. Daily Crypto Analysis - Bitcoin Near Record Highs.

Daily Crypto Analysis – Bitcoin Near Record Highs.

Daily Crypto Analysis – Bitcoin Near Record Highs.

07 Jun 2024

Introduction

Cryptocurrencies hold steady ahead of US jobs data. Bitcoin sits near record highs on hopes of a weaker dollar and Fed rate cuts. Ethereum dips after failing to break resistance, while Dogecoin surges in trading volume. XRP price retreats after testing resistance.

Markets In Focus Today – BITCOIN

Bitcoin steady around $71k, payrolls awaited for more rate cues.

Bitcoin price rose slightly on Friday, steadying close to record highs amid support from a weaker dollar and growing bets on U.S. interest rate cuts ahead of key nonfarm payrolls data. Rate cut bets mount ahead of nonfarm payrolls data Bitcoin and broader crypto prices were boosted by growing expectations that the Fed will begin cutting interest rates by September. Bitcoin was trading less than $3,000 below a record high, as expectations of lower rates spurred a heavy dose of institutional capital flows into exchange-traded funds linked to the cryptocurrency. Hype over the approval of spot Bitcoin ETFs for U.S. markets was a key factor behind the cryptocurrency’s run to record highs earlier this year.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69674.3079 | Positive Crossover | Bullish
  • MA 20 : 68581.1825 | Positive Crossover | Bullish
  • MA 50 : 66699.0316 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69149.9100 | Positive Crossover | Bullish
  • MA 20 : 68928.7665 | Positive Crossover | Bullish
  • MA 50 : 65626.5452 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 64.2824 | Buy Zone | Bullish

Stochastic   Oscillator : 87.6360 | Buy Zone | Neutral

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 : 70225.53 | Take Profit : 72873.79 | Stop Loss : 68901.40

ETHEREUM

Ethereum Price Pulls Back from Resistance.

Ethereum price started a downside correction from the $3,885 resistance zone. ETH is now back around $3,800 and might continue to slide toward $3,720.Ethereum price extended its increase above the $3,840 resistance zone. However, ETH struggled to clear the $3,885 level and started a downside correction like Bitcoin.If there is another increase, ETH might face resistance near the $3,810 level. The first major resistance is near the $3,840 level. An upside break above the $3,840 resistance might send the price higher. The next key resistance sits at $3,920, above which the price might gain traction and rise toward the $4,000 level.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3788.7212 | Positive Crossover | Bullish
  • MA 20 : 3685.4765 | Positive Crossover | Bullish
  • MA 50 : 3479.7864 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3793.8050 | Positive Crossover | Bullish
  • MA 20 : 3751.0600 | Positive Crossover | Bullish
  • MA 50 : 3343.5208 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 62.4949 | Buy Zone | Bullish

Stochastic   Oscillator : 56.0467 | Buy Zone | Negative

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 : 3689.30 | Take Profit : 3920.89 | Stop Loss : 3563.59

DOGECOIN

Dogecoin (DOGE) Skyrockets 47% in Volume.

Dogecoin, is showing significant signs of life, as it experiences a massive surge in trading volume. According to data, Dogecoin’s trading volume has soared by an impressive 47.62% in the last 24 hours, reaching $1.32 billion. This sudden increase in activity is sparking optimism in the community.Currently, DOGE is trading at $0.1557, which is a slight decrease of 1.04% over the past 24 hours. However, despite this minor dip, the coin has seen a healthy rise of 8.47% over the past 30 days. This indicates that the meme coin is beginning to gain momentum, and market fundamentals suggest that this trend may continue.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1608 | Negative Crossover | Bearish
  • MA 20 : 0.1602 | Negative Crossover | Bearish
  • MA 50 : 0.1581 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1603 | Negative Crossover | Bearish
  • MA 20 : 0.1626 | Negative Crossover | Bearish
  • MA 50 : 0.1548 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 50.5036 | Buy Zone | Bullish

Stochastic   Oscillator : 35.0234 | Sell Zone | Negative

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 : 0.158 | Take Profit : 0.137 | Stop Loss : 0.173

RIPPLE

XRP Price Dips To Support.

XRP price started a fresh decline from the $0.5320 resistance zone. It is now testing the $0.5110 support and might even test the $0.5000 support zone.XRP price extended its increase above the $0.5265 level like Bitcoin and Ethereum. The price even spiked above the $0.5300 level before the bears appeared.A high was formed at $0.5325 and the price started a downside correction. The price is now trading below $0.5250 and the 100-hourly Simple Moving Average. However, the bulls are active near the 61.8% Fib retracement level of the upward wave from the $0.5080 swing low to the $0.5325 high.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5232 | Positive Crossover | Bullish
  • MA 20 : 0.5234 | Positive Crossover | Bullish
  • MA 50 : 0.5305 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5210 | Positive Crossover | Bullish
  • MA 20 : 0.5258 | Positive Crossover | Bullish
  • MA 50 : 0.5224 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 51.2116 | Buy Zone | Bullish

Stochastic   Oscillator : 55.1 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5791
  • S1 : 0.4868 S2 : 0.4650

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 0.516 | Take Profit : 0.546 | Stop Loss : 0.497

Elsewhere In The Crypto Market

Bitcoin up (1.01%) at 71,493, Ethereum up (0.03%) at 3813.0, Litecoin down (0.17%) at 84.03, Solana up (0.83%) at 171.51, Dogecoin up (0.31%) at 0.160.

Key Economic Events & Data Release Today:

(EUR) GDP (QoQ) (Q1) Forecast 0.3%, Previous 0.0% at 14:30. (USD) Average Hourly Earnings (MoM) (May) Forecast 0.3% Previous 0.2% at 18:00. (USD) Nonfarm Payrolls (May) Forecast 182K, Previous 175K at 18:00. (USD) Unemployment Rate (May) Forecast 3.9%, Previous 3.9% at 18:00. (CAD) Employment Change (May) Forecast 24.8K, Previous 90.4K at 18:00. (EUR) ECB President Lagarde Speaks at 19:45.