. Daily Crypto Analysis - Bitcoin to $45K, Ethereum $3K, XRP Struggles.

Daily Crypto Analysis – Bitcoin to $45K, Ethereum $3K, XRP Struggles.

Daily Crypto Analysis – Bitcoin to $45K, Ethereum $3K, XRP Struggles.

08 Jan 2024

Introduction 

In the crypto landscape, Bitcoin’s price may surge to $45,000 this week if the SEC approves BTC Spot ETFs. Ethereum (ETH) eyes a recovery to $3,000, supported by whale transactions and bullish on-chain metrics. Litecoin (LTC) faces a potential 10% slide before finding support, struggling amid market dynamics. XRP price hits two-month lows despite Grayscale’s Ripple (XRP) inclusion in its Digital Large Cap Fund, with expectations of a bullish 2024 for XRP following Grayscale’s rebalancing decisions. 

Markets In Focus Today – BITCOIN

Bitcoin price could hit $45,000 as early as this week with likely BTC Spot ETF approval by SEC.  

Bitcoin Spot ETF could launch as early as the day following SEC key vote on pending application decisions. The SEC needs to grant two sets of approvals, 19b-4s and S-1s filed by Spot Bitcoin ETF applicants. Bitcoin price eyes recovery to the psychologically important $45,000 level. Bitcoin Spot ETFs are likely to receive the US financial regulatory approval as early as this week, according to a Bloomberg report. BTC holders are awaiting the Securities and Exchange Commission (SEC) greenlight on the securities product with the upcoming deadline on January 10. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 43840.48 | Positive Crossover | Bullish 
  • MA 20 : 43421.32 | Positive Crossover | Bullish 
  • MA 50 : 41435.89 | Positive Crossover | Bullish 
  • Simple :
  • MA 10 : 43780.61 | Positive Crossover | Bullish 
  • MA 20 : 43574.29 | Positive Crossover | Bullish 
  • MA 50 : 41711.68 | Positive Crossover | Bullish 

RSI (Relative Strength Index) : 56.49 | Buy Zone | Bullish 

Stochastic   Oscillator : 58.76 | Buy Zone | Neutral 

Resistance   And Support Levels :  

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

Overall Sentiment : Bullish Market Direction : Buy  

Trade Suggestion : Limit Buy : 44216.11 | Take Profit : 45921.15 | Stop Loss : 43213.14 

ETHEREUM

Ethereum price could target $3,000 with ETH whales buying the dip.  

Ethereum price has shown interest in a recovery rally, trading around $2,244. A spike in whale transaction count suggests investors could be buying the dip. On-chain metrics hint at little to no resistance up to $2,800. Ethereum (ETH) price is attempting a recovery bounce that could kick start a run-up to new yearly highs. Supporting on-chain and technical indicators add credence to this bullish ETH outlook. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2259.81 | Negative Crossover | Bearish 
  • MA 20 : 2263.28 | Negative Crossover | Bearish 
  • MA 50 : 2192.46 | Positive Crossover | Bullish 
  • Simple :
  • MA 10 : 2272.21 | Negative Crossover | Bearish 
  • MA 20 : 2280.12 | Negative Crossover | Bearish 
  • MA 50 : 2214.85 | Positive Crossover | Bullish 

RSI (Relative Strength Index) : 47.34 | Buy Zone | Bullish 

Stochastic   Oscillator : 33.29 | Sell Zone | Neutral 

Resistance   And Support Levels :  

  • R1 : 2410.75 R2 : 2505.13 
  • S1 : 2105.19 S2 : 2010.81 

Overall Sentiment : Neutral Market Direction : Sell  

Trade Suggestion : Stop Sell : 2188.03 | Take Profit : 2051.57 | Stop Loss : 2292.00 

LITECOIN

Litecoin price has a long way to go before LTC attempts to tag $85.  

Litecoin price is likely to slide 10% before holders can consider accumulating. A sweep of the range low at $56 will be the first sign that LTC is forming a bottom. Litecoin (LTC) price has not shown strength after the January 3 crash, indicating that investors are engrossed in the newer coins. If the crypto market continues to move sideways, LTC is likely going to slide lower before any buyers show up. Litecoin price created a range, extending from $56 to $115, as it crashed 51% between July 3, 2023, and August 17, 2023. Since then, LTC has hardly recovered and has largely traded below the midpoint at $85. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67.58 | Negative Crossover | Bearish 
  • MA 20 : 69.53 | Negative Crossover | Bearish 
  • MA 50 : 70.66 | Negative Crossover | Bearish 
  • Simple :
  • MA 10 : 68.55 | Negative Crossover | Bearish 
  • MA 20 : 70.75 | Negative Crossover | Bearish 
  • MA 50 : 71.38 | Negative Crossover | Bearish 

RSI (Relative Strength Index) : 34.18 | Sell Zone | Bearish 

Stochastic   Oscillator : 33.18 | Sell Zone | Negative 

Resistance   And Support Levels :  

  • R1 : 77.87 R2 : 80.60 
  • S1 : 69.02 S2 : 66.29 

Overall Sentiment : Bearish Market Direction : Sell  

Trade Suggestion : Stop Sell : 63.81 | Take Profit : 59.77 | Stop Loss : 66.57 

RIPPLE

XRP price falls to two-month lows despite Grayscale adding Ripple to its Digital Large Cap Fund.  

XRP price has been witnessing bearish sentiment for the past four days following a near 20% crash. Grayscale announced that it would be removing Polygon (MATIC) from its Digital Large Cap Fund (GDLC). XRP price is expected to witness a bullish 2024 following a positive end to 2023, and Grayscale might fuel this fire. The worlds largest digital asset manager announced the rebalancing of its Digital Large Cap Fund (GDLC), making crucial inclusions and omissions to major cryptocurrencies. Grayscale, in a press release on Friday, announced that it would be removing Polygon (MATIC) and adding Ripple (XRP) and Avalanche (AVAX) to its Digital Large Cap Fund (GDLC). 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.58 | Negative Crossover | Bearish 
  • MA 20 : 0.60 | Negative Crossover | Bearish 
  • MA 50 : 0.61 | Negative Crossover | Bearish 
  • Simple :
  • MA 10 : 0.59 | Negative Crossover | Bearish 
  • MA 20 : 0.61 | Negative Crossover | Bearish 
  • MA 50 : 0.62 | Negative Crossover | Bearish 

RSI (Relative Strength Index) : 33.83 | Sell Zone | Bearish 

Stochastic   Oscillator : 35.37 | Sell Zone | Negative 

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 : 0.53 | Take Profit : 0.48 | Stop Loss : 0.56 

Elsewhere In The Crypto Market

Bitcoin up (0.51%) at 43,090, Ethereum up (0.89%) at 2,230.3, Litecoin down (2.08%) at 63.00, Solana down (3.09%) at 90.33, Doge coin down at (2.66%) at 0.77 as of writing time. 

Key Economic Events & Data Release Today:

(CHF) Retail Sales (YoY) (Nov) Actual 0.7%, Forecast 0.0%, Previous 0.1% at 13:00.

(EUR) Retail Sales (MoM) (Nov) Forecast 0.3%, Previous 0.1% at 15:30.

(EUR) Unemployment Rate (Nov) Previous 6.5% at 15:30.