. Daily Crypto Analysis - Bitcoin's comeback, Ethereum loss, XRP battle, Chainlink slide.

Daily Crypto Analysis – Bitcoin’s comeback, Ethereum loss, XRP battle, Chainlink slide.

Daily Crypto Analysis – Bitcoin’s comeback, Ethereum loss, XRP battle, Chainlink slide.

25 Jan 2024

Introduction

Bitcoin aims for a resurgence above $40,000, leaving traders uncertain about its next move after a recent correction. Long-term Bitcoin holders transferred over $430 million to exchanges during the dip below $39,000. Ethereum faces a grim narrative, erasing all gains and highlighting vulnerability in the market. XRP engages in a fierce battle, holding above the crucial 200-day EMA at $0.55. Chainlink records a 3.87% decline to $13.80 within 24 hours, maintaining an average risk assessment based on price, volume, and market cap changes.

Markets In Focus Today – BITCOIN

Bitcoin price eyes comeback above $40,000, traders unsure of where BTC is headed next.

Bitcoin price made a comeback above $40,000 on Thursday, eyeing gains after the recent correction. Bitcoin’s long-term holders sent over $430 million in Bitcoin to exchanges as BTC dipped below $39,000. Bitcoin price suffered a setback after hitting its two-year high of $48,989 on January 11. The asset dropped to its 2024 low of $38,555 on Tuesday before beginning its recovery to the psychologically important level of $40,000. The approval of Bitcoin Spot ETFs by the Securities and Exchange Commission (SEC), ushered a volatility in crypto prices, and divided traders on their sentiment on BTC.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 41079.58 | Negative Crossover | Bearish
  • MA 20 : 41970.96 | Negative Crossover | Bearish
  • MA 50 : 41811.60 | Negative Crossover | Bearish

Simple :

  • MA 10 : 41202.25 | Negative Crossover | Bearish
  • MA 20 : 42838.70 | Negative Crossover | Bearish
  • MA 50 : 43009.09 | Negative Crossover | Bearish

RSI (Relative Strength Index): 38.68 | Sell Zone | Bearish

Stochastic   Oscillator : 15.73 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 44312.50 R2 : 45985.97
  • S1 : 38894.98 S2 : 37221.51

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 41074.25 | Take Profit: 38297.2 | Stop Loss: 42899.03

ETHEREUM

Ethereum (ETH) Loses All of Its Gains.

Ethereum has wiped out the gains it had accumulated over a sustained period. The ETH/USD price chart depicts a grim narrative as the digital asset has swiftly descended from its peak, retracing back to levels that question the sustainability of its prior growth. The steep decline in Ethereum’s price is a significant bearish signal. It reflects the market’s hesitancy to invest at previous highs, most likely due to the underperformance Ethereum has shown in the recent past. This lack of traction and inability to initiate a recovery underscores the vulnerability of Ethereum’s price in the current market climate.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2353.01 | Negative Crossover | Bearish
  • MA 20 : 2379.17 | Negative Crossover | Bearish
  • MA 50 : 2312.94 | Negative Crossover | Bearish

Simple :

  • MA 10 : 2402.64 | Negative Crossover | Bearish
  • MA 20 : 2422.75 | Negative Crossover | Bearish
  • MA 50 : 2336.48 | Negative Crossover | Bearish

RSI (Relative Strength Index): 39.83 | Sell Zone | Bearish

Stochastic   Oscillator : 12.72 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 2411.05 R2 : 2505.56
  • S1 : 2105.10 S2 : 2010.59

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 2260.87 | Take Profit: 2106.80 | Stop Loss: 2373.30

RIPPLE

XRP is currently locked in a fierce struggle with bearish forces.

XRP is currently holding above the crucial 200-day EMA, a level that has morphed into a dynamic support line. This pivotal line, sitting approximately at $0.55, is now the battleground where XRP’s short-term destiny is being contested. In recent days, XRP’s price action has been characterized by its struggle to overcome a series of local resistance levels. A notable rejection was faced around the $0.63 mark, which has added to the narrative of an asset under pressure. Despite these rejections, the asset’s ability to stay afloat above the 200-day EMA suggests underlying strength and potential for growth.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.54 | Negative Crossover | Bearish
  • MA 20 : 0.56 | Negative Crossover | Bearish
  • MA 50 : 0.58 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.54 | Negative Crossover | Bearish
  • MA 20 : 0.56 | Negative Crossover | Bearish
  • MA 50 : 0.60 | Negative Crossover | Bearish

RSI (Relative Strength Index): 30.03 | Sell Zone | Bearish

Stochastic   Oscillator : 16.75 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.68 R2 : 0.71
  • S1 : 0.59 S2 : 0.56

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.52 | Take Profit: 0.48 | Stop Loss: 0.54

CHAINLINK

Chainlink Down More Than 3% Within 24 hours.

Chainlink’s price has decreased 3.87% over the past 24 hours to $13.80, continuing its downward trend over the past week of -3.0%, moving from $15.34 to its current price. The trading volume for the coin has fallen 13.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has decreased 0.84%. This brings the circulating supply to 568.10 million, which makes up an estimated 56.81% of its max supply of 1.00 billion. The price movement relative to the changes in volume and market cap recently gives LINK an average risk assessment.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.66 | Negative Crossover | Bearish
  • MA 20 : 14.76 | Negative Crossover | Bearish
  • MA 50 : 14.61 | Negative Crossover | Bearish

Simple :

  • MA 10 : 14.99 | Negative Crossover | Bearish
  • MA 20 : 14.64 | Negative Crossover | Bearish
  • MA 50 : 14.95 | Negative Crossover | Bearish

RSI (Relative Strength Index): 43.14 | Neutral Zone | Neutral

Stochastic   Oscillator : 18.99 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 16.96 R2 : 17.91
  • S1 : 13.87 S2 : 12.92

Overall Sentiment : Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 13.65 | Take Profit: 11.69 | Stop Loss: 15.16

Elsewhere In The Crypto Market

Bitcoin is up (0.32%) at 39,999, Ethereum is down (0.16%) at 2,237.4, Litecoin is down (0.21%) at 65.62, Solana is up (1.54%) at 87.37, Dogecoin is down (2.56%) at 0.077.

Key Economic Events & Data Release Today:

(EUR) German Ifo Business Climate Index (Jan) Forecast 86.7, Previous 86.4 at 14:30. (EUR) ECB Interest Rate Decision (Jan) Forecast 4.50%, Previous 4.50% at 18:45. (ECB) ECB Monetary Policy Statement at 18:45. (USD) Building Permits Forecast 1.495M, Previous 1.467M at 19:00. (USD) Initial Jobless Claims Forecast 200K, Previous 187K at 19:00. (USD) GDP (QoQ) (Q4) Forecast 2.0%, Previous 4.9% at 19:00. (EUR) ECB President Lagarde Speaks at 21:30.