. Daily Crypto Analysis - Bitcoin hits $52K, Ethereum eyes $3K.

Daily Crypto Analysis – Bitcoin hits $52K, Ethereum eyes $3K.

Daily Crypto Analysis – Bitcoin hits $52K, Ethereum eyes $3K.

15 Feb 2024

Introduction

Bitcoin marks a new range high, surpassing $50,000 and reaching $52,043, while SEC Chair Gary Gensler emphasizes the economic distinctions between BTC and the US Dollar. BTC’s upward momentum may lead to a 5% climb to $55,000, with bulls dominating the market. Ethereum (ETH) eyes a 7% surge to $3,000 if it maintains bullish momentum. XRP hits $0.5590 amid Bitcoin’s rally, with increased trade volume and a pro-Ripple response to Gensler’s comments. Dogecoin (DOGE) experiences a 7.5% surge, reclaiming its top 10 position, and surpassing Chainlink in market capitalization.

Markets In Focus Today – BITCOIN

Bitcoin price posts a new range high as Gensler details the economic difference between BTC and the US Dollar.

Bitcoin price put the $50,000 milestone behind it after recording an intraday high of $52,043 on Wednesday.BTC could extend the climb by 5% to $55,000 amid rising momentum and a strong presence of bulls in the BTC market. The bullish thesis will be invalidated if the apex crypto breaks and closes below $45,554.Appearing on CNBC, SEC Chair Gary Gensler said Bitcoin is not decentralized, calling it a token of choice for ransomware. Bitcoin’s (BTC) price remains northbound, pushing to higher highs as holders keep their profit appetite in check. Meanwhile, Gary Gensler has drawn a line separating BTC from other currencies.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 48578.2931 | Positive Crossover | Bullish
  • MA 20 : 46458.6635 | Positive Crossover | Bullish
  • MA 50 : 44159.2752 | Positive Crossover | Bullish

Simple :

  • MA 10 : 47943.0210 | Positive Crossover | Bullish
  • MA 20 : 45361.2990 | Positive Crossover | Bullish
  • MA 50 : 43923.6724 | Positive Crossover | Bullish

RSI (Relative Strength Index): 82.3780 | Buy Zone | Bullish

Stochastic   Oscillator : 96.4489 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 47387.2295 R2 : 49860.6039
  • S1 : 39380.2039 S2 : 36906.8295

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 50489.36 | Take Profit: 53470.55 | Stop Loss: 48863.25

ETHEREUM

Ethereum price could leap 7% to $3,000 if ETH bulls keep their profit appetite in check.

Ethereum (ETH) price’s $3,000 target is now within reach as ETH bulls keep their profit appetite in check. The Proof-of-Stake (PoS) token has breached resistance due to the channel’s midline with the potential for a 7% climb to the forecasted target. However, the Proof-of-Stake (PoS) token is likely to provide a buying opportunity before the next leg up. This can be seen with the RSI bending south, a sign of falling momentum. Notably, the bullish outlook would only be threatened if Ethereum’s price falls out of the ascending parallel channel, confirmed by a close below $2,388.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2592.9023 | Positive Crossover | Bullish
  • MA 20 : 2498.1324 | Positive Crossover | Bullish
  • MA 50 : 2395.0465 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2559.5770 | Positive Crossover | Bullish
  • MA 20 : 2428.1170 | Positive Crossover | Bullish
  • MA 50 : 2399.0594 | Positive Crossover | Bullish

RSI (Relative Strength Index): 77.6309 | Buy Zone | Bullish

Stochastic   Oscillator : 94.4812 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 2598.1573 R2 : 2733.4727
  • S1 : 2160.1027 S2 : 2024.7873

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2715.50 | Take Profit: 2946.95 | Stop Loss: 2602.99

RIPPLE

XRP price hits $0.5590 riding the wave of Bitcoin price rally and surge in on-chain activity.

XRP price hit a high of $0.5590 on Thursday as Bitcoin’s price rally fueled gains in top altcoins. XRP trade volume nearly doubled this week, climbing to 1.46 billion on February 15. Pro-Ripple attorney condemns the SEC’s lawsuit against Ripple in response to Chair Gary Gensler’s comments on crypto. XRP price hit a peak of $0.5590, early on Thursday. Altcoins like XRP noted gains as Bitcoin price rallied past resistance to $52,500. Bitcoin’s bull run ushered in a marketwide recovery in altcoin prices.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5300 | Positive Crossover | Bullish
  • MA 20 : 0.5287 | Positive Crossover | Bullish
  • MA 50 : 0.5477 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5258 | Positive Crossover | Bullish
  • MA 20 : 0.5204 | Positive Crossover | Bullish
  • MA 50 : 0.5523 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.6292 | Buy Zone | Bullish

Stochastic   Oscillator : 85.7820 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6027 R2 : 0.6393
  • S1 : 0.4843 S2 : 0.4477

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 0.54 | Take Profit: 0.58 | Stop Loss: 0.51

DOGECOIN

Dogecoin Reclaims Top 10 Position as DOGE Price Surges 7.5%.

Dogecoin (DOGE) has rebounded from its protracted slump in the past week and has made a major move to reclaim its spot in the top 10 most capitalized cryptocurrencies. Dogecoin was pushed to 11th place earlier this month by Chainlink (LINK), as its price nosedived in unusual ways in clear dissonance with the market trend. Dogecoin’s reboot comes amid 5.44% growth in the past 24 hours to $0.08574. The coin’s market capitalization is now pegged at $12,267,705,906, surpassing the $11,735,482,124 for Chainlink.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.0824 | Positive Crossover | Bullish
  • MA 20 : 0.0815 | Positive Crossover | Bullish
  • MA 50 : 0.0820 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.0817 | Positive Crossover | Bullish
  • MA 20 : 0.0805 | Positive Crossover | Bullish
  • MA 50 : 0.0820 | Positive Crossover | Bullish

RSI (Relative Strength Index): 62.4769 | Buy Zone | Bullish

Stochastic   Oscillator : 74.3000 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.0901 R2 : 0.0949
  • S1 : 0.0747 S2 : 0.0700

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 0.081 | Take Profit: 0.089 | Stop Loss: 0.077

Elsewhere In The Crypto Market

Bitcoin is up (0.77%) at 52,240, Ethereum is up (0.62%) at 2,494.9, Litecoin is up (0.53%) at 70.27, Solana is down (0.32%) at 116.76, Dogecoin is up (0.74%) at 0.086.

Key Economic Events & Data Release Today:

(GBP) Monthly GDP 3M/3M Change (Dec) Actual –0.3%, Previous –0.2% at 02:00. (GBP) GDP (MoM) (Dec) Actual –0.1%, Forecast –0.2%, Previous 0.3% at 02:00. (GBP) GDP (YoY) Actual 0.0%, Forecast 0.3%, Previous 0.2% at 02:00. (GBP) Manufacturing Production (MoM) (Dec) Actual 0.8%, Forecast –0.1%, Previous 0.4% at 02:00. (EUR) ECB President Lagarde Speaks at 13:30. (USD) Core Retail Sales (MoM) (Jan) Forecast 0.2%, Previous 0.4% at 08:30. (USD) Initial Jobless Claims Forecast 219K, Previous 218K at 08:30.