. Daily Crypto Analysis - Bitcoin, Ripple, Ethereum turmoil.

Daily Crypto Analysis – Bitcoin, Ripple, Ethereum turmoil.

Daily Crypto Analysis – Bitcoin, Ripple, Ethereum turmoil.

30 Apr 2024

Introduction

Bitcoin price stagnates around $63k amidst growing outflows from U.S.-listed crypto investments. Meanwhile, the launch of spot exchange-traded funds (ETFs) in Hong Kong fails to excite markets, highlighting uncertainties around Asian demand. With Bitcoin net outflows soaring to $423 million, this week’s focus shifts to potential volatility triggered by macroeconomic events, including the upcoming FOMC meeting. In parallel, Ripple’s legal battle against the SEC intensifies, while Ethereum faces scrutiny amid revelations of a yearlong SEC investigation. Chainlink struggles, hinting at further downside potential.

Markets In Focus Today – BITCOIN

Bitcoin price stalls at $63k amid outflows; HK ETFs bring little cheer.

Bitcoin price moved little on Tuesday, sticking to the lower end of a trading range established in the past month as investors continued to pull out of U.S.-listed crypto investment products. The launch of spot exchange-traded funds (ETF) in Hong Kong also sparked little immediate joy, as markets waited to see just how much Asian demand was in store for crypto. Hong Kong capital markets are also substantially smaller than the U.S.Bitcoin net outflows in particular surged to $423 million, amid waning hype over the spot U.S. ETFs launched earlier this year.Bitcoin (BTC) price will be an interesting watch this week, with increased volatility expected amid crucial events lined up in the macro market. Wednesday’s FOMC is likely causing crypto markets to correct before it with a bit of hope for incoming rate cuts.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 63780.3883 | Negative Crossover | Bearish
  • MA 20 : 64721.7647 | Negative Crossover | Bearish
  • MA 50 : 64471.8759 | Negative Crossover | Bearish

Simple :

  • MA 10 : 64310.0160 | Negative Crossover | Bearish
  • MA 20 : 64638.8355 | Negative Crossover | Bearish
  • MA 50 : 66983.7022 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.7061 | Sell Zone | Bearish

Stochastic   Oscillator : 40.9771 | Neutral Zone | Positive

Resistance   And Support Levels :

  • R1 : 73797.1717 R2 : 77652.5149
  • S1 : 61316.3149 S2 : 57460.9717

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Stop Sell : 60656.33 | Take Profit : 56473.06 | Stop Loss : 64068.99

RIPPLE

Ripple suffers setback as SEC labels expert evidence as summary.

Ripple and the SEC continue their legal battle, now focused on the validity of certain materials and testimonies. The SEC highlights the legal question of whether Ripple’s institutional clients suffered damages, as some received a higher discount than others.XRP closed above $0.51 on Monday and declined early on Tuesday. Ripple (XRP) trades broadly sideways on Tuesday after closing above $0.51 on Monday as the payment firm’s legal battle against the US Securities and Exchange Commission (SEC) persists, now in the form of crossed motions to determine which materials and testimonies have to be included in the case. The SEC filed on Monday its response to Ripple’s motion to strike new expert materials, which requested the court to dismiss testimony from SEC accountant Andrea Fox. The US regulator had shared new materials in its previous filings. Ripple labeled these materials as the testimony of the expert. The two parties are now arguing over the status of the SEC accountant Andrea Fox’s statements. Whether Fox’s statements will be considered as a summary or an expert testimony, the decision lies with the court.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5182 | Negative Crossover | Bearish
  • MA 20 : 0.5310 | Negative Crossover | Bearish
  • MA 50 : 0.5581 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5246 | Negative Crossover | Bearish
  • MA 20 : 0.5205 | Negative Crossover | Bearish
  • MA 50 : 0.5807 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 37.6077 | Sell Zone | Bearish

Stochastic   Oscillator : 38.4468 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7187 R2 : 0.7666
  • S1 : 0.5637 S2 : 0.5158

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.494 | Take Profit : 0.436 | Stop Loss : 0.532

ETHEREUM

Ethereum erases weekend gains as yearlong SEC investigation comes to light.

Consensys’ latest court filings revealed the SEC began investigating Ethereum’s security status in March 2023.Hong Kong’s spot Ethereum and Bitcoin ETFs will debut on Tuesday.Whales and institutional investors are dumping Ethereum, considering increased outflows following the recent dip.Ethereum (ETH) began the week by posting losses of 4.2% on Monday after recent filings from Consensys revealed that the Securities & Exchange Commission (SEC) began formal investigations into ETH’s security status since March 2023. After receiving a fourth subpoena in March, Consensys sued the SEC last week for unlawfully trying to classify Ethereum as a security. The move sparked a heated debate in the crypto community on ETH’s security status.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3165.0485 | Negative Crossover | Bearish
  • MA 20 : 3201.5285 | Negative Crossover | Bearish
  • MA 50 : 3251.7086 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3175.7450 | Negative Crossover | Bearish
  • MA 20 : 3156.5680 | Negative Crossover | Bearish
  • MA 50 : 3378.3786 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.0509 | Neutral Zone | Neutral

Stochastic   Oscillator : 11.72 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3993.1797 R2 : 4236.4036
  • S1 : 3205.7936 S2 : 2962.5697

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3125.86 | Take Profit : 2833.27 | Stop Loss : 3342.12

CHAINLINK

Chainlink Price Extends Its Correction.

Amid the recent market sell-off, the Chainlink price witnessed a notable reversal from the $16 psychological level. This new lower high formation in the daily chart indicates the sellers are still dominating the price movement and have plunged the asset to $13.7, registering a weekly loss of 14.4%. If the supply pressure persists, the LINK price could retest the multi-month support at $11.8, indicating the potential of a bullish reversal. Over the past seven weeks, the Chainlink price has witnessed a steady correction trend evidenced by a falling wedge pattern in the daily chart. Under the influence of this setup, the bears led lower high formations signaling the traders are actively selling on a bullish bounce.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.2079 | Negative Crossover | Bearish
  • MA 20 : 14.8068 | Negative Crossover | Bearish
  • MA 50 : 16.2017 | Negative Crossover | Bearish

Simple :

  • MA 10 : 14.4739 | Negative Crossover | Bearish
  • MA 20 : 14.3964 | Negative Crossover | Bearish
  • MA 50 : 16.9206 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 33.5417 | Sell Zone | Bearish

Stochastic   Oscillator : 28.8971 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 21.9825 R2 : 23.5458
  • S1 : 16.9216 S2 : 15.3582

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 14.08 | Take Profit : 12.29 | Stop Loss : 15.53

Elsewhere In The Crypto Market

Bitcoin down (3.94%) at 61,318, Ethereum down (6.01%) at 3021.8, Litecoin down (3.78%) at 80.34, Solana down (1.43%) at 136.14, Dogecoin down (4.81%) at 0.136.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) (Mar) Forecast 0.2%, Previous 0.3% at 07:00. (EUR) German Unemployment Change (Apr) Forecast 7K, Previous 4K at 13:25. (EUR) German GDP (QoQ) (Q1) Forecast 0.1%, Previous 0.6% at 13:30. (EUR) GDP (QoQ) (Q1) Forecast 0.1%, Previous 0.0% at 14:00 . (EUR) CPI (YoY) (Apr) Forecast 2.4%, Previous 2.4% at 14:00. (CAD) GDP (MoM) (Feb) Forecast 0.3%, Previous 0.6% at 18:00. (CAD) GDP (MoM) (Mar) at 18:01.