. Daily Crypto Analysis - Bitcoin Rebounds Near $59K, Ethereum Seeks Recovery.

Daily Crypto Analysis – Bitcoin Rebounds Near $59K, Ethereum Seeks Recovery.

Daily Crypto Analysis – Bitcoin Rebounds Near $59K, Ethereum Seeks Recovery.

02 May 2024

Introduction

Bitcoin’s price hovers around $59,200, potentially signaling a market bottom. The recent Federal Open Market Committee (FOMC) meeting rattled markets, initially sending Bitcoin below $60,000 amid rate hike speculations. However, the Fed’s decision to maintain rates boosted sentiment, lifting BTC back to $58,000. Ethereum also attempts a recovery post-Fed decision, while XRP tests resistance at $0.52. Conversely, Cardano (ADA) faces a setback, breaking below crucial support levels, posing downside risks. Trading volume and sentiment will be pivotal in ADA’s stabilization or further decline.

Markets In Focus Today – BITCOIN

Bitcoin price reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north.

Bitcoin (BTC) price slipped below $60,000 as markets tried to front-run the Federal Open Market Committee (FOMC) meeting.In the mid-April meeting, the Fed alleged new uncertainty concerning whether it could cut rates later this year because of inflation data from the previous quarter. This had markets anticipate a rate hike, causing Bitcoin price to dump, going as low as the $56K range. In a surprising twist yesterday, however, the Fed decided to keep rates unchanged, with the improved sentiment sending BTC back into the $58,000 range. However, dovish news from the FOMC may have turned around fortunes as the BTC price is slowly grinding up. If the bulls can manage to haul BTC back above the $59,200 level, it could solidify the recovery, effectively meaning that BTC has bottomed out at $56,552.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 61927.6545 | Negative Crossover | Bearish
  • MA 20 : 63526.4582 | Negative Crossover | Bearish
  • MA 50 : 63982.2058 | Negative Crossover | Bearish

Simple :

  • MA 10 : 62732.4020 | Negative Crossover | Bearish
  • MA 20 : 63575.2410 | Negative Crossover | Bearish
  • MA 50 : 66414.0778 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 32.8388 | Sell Zone | Bearish

Stochastic   Oscillator : 18.6700 | Sell Zone | Positive

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 59700.62 | Take Profit : 56311.25 | Stop Loss : 62292.50

ETHEREUM

Ethereum attempts comeback after Fed decision not to tamper with rates.

Institutional whales appear to be dumping Ethereum after recent dip.Fed’s decision to leave rates unchanged appears to have helped ETH’s price recover slightly. SEC Chair Gensler has misled Congress, considering recent revelations from Consensys suit, says Congressman McHenry.Ethereum (ETH) saw another day of decline on Wednesday as its price dipped outside of a key range. This follows a possible sell-off from institutional whales, the US Dollar Index gaining strength, and the Chair of the US House Financial Services Committee, Patrick McHenry, accusing Securities & Exchange Commission (SEC) Chair Gary Gensler of misleading the US Congress.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3104.6974 | Negative Crossover | Bearish
  • MA 20 : 3161.6149 | Negative Crossover | Bearish
  • MA 50 : 3230.8843 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3136.6740 | Negative Crossover | Bearish
  • MA 20 : 3117.4135 | Negative Crossover | Bearish
  • MA 50 : 3337.9276 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 39.6762 | Sell Zone | Bearish

Stochastic   Oscillator : 30.4547 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 3532.7007 R2 : 3736.6826
  • S1 : 2872.3526 S2 : 2668.3707

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3066.52 | Take Profit : 2855.53 | Stop Loss : 3230.63

RIPPLE

XRP tests $0.52 resistance while XRP Ledger developers propose lending protocol on the blockchain.

Ripple sees XRP Ledger developers propose direct lending on the blockchain, no smart contracts involved. XRP attempts to break past and close above $0.52 resistance for the sixth consecutive day. XRP holders keep eyes peeled for SEC reply brief, deadline is May 6. Ripple (XRP) has failed to close above $0.52 for five consecutive days, struggling with the sticky resistance. XRP holders digested the news of US Securities and Exchange Commission’s (SEC) response to Ripple in its filing that addressed the issue of “expert testimony.” Traders now have their eyes peeled for the court’s decision on the next major concern, the $2 billion fine proposed by the SEC and Ripple’s counter of $10 million. XRP Ledger developers have proposed the introduction of direct lending on the blockchain, without the involvement of smart contracts. The proposal has garnered interest in the XRP holder community.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5182 | Negative Crossover | Bearish
  • MA 20 : 0.5287 | Negative Crossover | Bearish
  • MA 50 : 0.5550 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5202 | Negative Crossover | Bearish
  • MA 20 : 0.5146 | Positive Crossover | Bullish
  • MA 50 : 0.5739 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 43.6831 | Neutral Zone | Neutral

Stochastic   Oscillator : 96.89 | Buy Zone | Positive

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Stop Sell : 0.499 | Take Profit : 0.453 | Stop Loss : 0.539

CARDANO

Cardano (ADA) Loses Lifeline Support Level.

Cardano faces setbackThe breakdown below $0.44 has not only weakened the technical outlook for ADA but has also instilled bearish sentiment across its trading landscape. This loss of support has opened up the potential for further declines, with the next critical support level now at $0.40. If ADA fails to hold this level, it could trigger a further slide toward the $0.38 mark, deepening the crisis for holders of the token. The volume of trading and market sentiment will play critical roles in determining whether ADA can stabilize and reclaim higher price levels or if it continues to slide further.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4629 | Negative Crossover | Bearish
  • MA 20 : 0.4838 | Negative Crossover | Bearish
  • MA 50 : 0.5358 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4638 | Negative Crossover | Bearish
  • MA 20 : 0.4683 | Negative Crossover | Bearish
  • MA 50 : 0.5629 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.0769 | Sell Zone | Bearish

Stochastic   Oscillator : 80.09 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.5939 R2 : 0.6531
  • S1 : 0.4021 S2 : 0.3429

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.439 | Take Profit : 0.379 | Stop Loss : 0.484

Elsewhere In The Crypto Market

Bitcoin down (0.23%) at 58,122, Ethereum up (0.29%) at 2978.4, Litecoin up (0.04%) at 80.07, Solana up (1.9%) at 137.12, Dogecoin up (0.81%) at 0.131.

Key Economic Events & Data Release Today:

(USD) FOMC Conference at 00:00. (EUR) German Manufacturing PMI (Apr) Forecast 42.2, Previous 41.9 at 13:25. (USD) Initial Jobless Claims Forecast 212K, Previous 207K at 18:00.