81.6235 | Positive Crossover | Bullish
  • MA 20 : 82.4383 | Positive Crossover | Bullish
  • MA 50 : 84.4383 | Negative Crossover | Bearish

Simple :

  • MA 10 : 81.4659 | Positive Crossover | Bullish
  • MA 20 : 82.1324 | Positive Crossover | Bullish
  • MA 50 : 88.3432 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 51.58 | Buy Zone | Bullish

Stochastic   Oscillator : 37.29 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 103.7229 R2 : 113.6589
  • S1 : 71.5573 S2 : 61.6213

Overall Sentiment : Neutral  Market Direction : Buy

Trade Suggestion : Stop Buy : 82.54 | Take Profit : 88.23 | Stop Loss : 78.88

Elsewhere In The Crypto Market

Bitcoin up (1.85%) at 62,577, Ethereum up (1.06%) at 2959.1, Litecoin up (0.55%) at 81.83, Solana up (1.39%) at 145.31, Dogecoin up (1.06%) at 0.142.

Key Economic Events & Data Release Today:

(NZD) Inflation Expectations (QoQ) Previous 2.5% at 08:30. (CAD) Building Permits (MoM) (Mar) Forecast –4.6%, Previous 9.3% at 18:00. (USD) FOMC Member Mester Speaks at 18:30.