. Daily Crypto Analysis - Bitcoin hope, Ripple dump, Ethereum edge, Chainlink correction.

Daily Crypto Analysis – Bitcoin hope, Ripple dump, Ethereum edge, Chainlink correction.

Daily Crypto Analysis – Bitcoin hope, Ripple dump, Ethereum edge, Chainlink correction.

01 Feb 2024

Introduction

Bitcoin holders find hope as Grayscale’s GBTC outflow slows, signaling potential recovery. With the Bitcoin halving approaching, a post-halving correction of 7-30% is anticipated. On-chain metrics suggest a buy-the-dip opportunity. Meanwhile, Ripple faces a potential dump as it offloads a significant XRP reserve, and Ethereum teeters in a dangerous position. Chainlink’s price may face correction as the exchange supply climbs, posing a risk to the altcoin’s value. Investors are urged to closely monitor these developments for potential market shifts.

Markets In Focus Today – BITCOIN

Bitcoin holders hopeful as Grayscale’s GBTC outflow slows, signaling potential price recovery on the horizon.

Bitcoin halving is less than 90 days away, and traders can anticipate a post-halving correction of 7% to 30% within a month. Bitcoin price could hit its market top between April and October 2025 if BTC follows historical trends from previous halvings. BTC on-chain metrics signal a buy-the-dip opportunity for traders. Bitcoin (BTC) traded sideways around $42,000 on Thursday, recovering slightly from the $42,276 low seen on Wednesday after US Federal Reserve Chair Jerome Powell said that inflation is “still too high” and a March rate cut is not likely. Market participants are likely anxious since the Fed has currently revealed no immediate plans to ease its monetary policy. In that case, BTC and risk assets could see an increase in capital outflows.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42165.08 | Positive Crossover | Bullish
  • MA 20 : 42234.53 | Positive Crossover | Bullish
  • MA 50 : 41973.19 | Positive Crossover | Bullish

Simple :

  • MA 10 : 41729.41 | Positive Crossover | Bullish
  • MA 20 : 41826.65 | Positive Crossover | Bullish
  • MA 50 : 42934.32 | Negative Crossover | Bearish

RSI (Relative Strength Index): 49.58 | Buy Zone | Bullish

Stochastic   Oscillator : 75.84 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 47387.23 R2 : 49860.60
  • S1 : 39380.20 S2 : 36906.83

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 41934.69 | Take Profit: 43676.64 | Stop Loss: 40931.74

RIPPLE

Ripple price coils up for a dump as the network offloads massive XRP reserve.

Ripple price recovery rally is under threat as it faces growing overhead pressure from multiple blockades.XRP could face a 5% rejection to revisit January lows within the FVG. Ripple (XRP) could suffer the damages of increased supply soon after the network offloaded millions of XRP tokens taken out of the reserve. Meanwhile, validators on the network are looking to show support for the recent network update, in a move meant to eliminate challenges faced in the past. Ripple (XRP) price is suffering the weight of 46 million XRP tokens flooding the market.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.52 | Negative Crossover | Bearish
  • MA 20 : 0.54 | Negative Crossover | Bearish
  • MA 50 : 0.57 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.52 | Negative Crossover | Bearish
  • MA 20 : 0.54 | Negative Crossover | Bearish
  • MA 50 : 0.58 | Negative Crossover | Bearish

RSI (Relative Strength Index): 30.31 | Sell Zone | Bearish

Stochastic   Oscillator : 15.02 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.60 R2 : 0.64
  • S1 : 0.48 S2 : 0.45

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.49 | Take Profit: 0.45 | Stop Loss: 0.51

ETHEREUM

Ethereum (ETH) In a Dangerous Position.

Ethereum finds itself shaky on the edge of a precarious position. The recent price chart indicates a concerning situation: the 26-day Exponential Moving Average (EMA), a key indicator of short-term momentum, is under threat. If this level fails to hold, Ethereum could see its value dip to the $2,347 mark, a scenario that may well trigger a more pronounced decline. The current market dynamics, marked by cautious trading and a lack of definitive direction, have placed Ethereum in a zone of uncertainty. Investors are advised to monitor these levels closely, as a break below or above these could signal Ethereum’s next significant move.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2303.72 | Negative Crossover | Bearish
  • MA 20 : 2332.50 | Negative Crossover | Bearish
  • MA 50 : 2306.21 | Negative Crossover | Bearish

Simple :

  • MA 10 : 2269.97 | Negative Crossover | Bearish
  • MA 20 : 2378.91 | Negative Crossover | Bearish
  • MA 50 : 2334.35 | Negative Crossover | Bearish

RSI (Relative Strength Index): 44.16 | Neutral Zone | Neutral

Stochastic   Oscillator : 34.07 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 2598.16 R2 : 2733.47
  • S1 : 2160.10 S2 : 2024.79

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 2298.34 | Take Profit: 2148.44 | Stop Loss: 2406.61

CHAINLINK

Chainlink price faces the risk of correction as supply on exchanges climbs.

Chainlink supply on exchanges climbed to nearly 15%, a level previously seen on January 4. LINK token reserves on exchanges could increase selling pressure on the altcoin, driving the price lower. LINK price gained 1.13% on the day, after nearly 5% losses in the past week. Chainlink, the token of a decentralized blockchain oracle network, likely faces the risk of a price correction, according to on-chain metrics. When exchange supply decreases it is considered that selling pressure has likely reduced, and the asset’s price is expected to rally. In the case of LINK, exchange supply is on the rise, after its initial decline between December 26 and January 4.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 15.01 | Positive Crossover | Bullish
  • MA 20 : 14.90 | Positive Crossover | Bullish
  • MA 50 : 14.70 | Positive Crossover | Bullish

Simple :

  • MA 10 : 14.68 | Positive Crossover | Bullish
  • MA 20 : 14.93 | Positive Crossover | Bullish
  • MA 50 : 14.85 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.40 | Buy Zone | Bullish

Stochastic   Oscillator : 65.07 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 16.40 R2 : 17.42
  • S1 : 13.09 S2 : 12.07

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 15.77 | Take Profit: 16.79 | Stop Loss: 15.16

Elsewhere In The Crypto Market

Bitcoin is up (0.29%) at 43,431, Ethereum is down (0.2%) at 2,313.9, Litecoin is down (2.17%) at 66.77, Solana is down (1.38%) at 95.62, Dogecoin down (1.02%) at 0.078.

Key Economic Events & Data Release Today:

(EUR) ECB President Lagarde Speaks at 03:00. (EUR) German Manufacturing PMI (Jan) Forecast 45.4, Previous 43.3 at 03:55. (EUR) CPI (YoY) (Jan) Forecast 2.7%, Previous 2.9% at 05:00. (GBP) BoE Interest Rate Decision (Jan) Forecast 5.25%, Previous 5.25% at 07:00. (GBP) BoE Gov Bailey Speaks at 07:30. (USD) Initial Jobless Claims Forecast 213K, Previous 214K at 08:30. (USD) ISM Manufacturing PMI (Jan) Forecast 47.2, Previous 47.4 at 10:00.