. Weekly Crypto Analysis - Bitcoin Retreats, Ethereum Declines

Weekly Crypto Analysis – Bitcoin Retreats, Ethereum Declines

Weekly Crypto Analysis – Bitcoin Retreats, Ethereum Declines

11 May 2024

Introduction

Bitcoin’s price retraces to $60,600, erasing recent gains, as it struggles against persistent selling pressure during the American session. Despite strong performances in Asia, European sessions, and notable attention from Donald Trump’s Election campaigns, BTC remains locked below a descending trendline. Meanwhile, Ethereum faces a brief decline despite JP Morgan’s optimism about spot ETH ETF approval. Ripple slips below a crucial trendline, signaling a challenging period for XRP, while Cardano sets the stage for a potential 20% rally amidst a consolidative phase.

Markets In Focus Today – BITCOIN

Bitcoin price retests $60,600, wiping out previous gains .

Bitcoin price drops back to $60,660 support level for third time this week.Asia has been trying, but American session proved worst performer this week. Europe has been front-running US session selling. Bitcoin (BTC) price has wiped out all the ground covered during the previous session, with the whitewash coming despite crypto taking center stage in Donald Trump’s Election campaigns this week. Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped. Markets have noted significant trading differences between sessions, and while the Asian market showed strength, whatever ground they were able to cover was oftentimes wiped out by traders in the US. The current market dynamics show Bitcoin’s price being squeezed by this descending trend line. Every attempt to push upwards meets resistance, leading to lower highs . Notably, the volume of trades has been decreasing.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62014.0127 | Negative Crossover | Bearish
  • MA 20 : 62790.1856 | Negative Crossover | Bearish
  • MA 50 : 63518.7953 | Negative Crossover | Bearish

Simple :

  • MA 10 : 62146.6130 | Negative Crossover | Bearish
  • MA 20 : 62862.0325 | Negative Crossover | Bearish
  • MA 50 : 65634.1808 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.8487 | Neutral Zone | Neutral

Stochastic   Oscillator : 21.44 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 69274.0151 R2 : 72498.3816
  • S1 : 58835.8116 S2 : 55611.4451

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 61452.74 | Take Profit : 57638.56 | Stop Loss : 64405.65

ETHEREUM

Ethereum declines briefly, JP Morgan sees a spot ETH ETF approval despite recent Wells notice.

Ethereum spot ETFs will likely be approved despite recent Wells notices, says JP Morgan.Insights from Glassnode show that Ethereum has underperformed Bitcoin in terms of price performance since the recent bull cycle began.Ethereum will likely continue trading in key range without a bearish macro event.Ethereum (ETH) saw a sharp price decline on Friday following data revealing its underperformance compared to Bitcoin (BTC). Despite recent Wells notices to crypto firms, JP Morgan analysts predicted spot ETH ETFs would be approved.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3009.1254 | Negative Crossover | Bearish
  • MA 20 : 3070.7667 | Negative Crossover | Bearish
  • MA 50 : 3167.0988 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3024.6240 | Negative Crossover | Bearish
  • MA 20 : 3090.8005 | Negative Crossover | Bearish
  • MA 50 : 3246.5874 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 37.9345 | Sell Zone | Bearish

Stochastic   Oscillator : 36.29 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3533.0374 R2 : 3737.0193
  • S1 : 2872.6893 S2 : 2668.7074

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 2944.79 | Take Profit : 2703.06 | Stop Loss : 3132.81

RIPPLE

Ripple price breaches 700-day trend line, signaling a gloomy picture for XRP holders.

Ripple price slipped below a crucial 700-day uptrend support level on the weekly chart.Subsequent attempts at recovery have failed, leading to an ongoing consolidation.A breakdown of the current support level of $0.468 will lead to a bloodbath for XRP holders. Ripple (XRP) price has been in a precarious position for nearly three weeks, leaving XRP holders wondering what could come next. Ripple price needs to make a decision, Ripple price has breached an inclining trend line connecting swing lows formed since June 2022. This key support trend line was breached on April 8 crash, which led to the production of a weekly candlestick close below the inclining trend line and the weekly support level of $0.532.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5173 | Negative Crossover | Bearish
  • MA 20 : 0.5235 | Negative Crossover | Bearish
  • MA 50 : 0.5449 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5221 | Negative Crossover | Bearish
  • MA 20 : 0.5231 | Negative Crossover | Bearish
  • MA 50 : 0.5556 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.6109 | Neutral Zone | Neutral

Stochastic   Oscillator : 10.57 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6055 R2 : 0.6558
  • S1 : 0.4428 S2 : 0.3925

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.501 | Take Profit : 0.459 | Stop Loss : 0.533

CARDANO

Cardano ADA price sets the stage for a 20% rally.

Cardano price hovers inside a range, extending from $0.433 to $0.521. A sweep of the range low seems likely before ADA starts a recovery rally to $0.521.A decisive flip of the $0.433 support floor into a resistance level will invalidate the bullish thesis. Cardano (ADA) price has been in a consolidative phase for nearly a month. This sideways movement comes after a near 40% crash in early April. Going forward, a bounce in Bitcoin could see altcoins, including ADA, trigger a recovery rally.Cardano price crashed 37% between April 9 and 13, along with the entire crypto market. After this sudden spike in selling pressure alleviated, ADA slipped into a rangebound movement between $0.433 and $0.521.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4537 | Negative Crossover | Bearish
  • MA 20 : 0.4657 | Negative Crossover | Bearish
  • MA 50 : 0.5112 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4550 | Negative Crossover | Bearish
  • MA 20 : 0.4625 | Negative Crossover | Bearish
  • MA 50 : 0.5258 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.7668 | Sell Zone | Bearish

Stochastic   Oscillator : 78.82 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5939 R2 : 0.6531
  • S1 : 0.4021 S2 : 0.3429

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.460 | Take Profit : 0.437 | Stop Loss : 0.469

Elsewhere In The Crypto Market

Bitcoin down (0.14%) at 60,695, Ethereum down (0.31%) at 2,900.0, Litecoin up (2.14%) at 81.95, Solana down (1.01%) at 144.52, Doge coin down (0.17%) at 0.143.

Key Economic Events & Data Release Today:

(EUR) German CPI (MoM) (Apr) (Tuesday) (GBP) Average Earnings Index + Bonus (Mar) (Tuesday) (CHF) PPI (MoM) (Apr) (Tuesday) (USD) PPI (MoM) (Apr) (Tuesday) (USD) Fed Chair Powell Speaks (Tuesday) (EUR) GDP (YoY) (Q1) (Wednesday) (EUR) Industrial Production (MoM) (Mar) (Wednesday) (USD) Core Retail Sales (MoM) (Apr) (Wednesday) (USD) Retail Sales (MoM) (Apr) (Wednesday) (USD) CPI (MoM) (Apr) (Wednesday) (USD) CPI (YoY) (Apr) (Wednesday) (JPY) GDP (QoQ) (Q1) (Thursday) (AUD) Employment Change (Apr) (Thursday)