. Daily Crypto Analysis - Bitcoin Plummets, Ethereum ETFs Stagnant.

Daily Crypto Analysis – Bitcoin Plummets, Ethereum ETFs Stagnant.

Daily Crypto Analysis – Bitcoin Plummets, Ethereum ETFs Stagnant.

20 Jun 2024

Introduction

Markets In Focus Today – BITCOIN

Bitcoin price continues to plummet as whale activities deepen.

Bitcoin’s price has continued to drop lower, diving below $65K over the last 24 hours.Despite investor profitability, the volume of transactions processed in the Bitcoin network has declined significantly, according to Glassnode.Bitcoin’s market exposure among hedge funds has dropped drastically, according to ETC group data.Bitcoin’s price tested below $65,000 following Increased whale activities that may be sell orders. Meanwhile, hedge funds have experienced a drag in their Bitcoin exposure, which may be fueled by consistent outflows among Bitcoin ETFs.The price of Bitcoin scraped below $65,000 on previous day and made low of $63,958 with no signs of recovery in sight. BTC’s recent price action continues to dampen investors’ confidence despite an increase in its dominance over the general crypto market.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 66462.3515 | Negative Crossover | Bearish
  • MA 20 : 67109.9905 | Negative Crossover | Bearish
  • MA 50 : 66742.7752 | Negative Crossover | Bearish

Simple :

  • MA 10 : 66397.7750 | Negative Crossover | Bearish
  • MA 20 : 67932.7780 | Negative Crossover | Bearish
  • MA 50 : 66442.1928 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.7841 | Neutral Zone | Neutral

Stochastic   Oscillator : 63.26 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 70744.7096 R2 : 74221.1171
  • S1 : 59490.5771 S2 : 56014.1696

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 66729.01 | Take Profit : 64548.05 | Stop Loss : 68506.09

ETHEREUM

Ethereum ETFs may not cause upward surge in ETH price as many expect.

Ethereum ETF issuers are expected to file updated S-1s before weekend following Bitwise filings.SEC didn’t explicitly declare ETH a commodity despite closing Ethereum 2.0 investigation.Ethereum’s increased implied volatility may be misleading as institutions may employ similar cash-and-carry arbitrage strategy when spot ETH ETFs launch.Ethereum is trading around $3,570, up more than 4% in the past 24 hours. Total ETH liquidations in the past 24 hours are at $34.37 million with $22.34 million in short liquidations exceeding those of longs.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3567.6411 | Positive Crossover | Bullish
  • MA 20 : 3588.6865 | Negative Crossover | Bearish
  • MA 50 : 3510.4288 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3533.2760 | Positive Crossover | Bullish
  • MA 20 : 3645.8250 | Negative Crossover | Bearish
  • MA 50 : 3449.8420 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 50.1699 | Buy Zone | Bullish

Stochastic   Oscillator : 36.1045 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3957.6476 R2 : 4230.4424
  • S1 : 3074.5324 S2 : 2801.7376

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 3656.80 | Take Profit : 3419.43 | Stop Loss : 3820.69

RIPPLE

XRP Price Stuck In Tiny Trading Range: Consolidation Phase Continues.

XRP price is struggling to start a steady increase above $0.50. The price must settle above $0.50 and $0.510 to gain bullish momentum in the near term.XRP price extended losses below $0.50 like Bitcoin before the bulls appeared. The price tested the $0.4765 level and recently started a recovery wave. A low was formed at $0.4765 and the price climbed within a range.However, the price seems to be facing hurdles near the $0.4980 and $0.50 levels.If XRP fails to clear the $0.50 resistance zone, it could start another decline. Initial support on the downside is near the $0.490 level and the channel zone.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4939 | Positive Crossover | Bullish
  • MA 20 : 0.4992 | Negative Crossover | Bearish
  • MA 50 : 0.5137 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4889 | Positive Crossover | Bullish
  • MA 20 : 0.5000 | Negative Crossover | Bearish
  • MA 50 : 0.5134 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 46.5814 | Neutral Zone | Neutral

Stochastic   Oscillator : 50.4448 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5790
  • S1 : 0.4867 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.492 | Take Profit : 0.458 | Stop Loss : 0.521

DOGECOIN

Dogecoin (DOGE) Sees Spike in Demand for Short Positions.

Leading meme coin Dogecoin has witnessed a double-digit price decline in the last week. The decline intensified on June 17, when DOGE plunged to a three-month low, triggering a surge in long liquidations – the highest this year.The price of DOGE, it’s worth noting, has dropped by more than 16% over the last 30 days to now trade around $0.124. This decline indicates that some of the largest holders of Dogecoin are lightening their positions, potentially altering the dynamics of the market. Conversely, the same period has seen a notable increase in the share of Dogecoin held by retail and mid-sized investors. As whale holdings diminish, these smaller investors now command a larger portion of the total supply.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1327 | Negative Crossover | Bearish
  • MA 20 : 0.1403 | Negative Crossover | Bearish
  • MA 50 : 0.1485 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1333 | Negative Crossover | Bearish
  • MA 20 : 0.1440 | Negative Crossover | Bearish
  • MA 50 : 0.1509 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 33.7766 | Sell Zone | Bearish

Stochastic   Oscillator : 70.85 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.1723 R2 : 0.1853
  • S1 : 0.1303 S2 : 0.1173

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.125 | Take Profit : 0.106 | Stop Loss : 0.140

Elsewhere In The Crypto Market

Bitcoin up (1.14%) at 65,685, Ethereum up (0.55%) at 3578.9, Litecoin up (0.58%) at 74.16, Solana up (1.42%) at 137.58, Dogecoin up (2.6%) at 0.125.

Key Economic Events & Data Release Today:

(CHF) SNB Interest Rate Decision (Q2) Forecast 1.50%, Previous 1.50% at 03:30. (CHF) SNB Monetary Policy Assessment at 03:30. (GBP) BoE Interest Rate Decision (Jun) Forecast 5.25%, Previous 5.25% at 07:00. (GBP) BoE MPC Meeting Minutes at 07:00. (USD) Building Permits (May) Forecast 1.450M, Previous 1.440M at 08:30. (CAD) New Housing Price Index (MoM) (May) Forecast 0.2%, Previous 0.2% at 08:30. (USD) Initial Jobless Claims Forecast 235K, Previous 242K at 08:30. (USD) Crude Oil Inventories Forecast –2.800M, Previous 3.730M at 11:00.