. Daily Crypto Analysis - Cryptos face turmoil amid global uncertainties.

Daily Crypto Analysis – Cryptos face turmoil amid global uncertainties.

Daily Crypto Analysis – Cryptos face turmoil amid global uncertainties.

19 Apr 2024

Introduction

Bitcoin tests $59k amid escalating tensions between Iran and Israel, rebounding marginally from a dip below key support levels. Investor sentiment wavers amidst geopolitical concerns, while anticipation builds for the impending halving event. Ethereum’s drop below $3,000 reflects uncertainty among investors, while XRP remains stagnant below $0.50 amidst legal battles with the SEC. Litecoin struggles below $90 as bears exert control, signaling a potential downtrend continuation.

Markets In Focus Today – BITCOIN

Bitcoin price today: tests $59k amid Iran-Israel escalation.

Bitcoin price rose marginally on Friday, recovering from an earlier drop below key support levels as risk appetite was battered by reports of an Israeli strike against Iran, while focus also remained on the upcoming halving event. Bitcoin falls below $60k after Israel strike, recovers Bitcoin’s fall below $60,000- which is considered a key support level for the cryptocurrency, signaled that risk appetite, especially towards crypto markets, remained fragile. Focus was now on the upcoming halving event, which is expected to take place with the generation of block no. 840,000 on the Bitcoin blockchain. The event is expected to take place over the weekend. Broader cryptocurrency prices were fragile as risk appetite remained weak.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 64973.6524 | Negative Crossover | Bearish
  • MA 20 : 66164.6103 | Negative Crossover | Bearish
  • MA 50 : 64603.2157 | Negative Crossover | Bearish

Simple :

  • MA 10 : 65482.8310 | Negative Crossover | Bearish
  • MA 20 : 67151.7595 | Negative Crossover | Bearish
  • MA 50 : 67418.0306 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 44.4203 | Neutral Zone | Neutral

Stochastic   Oscillator : 25.0304 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 73797.1717 R2 : 77652.5149
  • S1 : 61316.3149 S2 : 57460.9717

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 65266.92 | Take Profit : 60591.47 | Stop Loss : 68711.99

ETHEREUM

Ethereum drops below $3,000.

Ethereum’s dip below $3,000 holds significance beyond just a numerical value—it reflects wavering confidence that had been driving prices upward. The substantial decline has stirred unease even among steadfast supporters, prompting concerns about future movements. If Ethereum fails to swiftly reclaim the $3,000 mark, there’s a possibility of further decline. However, with the halving looming, it’s premature to dismiss it entirely. A sudden influx of market inflows could favor bullish sentiment sooner than expected. Ethereum might undergo a period of sideways trading until the SEC’s decision on the Ethereum ETF.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3162.4563 | Negative Crossover | Bearish
  • MA 20 : 3265.5207 | Negative Crossover | Bearish
  • MA 50 : 3296.5014 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3179.9350 | Negative Crossover | Bearish
  • MA 20 : 3310.0155 | Negative Crossover | Bearish
  • MA 50 : 3500.3304 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.9948 | Sell Zone | Bearish

Stochastic   Oscillator : 21.4881 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 3993.1797 R2 : 4236.4036
  • S1 : 3205.7936 S2 : 2962.5697

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 3195.26 | Take Profit : 2912.06 | Stop Loss : 3395.57

RIPPLE

XRP extends consolidation around key $0.50 level for sixth consecutive day.

XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22. Ripple CEO Brad Garlinghouse commented on future plans and infrastructure growth in a Fox Business interview. Ripple (XRP) remains stuck below $0.50 after a weeklong attempt to break past this stick resistance. XRPLedger’s native token has traded sideways for the past six days, broadly ignoring the big swings seen in the main crypto assets, as traders remain focused on the developments surrounding the legal battle between the payment firm and the US Securities and Exchange Commission (SEC). Next week, Ripple is set to file its response to the SEC’s remedies-related opening brief, which argued for punitive penalties. On Thursday, Ripple CEO Brad Garlinghouse talked about the firm’s plans to bridge traditional finance to cryptocurrency.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5219 | Negative Crossover | Bearish
  • MA 20 : 0.5501 | Negative Crossover | Bearish
  • MA 50 : 0.5769 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5248 | Negative Crossover | Bearish
  • MA 20 : 0.5624 | Negative Crossover | Bearish
  • MA 50 : 0.6036 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 34.6223 | Sell Zone | Bearish

Stochastic   Oscillator : 32.8057 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.7187 R2 : 0.7666
  • S1 : 0.5637 S2 : 0.5158

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.50 | Take Profit : 0.44 | Stop Loss : 0.54

LITECOIN

Litecoin (LTC) Bears Take Control Below $90.

Litecoin started a fresh decline from the $105 resistance zone against the US Dollar.LTC price is now trading below $90 and the 55 simple moving average. Litecoin price is struggling below $90.00 against the US Dollar, like Bitcoin. LTC price could continue to decline if it stays below the $90.00 resistance zone.The price broke the $90 support zone to enter a bearish zone. The bears even pushed the price below the $85 support zone. The Litecoin price has experienced a notable decline of over 37.3% this month, following a local peak of around $113.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 84.1544 | Negative Crossover | Bearish
  • MA 20 : 88.0512 | Negative Crossover | Bearish
  • MA 50 : 87.9477 | Negative Crossover | Bearish

Simple :

  • MA 10 : 83.9028 | Negative Crossover | Bearish
  • MA 20 : 92.4272 | Negative Crossover | Bearish
  • MA 50 : 91.2537 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.8193 | Neutral Zone | Neutral

Stochastic   Oscillator : 28.5879 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 110.4129 R2 : 118.9395
  • S1 : 82.8099 S2 : 74.2833

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 86.67 | Take Profit : 76.19 | Stop Loss : 93.59

Elsewhere In The Crypto Market

Bitcoin up (1.66%) at 64530, Ethereum up (1.04%) at 3098.2, Litecoin up (0.07%) at 80.92, Solana down (0.53%) at 171.51, Dogecoin down (0.25%) at 0.151.

Key Economic Events & Data Release Today:

(GBP) Retail Sales (MoM) (Mar) Forecast –0.3%, Previous –0.0% at 11:30. (GBP) Core Retail Sales (MoM) (Mar) Previous 0.2% at 11:30