. Daily Crypto Analysis - Litecoin Falls, Bitcoin Drama, XRP Crisis, Ethereum Strong.

Daily Crypto Analysis – Litecoin Falls, Bitcoin Drama, XRP Crisis, Ethereum Strong.

Daily Crypto Analysis – Litecoin Falls, Bitcoin Drama, XRP Crisis, Ethereum Strong.

04 Jan 2024

Introduction:

The realm of cryptocurrencies, including Litecoin and Bitcoin, witness market movements with Litecoin facing a substantial 12% drop, while Bitcoin’s potential bullish divergence hints at an imminent rally. The crypto landscape remains dynamic, with XRP experiencing a notable decline and Ethereum steadily approaching a crucial resistance level at $2,400.

Litecoin:

Cryptocurrency Litecoin experiences a decline of over 12% within 24 hours.

Litecoin initiated a new decline after encountering resistance around the $78.00 zone against the US Dollar.

In the last 24 hours, the price of Litecoin (CRYPTO: LTC) has dropped by 12.48% to reach $64.13. This extends its downward trajectory over the past week, marking a 14.0% loss from $75.47 to its current value.

In recent sessions, Bitcoin, Ethereum, Ripple, and Litecoin all experienced a significant downturn against the US Dollar. Previously, Litecoin faced challenges in surpassing the $78.00 resistance level, leading to a new decline.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 66.88 | Negative Crossover | Bearish
  • MA 20: 72.17| Negative Crossover | Bearish
  • MA 50: 72.24| Negative Crossover | Bearish

Simple:

  • MA 5: 66.77 | Negative Crossover | Bearish
  • MA 20: 72.16| Negative Crossover | Bearish
  • MA 50: 72.44| Negative Crossover | Bearish

RSI (Relative Strength Index): 29.42| Sell Zone |Bearish

Stochastic Oscillator: 12.69| Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 67.39| R2: 70.68
  • S1: 64.78| S2: 59.62

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 63.33 | Take Profit: 59.65 | Stop Loss: 66.03.

Bitcoin:

Bitcoin’s price deviation implies an imminent rally, with reports contradicting the rejection of a spot Bitcoin exchange-traded fund (ETF).

The Bitcoin price displays a potential bullish divergence, indicating that the 6% decline witnessed during the day might be poised for a reversal.

On Thursday, the price of Bitcoin experienced a decline, causing a dip across the entire cryptocurrency market. The abrupt drop in value was a response fuelled by investor panic triggered by the emergence of a report from Matrix port.

Initially adopting a pessimistic viewpoint on Bitcoin’s price and ETF approval, the publication later reversed its stance, asserting that BTC was on its way to reaching $50,000.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 43330.49 | Negative Crossover | Bearish
  • MA 20: 43138.25| Negative Crossover | Bearish
  • MA 50: 43230.66| Negative Crossover | Bearish

Simple:

  • MA 5: 43372.2 | Negative Crossover | Bearish
  • MA 20: 43139.2| Negative Crossover | Bearish
  • MA 50: 43231.18| Negative Crossover | Bearish

RSI (Relative Strength Index): 44.45| Neutral Zone |Bearish

Stochastic Oscillator: 18.26| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 43436.80| R2: 45199.50
  • S1: 42555.45| S2: 41002.60

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion:  Stop Sell: 42135.76 | Take Profit: 41002.60 | Stop Loss: 42975.14.

Elsewhere In the Crypto Market

XRP experienced an almost 20% decline, despite not having previously participated in the market’s upward movement. Ethereum is demonstrating consistent performance in the market, nearing a crucial resistance level of around $2,400.

Bitcoin is up (0.51%) at 43,090, Ethereum is up (0.89%) at 2,230.3, Litecoin is down (11.09%) at 65.16, Solana is down (9.23%) at 98.71, Dogecoin down at (10.29%) at 0.82 as of writing time.

Key Economic Events & Data Release Today:

(USD) FOMC Meeting Minutes at 00:30.

(EUR) German CPI (MoM) (Dec) Forecast 0.1%, Previous –0.4% at 18:30.

(USD) ADP Nonfarm Employment Change (Dec) Forecast 115K, Previous 103K at 18:45.

(USD) Initial Jobless Claims Forecast 216K, Previous 218K at 19:00.

(USD) Crude Oil Inventories Forecast –3.200M, Previous –7.114M at 21:30.