. Daily Crypto Analysis - Bitcoin Steady, Ethereum Dipping.

Daily Crypto Analysis – Bitcoin Steady, Ethereum Dipping.

Daily Crypto Analysis – Bitcoin Steady, Ethereum Dipping.

14 Jun 2024

Introduction

Bitcoin holds steady around $67k amid cautious trading in Asia, influenced by Federal Reserve rate expectations boosting the US Dollar. Cryptocurrency markets retreat, with Bitcoin facing weekly losses as concerns over prolonged high interest rates overshadow improved capital flows. Ethereum and Ripple also struggle, while Dogecoin eyes recovery amid whale accumulation.

Markets In Focus Today – BITCOIN

Bitcoin price today: flat around $67k as rate fears favor dollar.

Bitcoin price moved little in Asian trade on Friday, while broader cryptocurrency prices retreated as forecasts for fewer interest rate cuts by the Federal Reserve saw traders pivot largely into the greenback. More progress towards a spot Ether exchange-traded fund also did little to shore up sentiment towards cryptocurrency markets. Bitcoin fell 0.9% in the past 24 hours.The token was also headed for weekly losses, as increased fears of high interest rates largely offset improved capital flows into crypto investment products.Bitcoin heads for weekly losses as rate fears growThe world’s biggest cryptocurrency was trading down 3.3% over the past seven days, as angst over high for longer U.S. interest rates dented the outlook for crypto.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68250.0427 | Negative Crossover | Bearish
  • MA 20 : 68246.1502 | Negative Crossover | Bearish
  • MA 50 : 67013.0737 | Negative Crossover | Bearish

Simple :

  • MA 10 : 68931.4180 | Negative Crossover | Bearish
  • MA 20 : 68690.2070 | Negative Crossover | Bearish
  • MA 50 : 66021.5674 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 45.7030 | Neutral Zone | Neutral

Stochastic   Oscillator : 21.9867 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 70744.7096 R2 : 74221.1171
  • S1 : 59490.5771 S2 : 56014.1696

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 67213.67 | Take Profit : 65355.81 | Stop Loss : 68586.87

ETHEREUM

Ethereum Price Decline Market Indicators Point to More Dips.

Ethereum price struggled to clear the $3,650 resistance. ETH started another decline and there is now a risk of more dips below the $3,420 support.Ethereum started a fresh decline below the $3,550 support zone. Ethereum price failed to start a recovery wave above the $3,550 and $3,580 resistance levels, like Bitcoin. ETH remained in a short-term bearish zone and extended losses below the $3,500 level.Ethereum price gears up for further downward adjustmentEthereum price crashed 11% in the last seven days as it failed to close above $4,000.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3607.3465 | Negative Crossover | Bearish
  • MA 20 : 3621.0002 | Negative Crossover | Bearish
  • MA 50 : 3500.0188 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3645.2460 | Negative Crossover | Bearish
  • MA 20 : 3722.9400 | Negative Crossover | Bearish
  • MA 50 : 3401.0472 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 45.5395 | Neutral Zone | Neutral

Stochastic   Oscillator : 18.7495 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 3957.6476 R2 : 4230.4424
  • S1 : 3074.5324 S2 : 2801.7376

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Sell : 3585.04 | Take Profit : 3349.51 | Stop Loss : 3729.99

RIPPLE

XRP Continues To Struggle Below $0.5.

The XRP price movement has stagnated around $0.5 in the past few months despite various positive developments for Ripple.Ripple price fails to close above the 50-day Exponential Moving Average.Ripple price braces for a correction.Ripple price declined 4% on June 7 and made a daily low of $0.450 after failing to close above the 50-day Exponential Moving Average (EMA) at around $0.527. Ongoing SEC Lawsuit Weighs Heavily On XRP Ripple’s legal battle with the SEC has been dragging on for over three years, and it continues to cast a dark cloud over XRP’s price.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4935 | Negative Crossover | Bearish
  • MA 20 : 0.5036 | Negative Crossover | Bearish
  • MA 50 : 0.5192 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4962 | Negative Crossover | Bearish
  • MA 20 : 0.5094 | Negative Crossover | Bearish
  • MA 50 : 0.5160 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 35.0811 | Sell Zone | Bearish

Stochastic   Oscillator : 34.4142 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5790
  • S1 : 0.4867 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.478 | Take Profit : 0.442 | Stop Loss : 0.503

DOGECOIN

Dogecoin (DOGE) Price Could Witness a Rally as Whales Accumulate.

Dogecoin is looking to recover some of the losses the investors witnessed over the last few days. The whales could likely be driving the rally owing to their accumulation, motivating retail investors to do the same.Dogecoin’s price could likely witness the impact of whale investors’ recent move. The addresses holding between 10 million and 100 million DOGE have added a little over 900 million DOGE in the span of a week.Dogecoin’s price could likely begin recovering in the coming days, provided it can secure $0.15 as a support floor again. The meme coin fell through this level this week after also failing to close above $0.16. Should DOGE successfully close above $0.15, it could witness a jump to $0.17 on the back of whale accumulation.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1469 | Negative Crossover | Bearish
  • MA 20 : 0.1512 | Negative Crossover | Bearish
  • MA 50 : 0.1542 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1477 | Negative Crossover | Bearish
  • MA 20 : 0.1548 | Negative Crossover | Bearish
  • MA 50 : 0.1526 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 41.3278 | Neutral Zone | Neutral

Stochastic   Oscillator : 78.01 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.1723 R2 : 0.1853
  • S1 : 0.1303 S2 : 0.1173

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 0.141 | Take Profit : 0.160 | Stop Loss : 0.129

Elsewhere In The Crypto Market

Bitcoin up (0.33%) at 66,960, Ethereum up (1.27%) at 3512.4, Litecoin up (0.77%) at 79.72, Solana up (0.62%) at 148.16, Dogecoin up (0.94%) at 0.142.

Key Economic Events & Data Release Today:

(JPY) Industrial Production (MoM) (Apr) Forecast –0.1%, Previous 4.4% at 00:30. (JPY) BoJ Press Conference at 02:30. (EUR) Eurogroup Meetings at 06:00. (CAD) Manufacturing Sales (MoM) (Apr) Forecast 1.3%, Previous –2.1% at 08:30. (USD) Fed Monetary Policy Report at 18:00. (EUR) ECB President Lagarde Speaks at 13:30.