. Weekly Crypto Analysis -Bitcoin $60K, Ethereum consolidates, XRP $1.

Weekly Crypto Analysis – Bitcoin $60K, Ethereum consolidates, XRP $1.

Weekly Crypto Analysis – Bitcoin $60K, Ethereum consolidates, XRP $1.

17 Feb 2024

Introduction

Bitcoin (BTC) eyes the $60,000 mark but faces a potential correction, retesting a challenging resistance at $52,062. Ethereum (ETH) consolidates, providing a potential buying opportunity before the anticipated climb to $3,000. XRP inches closer to its $0.60 target, with a potential return to $1 contingent on positive developments in the SEC lawsuit. Uniswap experiences an 8.29% surge, contributing to a bullish week in the crypto space.

Markets In Focus Today – BITCOIN

BTC eyes $60,000 but correction looms.

Bitcoin price retests a tough resistance level at $52,062.A lack of momentum is likely to trigger a correction and consolidation for the next few weeks. Investors can expect BTC to remain between the $52,062 to $45,156 levels. Bounce at the lower end of the potential range could see a revisit of the $58,399 weekly resistance level. Bitcoin’s (BTC) price has been moving up only since January 22 but could slip into a consolidation before the next leg up. With the rate at which BTC is climbing after the ETF approval, coupled with strong fundamentals, investors should consider buying the dips before BTC hits $60,000.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 49684.4175 | Positive Crossover | Bullish
  • MA 20 : 47446.2413 | Positive Crossover | Bullish
  • MA 50 : 44753.5618 | Positive Crossover | Bullish

Simple :

  • MA 10 : 49581.1760 | Positive Crossover | Bullish
  • MA 20 : 46334.3660 | Positive Crossover | Bullish
  • MA 50 : 44301.5454 | Positive Crossover | Bullish

RSI (Relative Strength Index): 80.5399 | Buy Zone | Bullish

Stochastic   Oscillator : 92.2206 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 47387.2295 R2 : 49860.6039
  • S1 : 39380.2039 S2 : 36906.8295

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 50345.25 | Take Profit: 52855.56 | Stop Loss: 48970.85

ETHEREUM

Ethereum price’s $3,000 target could be delayed as ETH consolidates for a possible buying opportunity.

Ethereum price to provide another buying opportunity Ethereum (ETH) price is likely to retract, giving sidelined investors another buying opportunity and delaying the $3,000 milestone for a while. Ethereum (ETH) price’s $3,000 target is now within reach as ETH bulls keep their profit appetite in check. The Proof-of-Stake (PoS) token has breached resistance due to the midline of the channel with the potential for a 7% climb to the forecasted target.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2663.6274 | Positive Crossover | Bullish
  • MA 20 : 2554.4363 | Positive Crossover | Bullish
  • MA 50 : 2426.9229 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2641.9690 | Positive Crossover | Bullish
  • MA 20 : 2482.8715 | Positive Crossover | Bullish
  • MA 50 : 2418.5474 | Positive Crossover | Bullish

RSI (Relative Strength Index): 74.6884 | Buy Zone | Bullish

Stochastic   Oscillator : 90.0637 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 2598.1573 R2 : 2733.4727
  • S1 : 2160.1027 S2 : 2024.7873

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2734.08 | Take Profit: 2982.25 | Stop Loss: 2609.99

RIPPLE

XRP price could climb to the $1 target if Ripple scores another win in the SEC lawsuit.

XRP price increased nearly 2% on Friday, inching closer to its $0.60 target. XRP holders await the February 20 deadline for updates on the SEC v. Ripple lawsuit. XRPLedger’s native token could see the $1 target back in play if on-chain metrics catalyze gains in XRP. XRPLedger’s native token XRP price climbed to $0.5791 on Friday, inching closer to the $0.60 target. XRP price could eye a return to the $1 level with bullish on-chain metrics and likely positive developments in the SEC lawsuit. XRP Volume climbed to 1.81 billion on Friday, up from 578.41 million on February 10. The rise in volume is typically followed by an increase in the altcoin’s price, as seen in previous instances on Sentiment. This is a bullish sign for XRP.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5417 | Positive Crossover | Bullish
  • MA 20 : 0.5355 | Positive Crossover | Bullish
  • MA 50 : 0.5492 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5373 | Positive Crossover | Bullish
  • MA 20 : 0.5243 | Positive Crossover | Bullish
  • MA 50 : 0.5498 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.9569 | Buy Zone | Bullish

Stochastic   Oscillator : 80.0313 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.6027 R2 : 0.6393
  • S1 : 0.4843 S2 : 0.4477

Overall Sentiment: Bullish Market Direction : Buy

Trade Suggestion: Limit Buy: 0.54 | Take Profit: 0.60 | Stop Loss: 0.52

Uniswap

Uniswap Price Jumps 8%.

The crypto industry is about to conclude the week on a bullish note as it has experienced 5/6 green days so far. Further, the UNI price has added 8.29% within the past day and has added approximately 18% this week, highlighting a strong bullish sentiment in the crypto space. The Uniswap price traded between $6.522 and $6.891 for a period, following which the market lost momentum and the price recorded a correction of over 7.5% in valuation. After this, the price traded sideways for a while, indicating a weak price action for the coin.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 7.22 | Positive Crossover | Bullish
  • MA 20 : 6.91 | Positive Crossover | Bullish
  • MA 50 : 6.43 | Positive Crossover | Bullish

Simple :

  • MA 10 : 7.18 | Positive Crossover | Bullish
  • MA 20 : 6.91 | Positive Crossover | Bullish
  • MA 50 : 6.43 | Positive Crossover | Bullish

RSI (Relative Strength Index): 72.16 | Buy Zone | Bullish

Stochastic   Oscillator : 66.84 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 7.66 R2 : 8.23
  • S1 : 6.88 S2 : 5.86

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 7.11 | Take Profit: 7.96 | Stop Loss: 6.70

Elsewhere In The Crypto Market

Bitcoin is down (0.4%) at 51,954, Ethereum is down (0.37%) at 2,793.4, Litecoin is up (0.21%) at 70.16, Solana is down (2.21%) at 109.75, Dogecoin is down (1.20%) at 0.085.

Key Economic Events & Data Release Today:

(AUD) RBA Meeting Minutes (Monday) (CNY) PBoC Loan Prime Rate (Monday) (CAD) Core CPI (MoM) (Jan) (Tuesday) (AUD) Wage Price Index (QoQ) (Q4) (Tuesday) (USD) FOMC Meeting Minutes (Wednesday) (EUR) German Manufacturing PMI (Feb) (Thursday) (GBP) Manufacturing PMI (Thursday) (GBP) Service PMI (Thursday) (EUR) CPI (YoY) (Jan) (Thursday) (CAD) Core Retail Sales (MoM) (Dec) (Thursday) (USD) Initial Jobless Claims (Thursday) (USD) Manufacturing PMI (Feb) (Thursday) (USD) Existing Home Sales (Jan) (Thursday) (NZD) Core Retail Sales (QoQ) (Thursday) (EUR) German GDP (QoQ) (Q4) (Friday)