. Daily Crypto Analysis - Bitcoin Tests $59k Amid Fed Fears, Ripple Enters Japan.

Daily Crypto Analysis – Bitcoin Tests $59k Amid Fed Fears, Ripple Enters Japan.

Daily Crypto Analysis – Bitcoin Tests $59k Amid Fed Fears, Ripple Enters Japan.

01 May 2024

Introduction

Bitcoin faces downward pressure, testing $59k amidst apprehensions over the Federal Reserve’s stance. As traders lean towards the dollar ahead of the Fed meeting, recent data revealing continuous outflows from Bitcoin investment products, alongside waning enthusiasm for new spot crypto ETFs in Hong Kong, adds to the bearish sentiment. Meanwhile, Ripple’s XRP Ledger enters the Japanese market with a partnership with HashKey DX, while Ethereum struggles post-Hong Kong ETF disappointment. Cardano experiences a surge in whale transactions, suggesting potential market sentiment shifts despite its declining market cap.

Markets In Focus Today – BITCOIN

Bitcoin price today tests $59k amid Fed fears, waning ETF cheer.

Bitcoin price fell further on Wednesday, briefly slipping below key support levels as anticipation of a Federal Reserve meeting kept traders averse to speculative assets such as cryptocurrencies. Recent data showing sustained outflows from Bitcoin investment products, particularly exchange-traded funds (ETFs), also weighed on sentiment, while the launch of new spot crypto ETFs in Hong Kong offered little cheer. Bitcoin fell 5% in the past 24 hours. Traders were largely biased towards the dollar before the conclusion of a Federal Reserve meeting on Wednesday, where the central bank is widely expected to keep rates steady. But Chair Jerome Powell is likely to strike a hawkish chord, especially in the wake of several hotter-than-expected inflation readings.Higher-for-longer U.S. interest rates bode poorly for Bitcoin and the broader crypto industry, given that the space usually thrives in a low-rate, high-liquidity environment.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62477.3967 | Negative Crossover | Bearish
  • MA 20 : 63943.5553 | Negative Crossover | Bearish
  • MA 50 : 64159.6283 | Negative Crossover | Bearish

Simple :

  • MA 10 : 63451.4400 | Negative Crossover | Bearish
  • MA 20 : 63962.3700 | Negative Crossover | Bearish
  • MA 50 : 66683.4790 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 30.9215 | Sell Zone | Bearish

Stochastic   Oscillator : 27.2568 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 69264.5770 R2 : 72490.2463
  • S1 : 58822.1563 S2 : 55596.4870

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 58989.24 | Take Profit : 55707.62 | Stop Loss : 61655.56

RIPPLE

Ripple XRP Ledger partners with HashKey DX to enter the Japanese market, XRP hovers around key support.

Ripple announced its partnership with Tokyo-based Hashkey DX to bring XRP Ledger to Japan. XRP holders digest the news of Ripple’s foray into Japan, and SEC response from April 29. XRP hovers around key support at $0.50, early on Wednesday. Ripple (XRP) sustained above $0.50, a key support level, on Wednesday. XRP price is down nearly 6% in the past ten days. The altcoin is in a confirmed downward trend, and wiped out all gains since February. XRP holders are currently digesting the Securities and Exchange Commission (SEC) response filing to Ripple’s motion to strike expert testimony. Ripple announced its partnership with HashKey DX, a Tokyo-based consulting company, to bring XRP Ledger to the Japanese market.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5133 | Negative Crossover | Bearish
  • MA 20 : 0.5273 | Negative Crossover | Bearish
  • MA 50 : 0.5555 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5213 | Negative Crossover | Bearish
  • MA 20 : 0.5147 | Negative Crossover | Bearish
  • MA 50 : 0.5768 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 35.6383 | Sell Zone | Bearish

Stochastic   Oscillator : 32.6302 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.6057 R2 : 0.6559
  • S1 : 0.4429 S2 : 0.3927

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.494 | Take Profit : 0.423 | Stop Loss : 0.550

ETHEREUM

Ethereum dips below key level as Hong Kong ETFs underperform.

While a few whales are dumping ETH following its recent price decline, exchange supply data shows most investors are bullish.Hong Kong spot Bitcoin and Ethereum ETFs underperform issuers’ expectations on the first day of trading.Ethereum liquidations have exceeded those of Bitcoin.Ethereum (ETH) experienced a further decline on Tuesday following a disappointing first-day trading volume for Hong Kong’s spot Bitcoin and ETH ETFs. This comes off the back of increased long liquidations and mixed whale activity surrounding the top altcoin. Ethereum’s decline has triggered increased long liquidations in the past 24 hours. The market decline is hitting hard on ETH long traders, who have experienced $73.62 million in liquidations.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3111.5182 | Negative Crossover | Bearish
  • MA 20 : 3169.9591 | Negative Crossover | Bearish
  • MA 50 : 3236.7268 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3147.7920 | Negative Crossover | Bearish
  • MA 20 : 3124.7820 | Negative Crossover | Bearish
  • MA 50 : 3356.2120 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 35.2377 | Sell Zone | Bearish

Stochastic   Oscillator : 37.3294 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3532.7007 R2 : 3736.6826
  • S1 : 2872.3526 S2 : 2668.3707

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 2928.68 | Take Profit : 2655.18 | Stop Loss : 3119.50

CARDANO

The increase in large transactions signifies heightened interest and activity among largest ADA holders.

Cardano (ADA) witnessed a significant surge in whale transactions exceeding $100K in past week. The transactions on that day amounted to 1,776, marking the highest daily count since November 8th, 2023. Historically, such spikes in whale activity have correlated with potential price reversals, indicating possible shifts in market sentiment. However, this hasn’t been the case so far as the market has bled out. According to Santiment’s latest analysis, this increase in large transactions suggests heightened interest and activity among influential investors. Additionally, Cardano’s market cap has seen a notable decrease of 43% since March 13th, indicating a noteworthy decline in its valuation over the past few weeks.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4610 | Negative Crossover | Bearish
  • MA 20 : 0.4849 | Negative Crossover | Bearish
  • MA 50 : 0.5383 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4680 | Negative Crossover | Bearish
  • MA 20 : 0.4698 | Negative Crossover | Bearish
  • MA 50 : 0.5687 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 31.9156 | Sell Zone | Bearish

Stochastic   Oscillator : 20.6445 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.5939 R2 : 0.6531
  • S1 : 0.4021 S2 : 0.3429

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.445 | Take Profit : 0.378 | Stop Loss : 0.491

Elsewhere In The Crypto Market

Bitcoin down (6.23%) at 56,872, Ethereum down (4.93%) at 2863.4, Litecoin down (4.09%) at 76.15, Solana down (4.63%) at 120.86, Dogecoin down (6.87%) at 0.124.

Key Economic Events & Data Release Today:

(NZD) Employment Change (QoQ) (Q1) Forecast 0.3%, Previous 0.4% at 04:14. (NZD) RBNZ Gov Orr Speaks at 04:30. (GBP) Manufacturing PMI (Apr) Forecast 48.7%, Previous 50.3% at 14:00. (USD) ADP Nonfarm Employment Change (Apr) Forecast 179K, Previous 184K at 17:45. (USD) ISM Manufacturing PMI (Apr) Forecast 50.0, Previous 50.3 at 19:30. (USD) JoLTs Job Openings (Mar) Forecast 8.680M, Previous 8.756M at 19:30. (USD) FOMC Statement at 23:30.