. Daily Crypto Analysis - Cryptos face turbulence, stay informed.

Daily Crypto Analysis – Cryptos face turbulence, stay informed.

Daily Crypto Analysis – Cryptos face turbulence, stay informed.

21 Feb 2024

Introduction

Bitcoin experiences a 2% slip, leading to liquidation of $160 million in long positions. As the flagship cryptocurrency faces potential bearish momentum, analysts anticipate a 10% drop to $47,445. Ripple CEO criticizes SEC’s consistent losses in the legal battle, asserting XRP’s resilience above $0.55. Ethereum breaches the $3,000 mark after 20 months, sparking speculation all season. Litecoin, however, has recorded a 3.17% decline in the last 24 hours, contrasting its recent positive trend.

Markets In Focus Today – BITCOIN

Bitcoin’s $160 million long positions liquidated as BTC slips 2%.

Bitcoin price’s horizontal consolidation is likely exhausted as the king of cryptocurrency leans south.BTC could make a 10% drop to the 61.8% Fibonacci level at $47,445 as bears gain ground. The bearish thesis will be invalidated if the price records a new local top above the $52,985 range high. Bitcoin’s (BTC) price has extended a leg south after trading within a range for days. While the move has harmed multiple traders, particularly the ones who had taken short positions, it is the first sign that the next directional bias may be finally ready to show.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 50920.9336 | Positive Crossover | Bullish
  • MA 20 : 48923.4118 | Positive Crossover | Bullish
  • MA 50 : 45813.5597 | Positive Crossover | Bullish

Simple :

  • MA 10 : 51525.5610 | Positive Crossover | Bullish
  • MA 20 : 48118.1760 | Positive Crossover | Bullish
  • MA 50 : 44975.0952 | Positive Crossover | Bullish

RSI (Relative Strength Index): 72.6212 | Buy Zone | Bullish

Stochastic   Oscillator : 89.2050 | 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: 50329.64 | Take Profit: 52949.61 | Stop Loss: 48932.32

RIPPLE

Ripple CEO slams SEC and says the regulator has lost consistently, XRP price sustains above $0.55.

Ripple CEO Brad Garlinghouse slammed the SEC’s lawsuit against the firm, in a recent interview with Bloomberg. Garlinghouse explains why Ripple has been forced to rely on court decisions for regulatory clarity and a potential XRP ETF. XRP price held steady above $0.55 on Wednesday, down 1% on the day. Ripple CEO Brad Garlingouse commented on the SEC v. Ripple lawsuit and a potential XRP ETF. The payment remittance firm recently acquired Standard Custody to venture into the crypto custodian business.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5490 | Negative Crossover | Bearish
  • MA 20 : 0.5418 | Positive Crossover | Bullish
  • MA 50 : 0.5500 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5500 | Negative Crossover | Bearish
  • MA 20 : 0.5325 | Positive Crossover | Bullish
  • MA 50 : 0.5444 | Positive Crossover | Bullish

RSI (Relative Strength Index): 52.8530 | Buy Zone | Bullish

Stochastic   Oscillator : 70.3748 | Buy Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.54 | Take Profit: 0.50 | Stop Loss: 0.56

ETHEREUM

Ethereum price scrapes the $3,000 psychological threshold after 20 months, inspiring conjecture on all season.

Ethereum price has tested the $3,000 psychological level, a threshold last hit in 2022.ETH could drop 10%, giving sidelined investors another entry before the next leg up. The bearish thesis will be invalidated if the PoS token records a higher high above the $3,004 peak. Ethereum’s (ETH) price has managed to test a crucial milestone for the first time in months, which is a remarkable show of strength considering Bitcoin’s (BTC) price has hinted at a fall. This means that Ether has managed to sidestep the BTC cue, causing markets to speculate on whether another alt season is underway.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2822.3315 | Positive Crossover | Bullish
  • MA 20 : 2684.2735 | Positive Crossover | Bullish
  • MA 50 : 2503.6494 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2828.0820 | Positive Crossover | Bullish
  • MA 20 : 2609.3815 | Positive Crossover | Bullish
  • MA 50 : 2468.3912 | Positive Crossover | Bullish

RSI (Relative Strength Index): 73.9004 | Buy Zone | Bullish

Stochastic   Oscillator : 92.6737 | 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: 2844.39 | Take Profit: 2993.68 | Stop Loss: 2764.28

LITECOIN

Cryptocurrency Litecoin Decreases More Than 3% Within 24 hours.

Over the past 24 hours, Litecoin’s (CRYPTO: LTC) price has fallen 3.17% to $68.93. This is opposite to its positive trend over the past week where it has experienced a 1.0% gain, moving from $68.39 to its current price. The trading volume for the coin has tumbled 19.0% over the past week along with the circulating supply of the coin, which has fallen 0.2%. This brings the circulating supply to 74.23 million, which makes up an estimated 88.37% of its max supply of 84.00 million.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 70.0240 | Negative Crossover | Bearish
  • MA 20 : 69.7787 | Negative Crossover | Bearish
  • MA 50 : 69.6587 | Negative Crossover | Bearish

Simple :

  • MA 10 : 70.2907 | Negative Crossover | Bearish
  • MA 20 : 69.7385 | Negative Crossover | Bearish
  • MA 50 : 68.8479 | Positive Crossover | Bullish

RSI (Relative Strength Index): 47.5995 | Buy Zone | Bullish

Stochastic   Oscillator : 41.2115 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 74.6421 R2 : 79.2101
  • S1 : 59.8539 S2 : 55.2859

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Buy: 68.90 | Take Profit: 64.02 | Stop Loss: 71.47

Elsewhere In The Crypto Market

Bitcoin is down (1.21%) at 51,640, Ethereum is down (2.27%) at 2,947.4, Litecoin is down (0.83%) at 69.08, Solana is down (3.82%) at 105.15, Dogecoin is down (2.43%) at 0.084.

Key Economic Events & Data Release Today:

(EUR) European Central Banking Non-monetary Policy Meeting at 03:00. (CAD) New Housing Price Index (MoM) (Jan) Forecast 0.1%, Previous 0.0% at 08:30. (USD) FOMC Meeting Minutes at 14:00.