. Daily Crypto Analysis - Navigate crypto's ups/downs with key insights.

Daily Crypto Analysis – Navigate crypto’s ups/downs with key insights.

Daily Crypto Analysis – Navigate crypto’s ups/downs with key insights.

20 Feb 2024

Introduction

Bitcoin faces a potential downside as it consolidates below the $52,768 level during the US holiday honoring President Washington. Analysts anticipate a 10% drop to $47,445, a critical Fibonacci level unless a new local top above $52,816 emerges. Ethereum, with 16% weekly gains, eyes a revisit to $2,800. XRP climbs to $0.5741 amid the SEC v. Ripple lawsuit’s remedies phase. Dogecoin (DOGE) rebounds as whale transactions surpass $1 billion, signaling renewed activity among major holders.

Markets In Focus Today – BITCOIN

Bitcoin price consolidation could precipitate a fall as US markets remember President Washington.

Bitcoin price has consolidated below the $52,768 roadblock for almost a week amid buyer momentum exhaustion. BTC could drop 10% to the most critical Fibonacci level, 61.8% at $47,445, a formidable blockade between January 8 -12. Invalidation of the bearish thesis will occur if the price records a new local top above the $52,816 range high. Bitcoin’s (BTC) price continues to trade horizontally, stepping into the week when the US market is in holiday spirits, commemorating some of the country’s founding fathers. There is a big chance that Bitcoin price could record a new all-time high soon, according to Lucas Outumuro, head of research at on-chain aggregator tool IntoTheBlock.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 50631.2192 | Positive Crossover | Bullish
  • MA 20 : 48570.2129 | Positive Crossover | Bullish
  • MA 50 : 45548.2421 | Positive Crossover | Bullish

Simple :

  • MA 10 : 51106.1800 | Positive Crossover | Bullish
  • MA 20 : 47656.7890 | Positive Crossover | Bullish
  • MA 50 : 44828.6652 | Positive Crossover | Bullish

RSI (Relative Strength Index): 75.0539 | Buy Zone | Bullish

Stochastic   Oscillator : 90.3352 | Buy Zone | Neutral

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: 50165.94 | Take Profit: 52736.02 | Stop Loss: 48910.79

ETHEREUM

Ethereum price is likely to revisit $2,800, a 5% fall that could trigger a cascade of losses.

Ethereum outperformed the largest cryptocurrency by market capitalization and yielded 16% weekly gains for traders. ETH price hit a peak of $2,931 on Monday as the altcoin rallied toward its $3,000 target. A move south could see the Ethereum price lose the immediate support at $2,874, potentially extending the fall to the $2,800 base, 5% below current levels. Ethereum beats Bitcoin with massive gains for holders. Ethereum and Bitcoin yielded 16% and 8.30% weekly gains for holders. ETH outperformed Bitcoin with nearly twice the weekly gains. Data from Coinglass shows that $20.06 million in short positions were liquidated in the past day while $24.15 million in Bitcoin shorts were liquidated.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2773.2082 | Positive Crossover | Bullish
  • MA 20 : 2645.3903 | Positive Crossover | Bullish
  • MA 50 : 2480.9283 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2772.3480 | Positive Crossover | Bullish
  • MA 20 : 2571.3075 | Positive Crossover | Bullish
  • MA 50 : 2454.2280 | Positive Crossover | Bullish

RSI (Relative Strength Index): 74.0456 | Buy Zone | Bullish

Stochastic   Oscillator : 92.6563 | 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: 2791.44 | Take Profit: 2963.79 | Stop Loss: 2707.09

RIPPLE

XRP price continues to ascend as the market braces for the SEC v. Ripple lawsuit’s latest developments.

,XRP price increases slightly on Tuesday February 20, climbing to $0.5741. The remedies phase of the SEC v. Ripple lawsuit begins on Wednesday and discovery is expected to end. New information in the SEC lawsuit could influence the outcome of the legal battle between the two parties. XRP price climbs to a high of $0.5741 on Tuesday, rallying towards its $0.60 target. The altcoin is in an uptrend, as the SEC v. Ripple lawsuit enters a new phase in its legal battle, known as “remedies”. The remedies phase could result in a declaratory judgment on the issue before the court, damadges being awarded and or sanctions being imposed.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5492 | Positive Crossover | Bullish
  • MA 20 : 0.5412 | Positive Crossover | Bullish
  • MA 50 : 0.5500 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5478 | Positive Crossover | Bullish
  • MA 20 : 0.5303 | Positive Crossover | Bullish
  • MA 50 : 0.5459 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.6839 | Buy Zone | Bullish

Stochastic   Oscillator : 76.3214 | Buy Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.54 | Take Profit: 0.61 | Stop Loss: 0.51

DOGECOIN

Dogecoin (DOGE) Rebound Triggered as Whales Drive $1 Billion Volume.

Dogecoin (DOGE) whale transaction volume shockingly crosses the $1 billion threshold amid a broader price rebound. Dogecoin (DOGE) has recovered from its prolonged decline in the last week, with a jump in trade volume topping $1 billion, owing primarily to the acts of large holders known as “whales.” The number of large transactions, defined as transactions exceeding $100,000, according to IntoTheBlock, has seen a notable increase. In the past 24 hours, there have been 1,112 such transactions, indicating a flurry of activity among major players in the DOGE ecosystem. At press time, DOGE is trading at $0.08627, marking a 3.05% increase in the past 24 hours, with a market capitalization of $12 billion.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.0848 | Positive Crossover | Bullish
  • MA 20 : 0.0833 | Positive Crossover | Bullish
  • MA 50 : 0.0828 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.0846 | Positive Crossover | Bullish
  • MA 20 : 0.0821 | Positive Crossover | Bullish
  • MA 50 : 0.0815 | Positive Crossover | Bullish

RSI (Relative Strength Index): 57.3155 | Buy Zone | Bullish

Stochastic   Oscillator : 73.7497 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.0901 R2 : 0.0949
  • S1 : 0.0747 S2 : 0.0700

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.077 | Take Profit: 0.086 | Stop Loss: 0.073

Elsewhere In The Crypto Market

Bitcoin up (0.21%) at 52,238, Ethereum up (0.79%) at 2,903.5, Litecoin down (1.14%) at 70.21, Solana down (2.68%) at 108.62, Dogecoin up (0.81%) at 0.086.

Key Economic Events & Data Release Today:

(GBP) BoE Gov Bailey Speaks at 05:15. (CAD) Core CPI (MoM) (Jan) Previous –0.5% at 08:30. (CAD) CPI (MoM) (Jan) Forecast 0.4%, Previous –0.3% at 08:30. (NZD) PPI Input (QoQ) (Q4) Forecast 0.4%, Previous 1.2% at 16:45.