. Daily Crypto Analysis - Bitcoin Struggles, XRP Dips, Ethereum Drops 5%, DogeCoin Plummets 24%.

Daily Crypto Analysis – Bitcoin Struggles, XRP Dips, Ethereum Drops 5%, DogeCoin Plummets 24%.

Daily Crypto Analysis – Bitcoin Struggles, XRP Dips, Ethereum Drops 5%, DogeCoin Plummets 24%.

16 Jan 2024

Introduction 

Bitcoin struggles below $43,000 post-SEC ETF approval, disappointing holders expecting a surge. SEC Commissioner Hester Peirce notes the prolonged approval process contributed to the hype. XRP faces a sudden downturn, challenging its recent uptrend, while Ethereum risks a 5% drop amid buyer fatigue. Doge coin’s downtrend is linked to Bitcoin ETF uncertainties, with a 24% decline. Market dynamics suggest potential further declines for DOGE. 

Markets In Focus Today – BITCOIN

Bitcoin trades below $43,000 in the aftermath of SEC’s ETF approval despite fanfare and anticipation.  

Bitcoin price is range bound below $43,000 on Tuesday, despite the fanfare from issuers after the BTC ETF approval. SEC Commissioner notes the regulator initially applied different standards to Bitcoin ETP. Bitcoin ETF approval likely disappointed BTC holders who anticipated a massive rally in the underlying asset. Securities and Exchange Commission’s (SEC) Hester Peirce notes that the regulator took years to approve a Bitcoin Exchange Traded Product, and that likely resulted in the fanfare surrounding ETF approval, in the community. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 43642.33 | Negative Crossover | Bearish 
  • MA 20 : 43726.85 | Negative Crossover | Bearish 
  • MA 50 : 42206.72 | Positive Crossover | Bullish 
  • Simple :
  • MA 10 : 44377.17 | Negative Crossover | Bearish 
  • MA 20 : 43914.88 | Negative Crossover | Bearish 
  • MA 50 : 42862.67 | Positive Crossover | Bullish 

RSI (Relative Strength Index): 48.01 | Buy Zone | Bullish 

Stochastic   Oscillator : 12.95 | Sell Zone | Neutral 

Resistance   And Support Levels :  

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

Overall Sentiment: Neutral Market Direction: Buy  

Trade Suggestion: Limit Buy: 42779.27 | Take Profit: 44415.65 | Stop Loss: 41934.69 

RIPPLE

XRP price takes a sudden downturn, nearly invalidating the uptrend noted since last week.  

Ripple, in a recent job opening, stated that it was a federal contractor or subcontractor. This is the first public admittance, albeit indirect, of Ripple engaging with the US government. XRP price is seeing a decline, invalidating the week-long uptrend that resulted in a 6% rally. XRP price is seemingly losing the micro uptrend that it has been witnessing for the past few days amid mixed signals from the price indicators. On the other hand, Ripple has grabbed the attention of the crypto community for its rather unexpected affiliation with the United States government. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.58 | Negative Crossover | Bearish 
  • MA 20 : 0.59 | Negative Crossover | Bearish 
  • MA 50 : 0.60 | Negative Crossover | Bearish 

Simple :

  • MA 10 : 0.58 | Negative Crossover | Bearish 
  • MA 20 : 0.59 | Negative Crossover | Bearish 
  • MA 50 : 0.61 | Negative Crossover | Bearish 

RSI (Relative Strength Index): 43.56 | Sell Zone | Bearish 

Stochastic   Oscillator : 52.18 | Buy 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: Stop Sell: 0.55 | Take Profit: 0.51 | Stop Loss: 0.57 

ETHEREUM

Ethereum price risks bearish takeover as bulls take a breather.  

Ethereum price could drop 5% with ETH bulls likely taking a breather before the next leg north. Ethereum (ETH) price teases with a possible correction after ETH was overbought over the weekend, indicated by the RSI trending above 70. In the aftermath, a pullback could be underway amid buyer exhaustion as the momentum indicator now appears subdued, moving horizontally. Meanwhile, Ethereum (ETH) price suffers in the wake of an overbought asset with ETH bulls looking to revitalize. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2477.10 | Positive Crossover | Bullish 
  • MA 20 : 2412.13 | Positive Crossover | Bullish 
  • MA 50 : 2286.16 | Positive Crossover | Bullish 
  • Simple :
  • MA 10 : 2473.08 | Positive Crossover | Bullish 
  • MA 20 : 2382.66 | Positive Crossover | Bullish 
  • MA 50 : 2293.73 | Positive Crossover | Bullish 

RSI (Relative Strength Index): 60.71 | Buy Zone | Bullish 

Stochastic   Oscillator : 65.05 | Buy 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: 2441.33 | Take Profit: 2579.02 | Stop Loss: 2346.48 

DOGECOIN

Dogecoin faces downward pressure as market sentiment shifts.  

Dogecoin Price Prediction: The current downtrend in Dogecoin price can be traced using a descending resistance trend line. This decrease can be largely attributed to the widespread uncertainties surrounding the approval of a Bitcoin spot ETF. During this period, DOGE experienced a significant drop of 24%, declining from a high of $0.107 to a current price of $0.813. An examination of the Daily time frame indicates that this decline has evolved into a pattern that could signal a potential further decline for DOGE. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.08 | Negative Crossover | Bearish 
  • MA 20 : 0.08 | Negative Crossover | Bearish 
  • MA 50 : 0.08 | Negative Crossover | Bearish 
  • Simple :
  • MA 10 : 0.08 | Positive Crossover | Bullish 
  • MA 20 : 0.08 | Negative Crossover | Bearish 
  • MA 50 : 0.09 | Negative Crossover | Bearish 

RSI (Relative Strength Index): 44.63 | Sell Zone | Bearish 

Stochastic   Oscillator : 33.76 | Sell Zone | Neutral 

Resistance   And Support Levels :  

  • R1 : 0.10 R2 : 0.11 
  • S1 : 0.08 S2 : 0.08 

Overall Sentiment: Bearish Market Direction: Sell  

Trade Suggestion: Stop Sell: 0.074 | Take Profit: 0.068 | Stop Loss: 0.080 

Elsewhere In The Crypto Market

Bitcoin is up (1.24%) at 43,012, Ethereum is up (1.25%) at 2,542.3, Litecoin is up (1.33%) at 70.00, Solana is down (6.39%) at 91.08, Dogecoin is down (5.37%) at 0.080. 

Key Economic Events & Data Release Today:

(AUD) Building Approvals (MoM) Forecast 1.6%, Previous 7.5% at 06:00. (EUR) German CPI (MoM) (Dec) Forecast 0.1%, Previous –0.4% at 12:30. (CAD) CPI (MoM) (Dec) Forecast –0.3%, Previous 0.1% at 19:00. (CAD) Core CPI (MoM) (Dec) Previous 0.1% at 19:00. (GBP) BoE Gov Bailey Speaks at 20:30.