. Daily Crypto Analysis - Bitcoin Soars, Ethereum Targets $3K, Ripple Bounces.

Daily Crypto Analysis – Bitcoin Soars, Ethereum Targets $3K, Ripple Bounces.

Daily Crypto Analysis – Bitcoin Soars, Ethereum Targets $3K, Ripple Bounces.

05 Jan 2024

Introduction 

In the realm of cryptocurrencies, Bitcoin rebounds above $44,000 as investors dismiss concerns about potential SEC rejection of spot BTC ETFs. Ethereum aims for $3,000 with bullish indicators, including a spike in whale transactions. Litecoin faces a 10% crash recovery, with Grayscale paving the way for a potential ETF conversion. Ripple, having bottomed out, anticipates a 20% bounce as the market balance is restored, despite recent lows triggered by SEC-related uncertainties. Here’s a concise overview of the latest developments in the cryptocurrency market. 

Markets In Focus Today – BITCOIN

Bitcoin price reclaims above $44,000: Spot Bitcoin ETF updates as window for approval opens.  

Bitcoin price is flashing green, recouping part of losses made during the Wednesday crash. As investors continue to shake off concerns that the US SEC will reject spot BTC ETF applications, recent developments inspire hope.

Meanwhile, Bitcoin price has reclaimed the $44,000 psychological level. It holds above the midline of the weekly supply barrier at $43,860, though not decisively. By and large, there is still no directional bias as the market exercises caution. This is after the January 3 crash that saw both sides taken out, with shorts as well as longs rekt. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 43622.10 | Positive Crossover | Bullish 
  • MA 20 : 43180.63 | Positive Crossover | Bullish 
  • MA 50 : 41094.75 | Positive Crossover | Bullish 

Simple :

  • MA 10 : 43382.94 | Positive Crossover | Bullish 
  • MA 20 : 43271.29 | Positive Crossover | Bullish 
  • MA 50 : 41279.96 | Positive Crossover | Bullish 

RSI (Relative Strength Index): 57.06 | Neutral Zone | Neutral 

Stochastic   Oscillator : 52.87 | Neutral Zone | Neutral 

Resistance   And Support Levels :  

  • R1 : 44310.51 R2 : 45983.99 
  • S1 : 38893.00 S2 : 37219.52 

Overall Sentiment: Bullish Market Direction: Buy  

Trade Suggestion: Limit Buy: 43151.09 | Take Profit: 44725.78 | Stop Loss: 42292.17 

ETHEREUM

Ethereum price could target $3,000 with ETH whales buying the dip.  

Ethereum price has shown interest in a recovery rally, trading around $2,244. A spike in whale transaction count suggests investors could be buying the dip. On-chain metrics hint at little to no resistance up to $2,800.

Ethereum (ETH) price is attempting a recovery bounce that could kickstart a run-up to new yearly highs. Supporting on-chain and technical indicators add credence to this bullish ETH outlook.

The bullish Ethereum price outlook is supported by the spike in Whale Transaction Count and Volume on January 3. According to Sentiment data, this uptick occurred on the day of a massive sell-off, a sign of investors buying the dip. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2284.12 | Negative Crossover | Bearish 
  • MA 20 : 2274.50 | Negative Crossover | Bearish 
  • MA 50 : 2187.44 | Positive Crossover | Bullish 

Simple :

  • MA 10 : 2305.44 | Negative Crossover | Bearish 
  • MA 20 : 2274.93 | Negative Crossover | Bearish 
  • MA 50 : 2199.69 | Positive Crossover | Bullish 

RSI (Relative Strength Index): 50.22 | Neutral Zone | Neutral 

Stochastic   Oscillator : 38.75 | Neutral Zone | Neutral 

Resistance   And Support Levels :  

  • R1 : 2410.75 R2 : 2505.13 
  • S1 : 2105.19 S2 : 2010.81 

Overall Sentiment: Bullish Market Direction: Buy  

Trade Suggestion: Limit Buy: 2184.46 | Take Profit: 2305.19 | Stop Loss: 2100.56 

LITECOIN

Litecoin price recovery of 10% crash likely as Grayscale paves the way to convert LTC trust into ETF.  

Litecoin price witnessed a near 20% crash on Wednesday, bringing the altcoin below the $70 mark. Grayscale, long ago, noted that the company could convert its trusts into ETFs if the SEC approves GBTC conversion.

The SEC approving the Grayscale spot Bitcoin ETF would also level the playing field for spot and futures ETFs. Litecoin could join the spot ETF race later, if not sooner, not because Grayscale wants to, but because it can. That has been the stance of the asset management CEO, and now that it has cleared the roadblocks witnessed at the hands of the SEC during their attempt at converting the Grayscale Bitcoin Trust (GBTC) into a spot ETF, it might be possible. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 70.03 | Negative Crossover | Bearish 
  • MA 20 : 71.23 | Negative Crossover | Bearish 
  • MA 50 : 71.42 | Negative Crossover | Bearish 

Simple :

  • MA 10 : 71.72 | Negative Crossover | Bearish 
  • MA 20 : 71.67 | Negative Crossover | Bearish 
  • MA 50 : 71.71 | Negative Crossover | Bearish 

RSI (Relative Strength Index): 37.15 | Neutral Zone | Neutral 

Stochastic   Oscillator : 39.20 | Neutral Zone | Neutral 

Resistance   And Support Levels :  

  • R1 : 77.87 R2 : 80.60 
  • S1 : 69.02 S2 : 66.29 

Overall Sentiment: Bearish Market Direction: Sell  

Trade Suggestion: Limit Buy: 66.95 | Take Profit: 62.91 | Stop Loss: 69.36 

RIPPLE

Ripple price is likely to bounce 20% as the balance is restored in the XRP market.  

Ripple price has likely bottomed out, with both the RSI and the ADX indicators showing the prevailing trend strengthening. XRP could ascend to the $0.6500 level amid rising momentum and the filing of the insufficiency in the market (FVG).

Ripple (XRP) recorded a massive dip during the Wednesday trading session, but this has turned out to be a healthy correction as it saw the payments token fill an imbalance in the XRP market. Now, the upside potential may come to fruition with multiple trend strength quantifiers showing rising momentum.

Ripple (XRP) price hit a three-year low against Bitcoin on January 3, coming on the back of a widespread sell-off triggered by a blog suggesting the US Securities and Exchange Commission (SEC) would reject spot BTC exchange-traded funds. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.61 | Negative Crossover | Bearish 
  • MA 20 : 0.61 | Negative Crossover | Bearish 
  • MA 50 : 0.61 | Negative Crossover | Bearish 

Simple :

  • MA 10 : 0.61 | Negative Crossover | Bearish 
  • MA 20 : 0.62 | Negative Crossover | Bearish 
  • MA 50 : 0.62 | Negative Crossover | Bearish 

RSI (Relative Strength Index): 37.62 | Neutral Zone | Neutral 

Stochastic   Oscillator : 51.23 | Neutral Zone | Neutral 

Resistance   And Support Levels :  

  • R1 : 0.68 R2 : 0.71 
  • S1 : 0.59 S2 : 0.56 

Overall Sentiment: Bearish Market Direction: Sell  

Trade Suggestion: Limit Buy: 0.576 | Take Profit: 0.525 | Stop Loss: 0.613 

Elsewhere In the Crypto Market

Bitcoin is up (0.51%) at 43,090, Ethereum is up (0.89%) at 2,230.3, Litecoin is up (0.88%) at 65.74, Solana is up (0.91%) at 101.62, Dogecoin is up at (1.84%) at 0.83 as of writing time.

Key Economic Events & Data Release Today:

(EUR) CPI (YoY) (Dec) Forecast 3.0%, Previous 2.4% at 15:30.

(USD) Average Hourly Earnings (MoM) (Dec) Forecast 0.3%, Previous 0.4% at 19:00.

(USD) Nonfarm Payrolls (Dec) Forecast 170K, Previous 199K at 19:00.

(USD) Unemployment Rate (Dec) Forecast 3.8%. Previous 3.7% at 19:00.

(CAD) Employment Change (Dec) Forecast 13.5K, Previous 24.9K at 19:00.

(USD) ISM Non-Manufacturing PMI (Dec) Forecast 52.6, Previous 52.7 at 20:30.