. Daily Crypto Analysis -Bitcoin surpasses $52K, Ethereum nears $2,900.

Daily Crypto Analysis – Bitcoin surpasses $52K, Ethereum nears $2,900.

Daily Crypto Analysis – Bitcoin surpasses $52K, Ethereum nears $2,900.

19 Feb 2024

Introduction

Crypto markets witnessed a robust rebound as Bitcoin surged past $52,000, contributing to a $1.99 trillion market cap, marking a 10% increase in a week. Ethereum approached the significant $2,900 level, driven by positive sentiment. XRP stabilized above $0.56 amidst the SEC v. Ripple lawsuit deadline. Chainlink, with large wallet holders withdrawing $216 million worth of LINK from exchanges, experiences potential gains. Cryptocurrency enthusiasts eagerly anticipate Bitcoin’s potential all-time high in March fueled by call option positions and ETF demand.

Markets In Focus Today – BITCOIN

The top crypto prices today saw a significant rebound as Bitcoin’s (BTC) price surged past the $52,000 level.

The crypto market capitalization reached $1.99 trillion, according to CoinMarketCap estimates, an increase of over 10% in one week. Forbes estimates that the $2 trillion mark was reached last week The Bitcoin price rebounded and surpassed $52,000. The Bitcoin price was up by 1.07%, reaching $52,118.02 at the time of writing on Monday, February 19. On the other hand, its trading volume dipped by 15.03% to $18.22 billion in the last 24 hours. Meanwhile, the crypto boasted a market cap of $1.02 trillion. Active building of call option positions with strikes of $60K to $80K, as well as fierce demand for ETFs, could push Bitcoin to an all-time high as early as March.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 50487.7376 | Positive Crossover | Bullish
  • MA 20 : 48289.6095 | Positive Crossover | Bullish
  • MA 50 : 45317.1722 | Positive Crossover | Bullish

Simple :

  • MA 10 : 50753.4790 | Positive Crossover | Bullish
  • MA 20 : 47226.3365 | Positive Crossover | Bullish
  • MA 50 : 44690.2386 | Positive Crossover | Bullish

RSI (Relative Strength Index): 79.5085 | Buy Zone | Bullish

Stochastic   Oscillator : 92.1516 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 47385.7128 R2 : 49859.0872
  • S1 : 39378.6872 S2 : 36905.3128

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 50345.25 | Take Profit: 52736.02 | Stop Loss: 49090.09

ETHEREUM

Ethereum in the area of light resistance.

ETH remained well above the 50-day and 200-day EMAs, affirming bullish price signals. Ethereum inched closer to the $2,900 level, which is a massive milestone in two years. The Ethereum price surged 3.58% to $2,892.43 at press time with a market valuation of $347.57 billion. Whilst, ETH saw its trading volume gain by 32.57%, reaching $24.41 billion. ETH-spot ETF-related updates remain the focal point. More amendment filings could fuel bets on the SEC approving a first batch in May.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2739.5139 | Positive Crossover | Bullish
  • MA 20 : 2615.6571 | Positive Crossover | Bullish
  • MA 50 : 2462.6066 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2729.4050 | Positive Crossover | Bullish
  • MA 20 : 2538.8385 | Positive Crossover | Bullish
  • MA 50 : 2442.6678 | Positive Crossover | Bullish

RSI (Relative Strength Index): 78.4773 | Buy Zone | Bullish

Stochastic   Oscillator : 93.6056 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 2598.0773 R2 : 2733.3927
  • S1 : 2160.0227 S2 : 2024.7073

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2785.82 | Take Profit: 2985.28 | Stop Loss: 2710.73

RIPPLE

XRP price steadies above $0.56 ahead of the deadline in the SEC v. Ripple lawsuit.

XRP price climbed to $0.5627 on Monday, yielding over 6% weekly gains for holders. SEC v. Ripple lawsuit’s remedies-related discovery phase is drawing to an end on February 20. Ripple whales have consistently accumulated in the past month; retail investors and small wallet holders shed their XRP holdings. XRP price was $0.5593 on Monday, the altcoin has yielded nearly 6% weekly gains for XRP holders in the past week. The Securities and Exchange Commission (SEC) lawsuit against Ripple has a key deadline on February 20 and it will enter a new phase, with the end of remedies-related discovery, a phase in which there is a formal exchange of information.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5458 | Positive Crossover | Bullish
  • MA 20 : 0.5387 | Positive Crossover | Bullish
  • MA 50 : 0.5494 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5437 | Positive Crossover | Bullish
  • MA 20 : 0.5272 | Positive Crossover | Bullish
  • MA 50 : 0.5472 | Positive Crossover | Bullish

RSI (Relative Strength Index): 58.8877 | Buy Zone | Bullish

Stochastic   Oscillator : 70.2701 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6025 R2 : 0.6391
  • S1 : 0.4840 S2 : 0.4474

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 0.52 | Take Profit: 0.58 | Stop Loss: 0.50

CHAINLINK

Chainlink’s large wallet holders pull $216 million worth of LINK out of exchanges, fuel gains.

Chainlink has observed accumulation by large wallet investors and entities. LINK’s large wallet holders are pulling their holdings off exchanges, reducing the altcoin’s circulating supply. LINK price climbed nearly 5% in the past week, the altcoin could revisit its 2024 high. Chainlink has noted accumulation by entities and holders in the past two weeks. The altcoin recently rallied to a peak of $20.85 on February 12.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 19.6581 | Positive Crossover | Bullish
  • MA 20 : 18.8176 | Positive Crossover | Bullish
  • MA 50 : 17.1247 | Positive Crossover | Bullish

Simple :

  • MA 10 : 19.9359 | Negative Crossover | Bearish
  • MA 20 : 18.9243 | Positive Crossover | Bullish
  • MA 50 : 16.3660 | Positive Crossover | Bullish

RSI (Relative Strength Index): 62.8474 | Buy Zone | Bullish

Stochastic   Oscillator : 71.8731 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 16.3953 R2 : 17.4158
  • S1 : 13.0919 S2 : 12.0715

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 18.92 | Take Profit: 20.76 | Stop Loss: 17.84

Elsewhere In The Crypto Market

Bitcoin is up (0.21%) at 52,238, Ethereum is up (0.79%) at 2,903.5, Litecoin is down (0.4%) at 70.57, Solana is down (0.9%) at 111.52, Dogecoin is up (1.02%) at 0.086.

Key Economic Events & Data Release Today:

(AUD) RBA Meeting Minutes at 19:30. (CNY) PBoC Loan Prime Rate (Feb) Forecast 3.45%, Previous 3.45% at 20:45.