. Daily Crypto Analysis - Cryptos plummet, $660M loss, regulation fears.

Daily Crypto Analysis – Cryptos plummet, $660M loss, regulation fears.

Daily Crypto Analysis – Cryptos plummet, $660M loss, regulation fears.

15 Mar 2024

Introduction

Bitcoin’s correction deepens in the Asian session, with liquidations doubling to $660 million. The cryptocurrency plunged 7.53% in 24 hours to $67,788. Massive liquidations follow, with Coinglass data revealing $657.18 million in positions facing liquidation, notably a $13.3 million order . Litecoin also suffers a significant 10.27% drop, while XRP faces regulatory uncertainty amidst the SEC’s Ripple lawsuit. Meanwhile, Ethereum struggles around $3,500 support after failing to hold above $4,000.

Markets In Focus Today – BITCOIN

Bitcoin extends its correction to Asian session, liquidations more than double to $660 million.

Bitcoin price crashed 7.53% in the past 24 hours and currently trades at $67,788.Coinglass data shows that this BTC move has triggered $657.18 million worth of position to face liquidation. The single largest liquidation order occurred on OKX exchange for the BTC -USDT-SWAP worth $13.3002 million. Bitcoin (BTC) hit an all-time high on March 14 and has been trending lower ever since. Recently, BTC underwent a sudden selling pressure that has caused massive market-wide liquidations. Bitcoin volatility resulted in long liquidations worth $522.18 million in the past 24 hours. While BTC still has the potential to trade higher in the coming weeks, these liquidations serve as a sobering reminder to temper overconfidence in the market.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68785.5938 | Negative Crossover | Bearish
  • MA 20 : 65157.5176 | Positive Crossover | Bullish
  • MA 50 : 57293.1486 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69409.9430 | Negative Crossover | Bearish
  • MA 20 : 65008.0200 | Positive Crossover | Bullish
  • MA 50 : 54289.9720 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 61.3669 | Buy Zone | Bullish

Stochastic   Oscillator : 81.6247 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 64016.7673 R2 : 69244.2994
  • S1 : 47093.7394 S2 : 41866.2073

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 63298.31 | Take Profit : 69081.10 | Stop Loss : 59730.20

Litecoin

Litecoin Falls 10% In Selloff.

Litecoin down 10.27% on the day on Friday, It is the largest one-day percentage loss since January 3.The move downwards pushed Litecoin’s market cap down to $6.545B, or 0.25% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B.Over the past seven days, Litecoin has seen a stagnation in value, as it only moved 1.11%. The volume of Litecoin traded in the twenty-four hours to time of writing was $1.021B or 0.51% of the total volume of all cryptocurrencies. It has traded in a range of $83.7967 to $105.6173 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 91.3492 | Negative Crossover | Bearish
  • MA 20 : 87.2051 | Negative Crossover | Bearish
  • MA 50 : 79.7987 | Positive Crossover | Bullish

Simple :

  • MA 10 : 92.0134 | Negative Crossover | Bearish
  • MA 20 : 86.5854 | Negative Crossover | Bearish
  • MA 50 : 76.1668 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 52.0430 | Buy Zone | Bullish

Stochastic   Oscillator : 0.78 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 84.1465 R2 : 88.6554
  • S1 : 69.5501 S2 : 65.0412

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 87.08 | Take Profit : 79.44 | Stop Loss : 92.44

RIPPLE

XRP looks set for weekly gains despite recent sweep of $0.61 low.

XRP price slid to $0.61 on Friday, extending a week-long correction after Monday’s surge. The Harvard Law School discussed the SEC’s enforcement in 2023 and highlighted the regulator’s high-profile loss in the Ripple lawsuit. The opening brief deadline for the regulator is March 22. XRP price is down nearly 5% on Friday, extending a week-long correction since hitting its year-to-date high at $0.7440 on Monday. The altcoin’s price decline follows a broader retreat in cryptocurrency markets as XRP traders brace for an important deadline in the the Securities and Exchange Commission’s (SEC) lawsuit against Ripple on March 22, when the regulator is set to file their remedies-related opening brief.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6472 | Negative Crossover | Bearish
  • MA 20 : 0.6257 | Negative Crossover | Bearish
  • MA 50 : 0.5931 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6477 | Negative Crossover | Bearish
  • MA 20 : 0.6216 | Negative Crossover | Bearish
  • MA 50 : 0.5669 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 50.7750 | Buy Zone | Bullish

Stochastic   Oscillator : 57.9969 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.6191 R2 : 0.6510
  • S1 : 0.5157 S2 : 0.4838

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 0.62 | Take Profit : 0.57 | Stop Loss : 0.65

ETHEREUM

Ethereum Price Takes Hit.

Ethereum price is declining from the $4,080 zone. ETH is now approaching a major support at $3,500 where the bulls might take a stand. Ethereum price failed to stay above the $4,000 resistance zone and started a downside correction, like Bitcoin. ETH declined below the $3,920 and $3,850 support levels to enter a short-term bearish zone.It even spiked below the $3,680 support zone. A low was formed at $3,625 and the price is now consolidating losses.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3810.1665 | Negative Crossover | Bearish
  • MA 20 : 3627.2521 | Positive Crossover | Bullish
  • MA 50 : 3182.7518 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3894.5490 | Negative Crossover | Bearish
  • MA 20 : 3637.1215 | Positive Crossover | Bullish
  • MA 50 : 2997.5714 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 56.2712 | Buy Zone | Bullish

Stochastic   Oscillator : 70.7757 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 3525.8049 R2 : 3828.1351
  • S1 : 2547.0751 S2 : 2244.7449

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 3471.56 | Take Profit : 3761.66 | Stop Loss : 3291.96

Elsewhere In The Commodity Market

Bitcoin down (5.26%) at 67,538, Ethereum down (5.41%) at 3,671.9, Litecoin down (7.11%) at 87.40, Solana down (2.44%) at 172.44, Doge coin down (9.11%) at 0.160.

Key Economic Events & Data Release Today:

(CAD) Housing Starts (Feb) Forecast 227.0K, Previous 223.6K at 08:15. (CAD) Wholesale Sales (MoM) (Jan) Forecast –0.6%, Previous 0.3% at 08:30.