. Daily Crypto Analysis - Bitcoin rallies, altcoins falter, traders tense.

Daily Crypto Analysis – Bitcoin rallies, altcoins falter, traders tense.

Daily Crypto Analysis – Bitcoin rallies, altcoins falter, traders tense.

05 Apr 2024

Introduction

Bitcoin rebounds to $67k, but rate fears cap gains. Despite its recovery from recent losses, Bitcoin faces resistance due to ongoing uncertainty over U.S. interest rates. With a potential weekly loss looming, Bitcoin struggles within a narrow range post its record highs. Meanwhile, XRP remains subdued below $0.60 despite Ripple’s stablecoin announcement. Ethereum trades cautiously despite positive developments like DWS Group’s Ethereum ETC listing. Chainlink price braces for a possible 25% decline amid heightened volatility and altcoin market uncertainty.

Markets In Focus Today – BITCOIN

Bitcoin price rebounds to $67k, but gains are limited by rate fears.

Bitcoin price rose on Friday as the world’s largest cryptocurrency recovered a measure of recent losses, although its rebound was largely stalled by persistent uncertainty over U.S. interest rates. Bitcoin price set for weekly loss as nonfarm payrolls approach. The world’s largest cryptocurrency was trading down about 3% over the past five days, setting it up for a weekly loss. Bitcoin has floundered within a limited trading range after notching record highs of over $73,000 in March. This downturn coincided with weakness in the U.S. stock market and other major risk-driven assets, which clocked a weak start to the second quarter. Focus was now on nonfarm payrolls data due later on Friday, which is widely expected to factor into the outlook for U.S. interest rates. Higher-for-longer rates bode poorly for Bitcoin, which usually thrives in low-rate, high-liquidity markets.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68031.2649 | Negative Crossover | Bearish
  • MA 20 : 67687.3735 | Negative Crossover | Bearish
  • MA 50 : 63317.2435 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68829.7860 | Negative Crossover | Bearish
  • MA 20 : 67749.8695 | Negative Crossover | Bearish
  • MA 50 : 63763.2532 | Positive Crossover | Bullish

RSI (Relative Strength Index): 49.9186 | Buy Zone | Bullish

Stochastic   Oscillator : 49.6477 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 73797.2651 R2 : 77652.6083
  • S1 : 61316.4083 S2 : 57461.0651

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 66312.74 | Take Profit: 69183.63 | Stop Loss: 64836.29

RIPPLE

XRP price ranges below $0.60 despite the Ripple stablecoin launch announcement.

Ripple announced plans to release a USD-backed stablecoin on the XRPLedger and Ethereum blockchains in 2024. Ripple’s move is aimed at boosting the utility and liquidity of the XRPLedger, however, the XRP price continues to decline.XRP price is range bound below the psychologically important $0.60 level on Friday. Ripple’s (XRP) price is stuck within a tight range between its February 17 low of $0.5643 and March 18 high of $0.6686. On Friday, the altcoin traded below the psychologically important $0.60 level, at $0.5807. Ripple announced its foray into the $150 billion market with a stablecoin pegged 1:1 with the US Dollar, on April 4.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6007 | Negative Crossover | Bearish
  • MA 20 : 0.6099 | Negative Crossover | Bearish
  • MA 50 : 0.6040 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.6060 | Negative Crossover | Bearish
  • MA 20 : 0.6147 | Negative Crossover | Bearish
  • MA 50 : 0.6062 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.7224 | Buy Zone | Bullish

Stochastic   Oscillator : 17.4315 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.7188 R2 : 0.7667
  • S1 : 0.5638 S2 : 0.5159

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.56 | Take Profit: 0.51 | Stop Loss: 0.59

ETHEREUM

Ethereum trades in red despite DWS Group ETH ETCs listing on Deutsche Borse.

Asset manager DWS Group lists Ethereum ETC on the German stock exchange Deutsche Borse. The declining share of liquid staking protocol Lido could help Ethereum to escape “security” classification, according to JP Morgan analysts. Ethereum restacking carries risks similar to those that caused the 2008 financial crisis, says Steven Walbroehl through Blockworks. Ethereum’s (ETH) price continued consolidating for a third consecutive day on Friday after the hefty losses seen at the beginning of the week. Traders continue exercising caution despite news of German asset manager DWS Group launching an Ethereum exchange-traded commodity (ETC) and JP Morgan analysts providing positive updates on Ethereum’s potential security status.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3401.5868 | Negative Crossover | Bearish
  • MA 20 : 3454.2455 | Negative Crossover | Bearish
  • MA 50 : 3334.1785 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3440.9530 | Negative Crossover | Bearish
  • MA 20 : 3452.1790 | Negative Crossover | Bearish
  • MA 50 : 3433.7482 | Negative Crossover | Bearish

RSI (Relative Strength Index): 42.2700 | Neutral Zone | Neutral

Stochastic   Oscillator : 19.9949 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3993.8064 R2 : 4237.0303
  • S1 : 3206.4203 S2 : 2963.1964

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 3327.54 | Take Profit: 3126.09 | Stop Loss: 3461.83

CHAINLINK

Chainlink Price coils up for a 25% drop.

Chainlink price is trading within the lower segment of the ascending channel, thinly holding above $16.86.LINK could drop 25% to $13.08 if markets show weakness. A break and close above $20.70 would invalidate the bearish thesis. Chainlink (LINK) price has consolidated within a range for the past two months amid a prolonged altcoin lull as Bitcoin’s (BTC) price bullish momentum stalled. With reduced trading volumes, volatility increased, causing the LINK price to fluctuate. Chainlink’s price is likely to fall 25% to provide another buying opportunity at $16.86 as the Bitcoin price remains below $69,000 meaning the upside potential remains in the balance. With this level of uncertainty, altcoins could still drop, with Chainlink price eyeing a breakdown of the $16.86 support.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 18.1693 | Negative Crossover | Bearish
  • MA 20 : 18.5594 | Negative Crossover | Bearish
  • MA 50 : 18.6435 | Negative Crossover | Bearish

Simple :

  • MA 10 : 18.4395 | Negative Crossover | Bearish
  • MA 20 : 18.4695 | Negative Crossover | Bearish
  • MA 50 : 19.2267 | Negative Crossover | Bearish

RSI (Relative Strength Index): 37.4092 | Sell Zone | Bearish

Stochastic   Oscillator : 7.9552 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 21.9811 R2 : 23.5444
  • S1 : 16.9201 S2 : 15.3568

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 16.72 | Take Profit: 14.99 | Stop Loss: 17.92

Elsewhere In The Crypto Market

Bitcoin is down (2.9%) at 66543, Ethereum is down (2.35%) at 3,246.4, Litecoin is down (1.81%) at 96.72, Solana is down (2.61%) at 184.75, Dogecoin down (5.66%) at 0.169.

Key Economic Events & Data Release Today:

(EUR) Retail Sales (MoM) (Feb) Forecast –0.3%, Previous 0.1% at 14:30. (CAD) Employment Change (Mar) Forecast 25.9K, Previous 40.7K at 18:00. (USD) Unemployment Rate (Mar) Forecast 3.9%, Previous 3.9% at 18:00. (USD) Nonfarm Payrolls (Mar) Forecast 212K, Previous 275K at 18:00. (CAD) Ivey PMI (Mar) Forecast 54.5, Previous 53.9 at 19:30.