. Daily Crypto Analysis - Bitcoin steadies; XRP hits lows.

Daily Crypto Analysis – Bitcoin steadies; XRP hits lows.

Daily Crypto Analysis – Bitcoin steadies; XRP hits lows.

10 Jun 2024

Introduction

Bitcoin steadies at $69,000 amid mounting rate fears ahead of the Fed meeting and CPI data release. The cryptocurrency had surged to $72,000 last week before profit-taking and a rebounding dollar triggered a sharp decline. Meanwhile, XRP hits multi-month lows, Cardano risks a bearish breakout, and Ethereum faces resistance despite a recovery attempt.

Markets In Focus Today – BITCOIN

Bitcoin steadies at $69k as rate fears mount before Fed, CPI.

Bitcoin price steadied on Monday after a sharp fall over the weekend saw the cryptocurrency pull back from recent highs, with focus squarely on more key signals on U.S. interest rates. The world’s largest cryptocurrency had pushed as high as $72,000 last week, coming within spitting distance of record highs hit in March. But it then saw a heavy dose of profit-taking and weakness from Friday after the dollar rebounded.Bitcoin price steadies with Fed meeting, CPI in focus Bitcoin’s weekend decline came at the heels of a hotter-than-expected nonfarm payrolls reading, which saw traders largely rethink recent bets that the Federal Reserve will begin cutting rates in September. High-for-longer rates bode poorly for Bitcoin and broader cryptocurrencies, given that the sector usually benefits from increased liquidity and loose lending conditions.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69411.6423 | Positive Crossover | Bullish
  • MA 20 : 68688.3688 | Positive Crossover | Bullish
  • MA 50 : 66950.8943 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69455.1870 | Negative Crossover | Bearish
  • MA 20 : 68956.3450 | Positive Crossover | Bullish
  • MA 50 : 65876.1584 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 55.9781 | Buy Zone | Bullish

Stochastic   Oscillator : 30.58 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 70751.8229 R2 : 74228.2304
  • S1 : 59497.6904 S2 : 56021.2829

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 67235.76 | Take Profit : 71272.44 | Stop Loss : 65062.16

RIPPLE

XRP Reached Multi-Month Low.

XRP has once again lost touch with the market and dropped below the fundamental $0.5 mark.The cryptocurrency has been having trouble staying afloat in the face of larger market swings. If investors were expecting a recovery, the recent decline to a multi-month low is a worrying indicator. Bearish sentiment still rules the XRP market as seen by the inability to maintain gains above $0.5. Ripple filing supporting its motion to seal relevant documents awaits a response from the SEC.Ripple CEO Brad Garlinghouse commented on meme coins at Consensus.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5081 | Negative Crossover | Bearish
  • MA 20 : 0.5143 | Negative Crossover | Bearish
  • MA 50 : 0.5256 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5110 | Negative Crossover | Bearish
  • MA 20 : 0.5196 | Negative Crossover | Bearish
  • MA 50 : 0.5205 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.2538 | Sell Zone | Bearish

Stochastic   Oscillator : 48.5965 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5791
  • S1 : 0.4868 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.498 | Take Profit : 0.458 | Stop Loss : 0.531

CARDANO

Cardano price consolidation likely to trigger bearish breakout.

Cardano price is consolidating inside a descending triangle setup.A breakout from this pattern could trigger a 17% crash to $0.351.A decisive daily candlestick close above $0.492 will invalidate the bearish thesis. Cardano (ADA) price consolidation could trigger a breakout soon, knocking ADA down by double digits to key support levels. Cardano price has crashed 51% from its 2024 high of $0.810 and set up a low at $0.396 on April 13. Since then, ADA has been consolidating above the $0.426 support level and setting up three lower highs.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4506 | Negative Crossover | Bearish
  • MA 20 : 0.4547 | Negative Crossover | Bearish
  • MA 50 : 0.4733 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4515 | Negative Crossover | Bearish
  • MA 20 : 0.4557 | Negative Crossover | Bearish
  • MA 50 : 0.4602 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 45.7219 | Neutral Zone | Neutral

Stochastic   Oscillator : 27.5132 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.4935 R2 : 0.5152
  • S1 : 0.4232 S2 : 0.4015

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.432 | Take Profit : 0.379 | Stop Loss : 0.469

ETHEREUM

Ethereum Price Battles Resistance.

Ethereum price declined heavily and tested the $3,580 support zone. ETH is now recovering and faces many hurdles near the $3,740 zone. Ethereum started a recovery wave and climbed above the $3,660 resistance. Ethereum price extended its decline below the $3,660 support zone. ETH even declined below $3,600 before the bulls appeared. A low was formed near $3,574 and the price is now correcting losses, like Bitcoin. Ethereum price is likely to have a pullback into its major support area between $3,400 and $3,200.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3729.4544 | Negative Crossover | Bearish
  • MA 20 : 3676.5724 | Negative Crossover | Bearish
  • MA 50 : 3498.6517 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3759.4130 | Negative Crossover | Bearish
  • MA 20 : 3771.4340 | Negative Crossover | Bearish
  • MA 50 : 3374.8206 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 53.3257 | Buy Zone | Bullish

Stochastic   Oscillator : 24.5818 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3958.0910 R2 : 4230.8857
  • S1 : 3074.9757 S2 : 2802.1810

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Stop Sell : 3637.36 | Take Profit : 3403.66 | Stop Loss : 3821.86

Elsewhere In The Crypto Market

Bitcoin down (0.33%) at 69,412, Ethereum down (0.79%) at 3676.0, Litecoin down (1.39%) at 79.37, Solana down (1.45%) at 159.78, Dogecoin down (1.19%) at 0.145.

Key Economic Events & Data Release Today:

(JPY) GDP (QoQ) (Q1) Forecast -0.5%, Previous -0.5% at 05:20. (JPY) GDP (YoY) (Q1) Forecast –2.0% Previous 0.4% at 05:20.