. Daily Crypto Analysis - Bitcoin Rebounds, Ethereum Faces Scrutiny

Daily Crypto Analysis – Bitcoin Rebounds, Ethereum Faces Scrutiny

Daily Crypto Analysis – Bitcoin Rebounds, Ethereum Faces Scrutiny

06 May 2024

Introduction

Bitcoin price rebounds to $64k amid speculation on U.S. rate cuts. Despite recent volatility, Bitcoin saw a slight increase on Monday, propelled by a weakened dollar and anticipation of Federal Reserve actions. Market sentiment suggests a growing likelihood of a 25 basis point cut in September, favoring cryptocurrencies in a low-rate environment. However, uncertainties linger as investors await further guidance from Fed officials. Meanwhile, Ethereum faces scrutiny from MicroStrategy’s Michael Saylor, yet hints at a potential rally. Ripple’s XRP and Dogecoin also exhibit bullish tendencies, adding to the fervor in the crypto market.

Markets In Focus Today – BITCOIN

Bitcoin price recovers to $64k, rate cuts in focus.

Bitcoin price rose marginally on Monday after rebounding out of bear market territory through the weekend, although further gains remained uncertain amid increased speculation over U.S. interest rate cuts. A sharp drop in the dollar, following weaker-than-expected nonfarm payrolls data, was the biggest benefactor of Bitcoin over the weekend. This helped the token recover from bear market territory after it sank to about $59,000 last week, about 22% below a record high hit in March. Bitcoin price benefits from some rate cut betsMarkets were now seen pricing an increased chance of a 25 basis point cut by the Federal Reserve in September. Such a scenario bodes well for cryptocurrencies, given that they usually thrive in a low-rate, high-liquidity environment. Near-term gains in Bitcoin were held back by anticipation of more cues on U.S. rates, specifically from a string of Fed officials set to speak in the coming days. But despite its recovery over the weekend, Bitcoin remained squarely within a trading range seen through most of March and April.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 63229.0320 | Positive Crossover | Bullish
  • MA 20 : 63759.9005 | Positive Crossover | Bullish
  • MA 50 : 64015.3841 | Positive Crossover | Bullish

Simple :

  • MA 10 : 62488.6740 | Positive Crossover | Bullish
  • MA 20 : 63501.7270 | Positive Crossover | Bullish
  • MA 50 : 66049.8450 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 53.0120 | Buy Zone | Bullish

Stochastic   Oscillator : 97.39 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 69264.5770 R2 : 72490.2463
  • S1 : 58822.1563 S2 : 55596.4870

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 64772.32 | Take Profit : 67063.60 | Stop Loss : 63385.50

ETHEREUM

Despite Michael Saylor’s jab at ETH ETFs, Ethereum might see a short-term spike in price.

Michael Saylor says that Ethereum is a crypto asset security and spot ETH ETFs won’t be approved.ETH short liquidations have increased more than long in the past 24 hours.Recent price data indicates Ethereum could see a weekend rally.Ethereum (ETH) hints at a weekend rally on Friday following its recent price movement. However, MicroStrategy Executive Chairman Michael Saylor attempted to spoil the fun after calling ETH a security and predicting spot ETH ETFs would be rejected by the Securities & Exchange Commission (SEC). Following ETH’s slight recovery, short traders have begun to see higher liquidations than long investors in the past 24 hours. Total Ethereum short liquidations sit at $21.7 million, while long liquidations are around $8.46 million.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3129.1337 | Positive Crossover | Bullish
  • MA 20 : 3155.9971 | Positive Crossover | Bullish
  • MA 50 : 3217.7293 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3128.0030 | Positive Crossover | Bullish
  • MA 20 : 3127.4365 | Positive Crossover | Bullish
  • MA 50 : 3293.4080 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 51.2668 | Buy Zone | Bullish

Stochastic   Oscillator : 62.5283 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3533.1941 R2 : 3737.1759
  • S1 : 2872.8459 S2 : 2668.8641

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3154.80 | Take Profit : 3346.45 | Stop Loss : 3043.38

RIPPLE

XRP nears 4.5 million in liquidity pools while Ripple awaits SEC response in lawsuit.

Ripple locked in liquidity pools on the Automated Market Maker crossed 4.5 million on Monday. SEC vs. Ripple lawsuit to see filing from the regulator by May 6 deadline. XRP touches high of $0.53, climbs towards $0.57 target is likely. Ripple (XRP) closed above $0.52 on Sunday and resumed its climb on Monday, May 6. Sentiment among market participants is positive as traders await Securities and Exchange Commission (SEC) response filing and XRP locked in Automated Market Maker (AMM) liquidity pools crosses 4.31 million. Data from XRPscan shows that over 4.31 million XRP tokens have been staked in liquidity pools on the AMM. This marks an important milestone for Ripple and the rise in staked XRP shows rising confidence among XRP holders.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5274 | Positive Crossover | Bullish
  • MA 20 : 0.5306 | Positive Crossover | Bullish
  • MA 50 : 0.5520 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5215 | Positive Crossover | Bullish
  • MA 20 : 0.5225 | Positive Crossover | Bullish
  • MA 50 : 0.5661 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 52.3312 | Buy Zone | Bullish

Stochastic   Oscillator : 81.32 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6057 R2 : 0.6559
  • S1 : 0.4429 S2 : 0.3927

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.526 | Take Profit : 0.576 | Stop Loss : 0.500

DOGECOIN

Dogecoin’s price was rising over the previous week’s trading session; it is currently moving in a bullish direction.

Dogecoin price is up 13% , charging alongside a widespread meme coin mania.DOGE has confirmed support at $0.1290, and could hit $0.2000 if Bitcoin price remains bullishA break and close below $0.11451 would invalidate the bullish thesis.Dogecoin (DOGE) price is trading with a bullish inclination, steadily leading the charge as meme coins go on a tear. While it appears the speculative sector tokens being the main indicator of whether a broader market uptrend is here, it remains to be seen whether the Bitcoin of meme coins will sustain the rally.Dogecoin price has confirmed the bottom at $0.1290 after three successive retests.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1522 | Positive Crossover | Bullish
  • MA 20 : 0.1540 | Positive Crossover | Bullish
  • MA 50 : 0.1561 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1467 | Positive Crossover | Bullish
  • MA 20 : 0.1508 | Positive Crossover | Bullish
  • MA 50 : 0.1677 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 56.3431 | Buy Zone | Bullish

Stochastic   Oscillator : 91.02 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.1956 R2 : 0.2172
  • S1 : 0.1256 S2 : 0.1039

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 0.162 | Take Profit : 0.195 | Stop Loss : 0.140

Elsewhere In The Crypto Market

Bitcoin up (1.87%) at 65,239, Ethereum up (2.13%) at 3203.0, Litecoin up (3%) at 83.82, Solana up (7.12%) at 156.08, Dogecoin up (3.89%) at 0.167.

Key Economic Events & Data Release Today:

(EUR) German Service PMI (Apr) Forecast 53.5, Previous 50.1 at 13:25. (USD) FOMC Member Williams Speaks at 22:30 .