. Daily Crypto Analysis - Bitcoin Gains Momentum, UNI Surges.

Daily Crypto Analysis – Bitcoin Gains Momentum, UNI Surges.

Daily Crypto Analysis – Bitcoin Gains Momentum, UNI Surges.

05 Jun 2024

Introduction

Bitcoin nears $71k amid rate cut hopes, bolstering broader crypto markets. Bitcoin rose on Wednesday, driven by expectations of U.S. interest rate cuts and weak economic data. The launch of spot Bitcoin ETFs in Australia and a decline in the dollar also supported the market. UNI surged 23% following a cryptic social media post, while Dogecoin faced selling pressure from whales.

Markets In Focus Today – BITCOIN

Bitcoin price today nears $71k as rate cut hopes build.

Bitcoin price rose on Wednesday, buoyed by growing expectations of U.S. interest rate cuts as weak economic readings continued to trickle in, which also helped the token break a recent trading range. This trend also buoyed broader crypto prices, as capital flows into the space picked up over the past month. The launch of spot Bitcoin exchange-traded funds in Australia also pointed to more capital inflows in the near-term. A decline in the dollar this week also aided crypto markets. A mix of profit-taking, concerns over high interest rates and cooling optimism over Bitcoin ETFs had kept Bitcoin in a trading range after the token surged to record highs in early-March. But interest in crypto now appeared to be picking up, especially with the prospect of lower interest rates this year. Broader altcoin prices also advanced on Wednesday, as weak U.S. economic data spruced up expectations of eventual interest rate cuts by the Federal Reserve.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68946.0492 | Positive Crossover | Bullish
  • MA 20 : 68013.4327 | Positive Crossover | Bullish
  • MA 50 : 66329.0950 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68691.1890 | Positive Crossover | Bullish
  • MA 20 : 68510.9655 | Positive Crossover | Bullish
  • MA 50 : 65279.5400 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 62.9115 | Buy Zone | Bullish

Stochastic   Oscillator : 76.4110 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 70751.8229 R2 : 74228.2304
  • S1 : 59497.6904 S2 : 56021.2829

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 69751.83 | Take Profit : 72166.74 | Stop Loss : 68463.88

UNISWAP

UNI soars nearly 23% following cryptic social media post.

UNI posted a 23% gain as investors await a potential bullish announcement from its mystery social media post.UNI had earlier suffered a decline after postponing its fee mechanism vote.UNI could see a correction following increased exchange net inflows after the price rise.Uniswap’s (UNI) price spiked on previous day after its cryptic social media post increased bullish sentiment among investors. The rise comes off the back of an earlier decline following the postponement of UNI’s fee mechanism vote. UNI had earlier declined more than 9% after postponing its fee mechanism vote, which was scheduled for May 31. Several community members who had accumulated UNI in anticipation of the event were left disappointed after the postponement.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 10.51 | Positive Crossover | Bullish
  • MA 20 : 10.42 | Positive Crossover | Bullish
  • MA 50 : 9.88 | Positive Crossover | Bullish

Simple :

  • MA 10 : 10.20 | Positive Crossover | Bullish
  • MA 20 : 10.49 | Positive Crossover | Bullish
  • MA 50 : 9.93 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 59.04 | Buy Zone | Bullish

Stochastic   Oscillator : 89.32 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 11.44 R2 : 13.26
  • S1 : 9.66 S2 : 7.60

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 10.16 | Take Profit : 11.94 | Stop Loss : 9.23

DOGECOIN

Dogecoin (DOGE) Fails Bullish Expectations as Whales Sell.

Dogecoin’s price is dropping despite the rest of the meme coins experiencing growth these past few days. The meme coin is facing selling from its whales and very low investor participation, which might be a bane for DOGE.Dogecoin’s price has already failed a potential bullish outcome and could now continue slipping down that path. This is because the whale addresses are opting to sell their holdings to secure whatever profit they have and minimize their losses.The addresses holding between 10 million and 100 million DOGE have sold off over 300 million in the past week. This supply worth nearly $50 million has brought their total holdings down to 17.36 billion DOGE.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1611 | Positive Crossover | Bearish
  • MA 20 : 0.1602 | Positive Crossover | Bullish
  • MA 50 : 0.1579 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1616 | Positive Crossover | Bearish
  • MA 20 : 0.1620 | Positive Crossover | Bullish
  • MA 50 : 0.1543 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 52.9937 | Buy Zone | Bullish

Stochastic   Oscillator : 38.6103 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.1723 R2 : 0.1853
  • S1 : 0.1303 S2 : 0.1173

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 0.16 | Take Profit : 0.14 | Stop Loss : 0.17

ETHEREUM

Ethereum Price Stuck in a Rut but Poised for an Exciting Upside Break.

Ethereum price is struggling to clear the $3,840 resistance zone. ETH could gain bullish momentum if it clears the $3,840 and $3,880 resistance levels. Ethereum is holding gains above the $3,720 level.The price is trading above $3,750 and the 100-hourly Simple Moving Average. There was a move above the $3,800 level, but the bears were again active near $3,840. A high was formed at $3,836 and the price is now consolidating gains in a range.If there is another increase, ETH might face resistance near the $3,820 level. The first major resistance is near the $3,840 level. An upside break above the $3,840 resistance might send the price higher.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3764.3521 | Positive Crossover | Bullish
  • MA 20 : 3650.6676 | Positive Crossover | Bullish
  • MA 50 : 3449.3201 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3797.7180 | Negative Crossover | Bearish
  • MA 20 : 3677.1935 | Positive Crossover | Bullish
  • MA 50 : 3310.6938 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 63.2175 | Buy Zone | Bullish

Stochastic   Oscillator : 56.7875 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3958.0910 R2 : 4230.8857
  • S1 : 3074.9757 S2 : 2802.1810

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3714.14 | Take Profit : 3966.46 | Stop Loss : 3575.36

Elsewhere In The Crypto Market

Bitcoin up (0.64%) at 71,052, Ethereum down (0.22%) at 3804.4, Litecoin up (0.54%) at 84.17, Solana up (0.63%) at 172.85, Dogecoin up (0.86%) at 0.162.

Key Economic Events & Data Release Today:

(AUD) GDP (QoQ) (Q1) Forecast 0.2%, Previous 0.2% at 07:00. (GBP) Composite PMI (May) Forecast 52.8 Previous 54.1 at 14:00. (GBP) Service PMI (May) Forecast 52.9, Previous 55.0 at 14:00. (USD) ADP Nonfarm Employment Change (May) Forecast 173K, Previous 192K at 17:45. (CAD) BoC Interest Rate Decision Forecast 4.75%, Previous 5.00% at 19:15. (USD) ISM Non-Manufacturing PMI (May) Forecast 51.0, Previous 49.4 at 19:30. (CAD) BoC Press Conference at 20:00.