. Weekly Crypto Analysis - Bitcoin, Altcoins Plummet; Ethereum Cuts Fees; Dogecoin, XRP Drop

Weekly Crypto Analysis – Bitcoin, Altcoins Plummet; Ethereum Cuts Fees, Dogecoin, XRP Drop

Weekly Crypto Analysis – Bitcoin, Altcoins Plummet; Ethereum Cuts Fees, Dogecoin, XRP Drop

13 Apr 2024

Introduction

Bitcoin experiences a seven-day dip leading up to the BTC halving, resulting in the liquidation of nearly $1 billion in positions. Altcoins follow suit with double-digit losses, including Ethereum’s 10% drop. Ethereum’s developers approve EIP-3074 to improve user experience despite security concerns, while Dogecoin and XRP face significant selloffs. Despite market volatility, anticipation builds for the upcoming halving and Ethereum ETF approval possibility.

Markets In Focus Today – BITCOIN

Bitcoin price dips seven days to BTC halving, whiplashes nearly $1 billion in positions.

Bitcoin price has reverted to the depths of $65,000, levels last seen on April 5. Altcoins dipped with BTC to record double-digit losses as Ethereum lost 10%. Over $880 million position were liquidated seven days to Bitcoin halving. Bitcoin (BTC) price shocked markets on Friday during the early hours of the US session. BTC shorts and longs alike were caught off guard in a move that whiplashed cryptocurrency market players from both biases in the millions. Of interest is that it happened only seven days to the much-anticipated BTC halving.Bitcoin price reverted back to levels as low as $65,086 during the opening hours of the New York session, in a move that caught many traders by surprise. Data according to information center Coinglass indicates over $881 million in total liquidations, composed$784 million in long positions against $96 million in short positions.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68913.5197 | Negative Crossover | Bearish
  • MA 20 : 68584.2224 | Negative Crossover | Bearish
  • MA 50 : 64989.3233 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69138.3120 | Negative Crossover | Bearish
  • MA 20 : 69202.9235 | Negative Crossover | Bearish
  • MA 50 : 66599.3814 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 50.5185 | Buy Zone | Bullish

Stochastic   Oscillator : 49.5832 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 73797.1717 R2 : 77652.5149
  • S1 : 61316.3149 S2 : 57460.9717

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 67715.78 | Take Profit : 69466.98 | Stop Loss : 66629.92

ETHEREUM

Ethereum Falls 10% In Selloff.

Ethereum developers approve adding Ethereum Improvement Proposal EIP-3074 to Pectra hard fork. EIP-3074 is meant to reduce gas fees, improve wallet experience for users despite security concerns. JPMorgan analysts maintain 50% odds of a spot Ethereum ETF approval in May.Ethereum’s (ETH) price took a slight dip on Friday following the general stagnancy in the crypto market. While ETH’s price movement has been slow in the past week, its long-term future could prove interesting as Ethereum developers approved that EIP-3074 be included in the upcoming Pectra hard fork.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3415.7852 | Negative Crossover | Bearish
  • MA 20 : 3445.9737 | Negative Crossover | Bearish
  • MA 50 : 3365.9572 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3424.1740 | Negative Crossover | Bearish
  • MA 20 : 3462.1235 | Negative Crossover | Bearish
  • MA 50 : 3521.0676 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 44.2030 | Neutral Zone | Neutral

Stochastic   Oscillator : 36.7020 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3993.1797 R2 : 4236.4036
  • S1 : 3205.7936 S2 : 2962.5697

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Buy : 3319.47 | Take Profit : 3052.13 | Stop Loss : 3509.42

DOGECOIN

Dogecoin price attempts bottom determination.

Dogecoin price is down by nearly 15% in the wreckage of the Bitcoin price dump. With it, altcoins and meme coins in particular are down significantly, some as deep as -20% in losses. However, the dump has not reversed the cryptocurrency market sentiment as the second quarter (Q2) of 2024 catches steam. With all eyes peeled on the having, the sector has much to look forward to in the next seven days and then the next several months after that.Meanwhile, Dogecoin price remains above a crucial support level, demarcated by the ascending trendline. With this support threshold providing a notable buying opportunity twice before, it could be the jumping-off point for DOGE.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1863 | Negative Crossover | Bearish
  • MA 20 : 0.1844 | Negative Crossover | Bearish
  • MA 50 : 0.1642 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1875 | Negative Crossover | Bearish
  • MA 20 : 0.1919 | Negative Crossover | Bearish
  • MA 50 : 0.1652 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 47.2081 | Buy Zone | Bullish

Stochastic   Oscillator : 30.3544 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.2318 R2 : 0.2583
  • S1 : 0.1460 S2 : 0.1195

Overall Sentiment : Neutral Market Direction : Neutral

Trade Suggestion : Limit Buy : 0.16 | Take Profit : 0.14 | Stop Loss : 0.18

RIPPLE

XRP Falls 10% In Selloff.

XRP was trading at $0.5485 on Friday, down 10.12% on the day. It was the largest one-day percentage loss since August 17, 2023. The move downwards pushed XRP’s market cap down to $31.5388B, or 1.26% of the total cryptocurrency market cap. At its highest, XRP’s market cap was $83.4407B. Over the past seven days, XRP has seen a drop in value, as it lost 2.29%. The volume of XRP traded in the twenty-four hours to time of writing was $1.6027B or 1.78% of the total volume of all cryptocurrencies. It has traded in a range of $0.5422 to $0.6418 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5871 | Negative Crossover | Bearish
  • MA 20 : 0.5983 | Negative Crossover | Bearish
  • MA 50 : 0.6006 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5917 | Negative Crossover | Bearish
  • MA 20 : 0.6040 | Negative Crossover | Bearish
  • MA 50 : 0.6128 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 36.3863 | Sell Zone | Bearish

Stochastic   Oscillator : 38.4502 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7187 R2 : 0.7666
  • S1 : 0.5637 S2 : 0.5158

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Buy : 0.549 | Take Profit : 0.500 | Stop Loss : 0.588

Elsewhere In The Crypto Market

Bitcoin up (0.88%) at 67,744, Ethereum up (1.65%) at 3,293.7, Litecoin up (0.03%) at 86.12, Solana up (0.26%) at 175.48, Doge coin down (0.09%) at 0.173.

Key Economic Events & Data Release Today:

(USD) Retail Sales (MoM) (Mar) (Monday) (USD) Core Retail Sales (MoM) (Mar) (Monday) (CNY) Industrial Production (YoY)(Mar) (Tuesday) (CNY) GDP (YoY) (Q1) (Tuesday) (GBP) Average Earnings Index + Bonus (Feb) (Tuesday) (CAD) Core CPI (MoM) (Mar) (Tuesday) (USD) Building Permits (Tuesday) (NZD) CPI (QoQ) (Q1) (Wednesday)