. Daily Crypto Analysis - Bitcoin steady, Cardano rallies.

Daily Crypto Analysis – Bitcoin steady, Cardano rallies.

Daily Crypto Analysis – Bitcoin steady, Cardano rallies.

11 Jul 2024

Introduction

Crypto market update: Bitcoin stalls despite ETF inflows, on-chain data shows mixed signals. Bitcoin price hovers around $58,500 with small investors selling while whales accumulate. German government’s BTC transfer may weigh on price. Cardano eyes breakout, Ethereum price buoyed by ETF launch, Chainlink investors capitulate after price slump.

Markets In Focus Today – BITCOIN

Bitcoin price struggles around $58,500 despite third consecutive day of inflows in US spot Bitcoin ETFs.

Bitcoin spot ETFs received the third consecutive day of inflows on Wednesday.The German Government’s transfer of 10,853 BTC on Wednesday may negatively impact Bitcoin’s price.Donald Trump will speak at the Bitcoin 2024 conference in Nashville on July 27.On-chain data shows that small Bitcoin wallets are getting liquidated while whales and sharks are growing in number.Bitcoin (BTC) price edges up by 0.5% on Thursday, though it struggles to break above the weekly resistance level at around $58,500, amid on-chain data indicating liquidation among small Bitcoin wallets, alongside an increase in the number of whales and sharks. The German Government’s transfer of 10,853 BTC, valued at $637.67 million, is anticipated to have a potentially adverse effect on Bitcoin’s price. Meanwhile, Bitcoin spot ETFs saw inflows for the third consecutive day, totaling $147.40 million on Wednesday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 58486.0531 | Negative Crossover | Bearish
  • MA 20 : 60060.4960 | Negative Crossover | Bearish
  • MA 50 : 62748.1296 | Negative Crossover | Bearish

Simple :

  • MA 10 : 58149.7960 | Positive Crossover | Bullish
  • MA 20 : 60033.7950 | Negative Crossover | Bearish
  • MA 50 : 64760.9888 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.1059 | Neutral Zone | Neutral

Stochastic   Oscillator : 44.0850 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 69504.9868 R2 : 72674.8232
  • S1 : 59243.3132 S2 : 56073.4768

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 59356.00 | Take Profit : 56349.60 | Stop Loss : 61627.50

CARDANO

Cardano price set for a 10% rally upon a breakout above descending trend-line.

Cardano price is testing its descending trend-line, a breakout above it signals a potentially bullish move ahead.Technical analysis shows that ADA has formed a bullish divergence on a momentum indicator. A daily candlestick close below $0.317 would invalidate the bullish thesis. Cardano’s (ADA) price is revisiting its descending trend-line, and a breakout above it signals a bullish move. ADA is supported by a bullish divergence observed in both the Relative Strength Index (RSI) and the Awesome Oscillator (AO), suggesting potential momentum for an upward rally. Cardano price is retesting its descending trend-line, which is drawn from joining multiple swing high levels from late March to early July.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.3804 | Positive Crossover | Bullish
  • MA 20 : 0.3858 | Positive Crossover | Bullish
  • MA 50 : 0.4117 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.3784 | Positive Crossover | Bullish
  • MA 20 : 0.3830 | Positive Crossover | Bullish
  • MA 50 : 0.4147 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 51.1072 | Buy Zone | Bullish

Stochastic   Oscillator : 65.7233 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.4639 R2 : 0.4955
  • S1 : 0.3615 S2 : 0.3299

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 0.358 | Take Profit : 0.408 | Stop Loss : 0.332

ETHEREUM

ETH Pric Staking Deposits Hit $100 Billion ahead of Ethereum ETF Official Launch.

Ethereum price has reclaimed the $3,100 mark on July 11, amid bullish tailwinds for ETH ETFs anticipated official launch.According to Bloomberg analyst, the newly approved Ethereum derivatives are expected to begin trading around July 15.Since Monday, July 8, investors have staked an additional 48,670 ETH on the Ethereum 2.0 beacon chain.Ethereum price has reclaimed the $3,100 mark on July 11, amid bullish tailwinds from ETH ETFs anticipated official launch, on-chain data shows that investors are staking more coins than usual this week, a move that could spark an accelerated price breakout.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3133.1367 | Positive Crossover | Bullish
  • MA 20 : 3232.7644 | Negative Crossover | Bearish
  • MA 50 : 3352.7304 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3108.9230 | Positive Crossover | Bullish
  • MA 20 : 3260.0930 | Negative Crossover | Bearish
  • MA 50 : 3513.3054 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.9628 | Neutral Zone | Neutral

Stochastic   Oscillator : 40.2610 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3767.8955 R2 : 3920.0778
  • S1 : 3275.2378 S2 : 3123.0555

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3220.62 | Take Profit : 3030.67 | Stop Loss : 3357.69

CHAINLINK

Chainlink Traders Capitulate After 10% Plunge.

On-chain data shows that Chainlink investors have been realizing significant losses recently, a sign that the price plunge has put fear into their minds. Chainlink FUD Could Lead Towards Bottom Formation According to data from the on-chain analytics firm Santiment, LINK investors have just shown their largest capitulation event of the year.This significant loss-taking spree from the LINK traders has come as the cryptocurrency’s price has gone through a significant draw-down over the past few weeks. The coin is down almost 10% in the last seven days alone.Chainlink is trading around $12.8 when writing, down around 3% over the last 24 hours.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 13.0697 | Negative Crossover | Bearish
  • MA 20 : 13.5025 | Negative Crossover | Bearish
  • MA 50 : 14.4606 | Negative Crossover | Bearish

Simple :

  • MA 10 : 13.0140 | Negative Crossover | Bearish
  • MA 20 : 13.4441 | Negative Crossover | Bearish
  • MA 50 : 15.2528 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.9899 | Neutral Zone | Neutral

Stochastic   Oscillator : 48.3858 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 17.4901 R2 : 18.8952
  • S1 : 12.9416 S2 : 11.5365

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 13.52 | Take Profit : 11.87 | Stop Loss : 14.71

Elsewhere In The Crypto Market

Bitcoin up (1.68%) at 58,703, Ethereum up (1.45%) at 3149.5, Litecoin up (1.43%) at 67.94, Solana up (1.27%) at 143.80, Dogecoin up (1.73%) at 0.109.

Key Economic Events & Data Release Today:

(EUR) German CPI (MoM) (Jun) Forecast 0.1%, Previous 0.1% at 02:00. (GBP) GDP (YoY) (May) Forecast 1.2% Previous 0.6% at 02:00. (GBP) GDP (MoM) (May) Forecast 0.2%, Previous 0.0% at 02:00. (USD) CPI (MoM) (Jun) Forecast 0.1%, Previous 0.0% at 08:30. (USD) Core CPI (MoM) (Jun) Forecast 0.2%, Previous 0.2% at 08:30.