. Weekly Crypto Analysis - Bitcoin consolidates, Ethereum steady.

Weekly Crypto Analysis – Bitcoin consolidates, Ethereum steady.

Weekly Crypto Analysis – Bitcoin consolidates, Ethereum steady.

29 Jun 2024

Introduction

The cryptocurrency market shows signs of cooling off after a selloff. Bitcoin consolidates around $60,000 despite facing pressure from potential interest rate hikes and miner selling. Ethereum experiences increased holdings by long-term investors, while Ripple and Chainlink see interesting developments.

Markets In Focus Today – BITCOIN

Bitcoin consolidates around $60,000 as selloff cools.

Bitcoin dips to lowest level since May 3 before paring losses. Cryptos’ correlation with equities has weakened lately. Bitcoin under selling pressure.The crypto market is clearly not in its best shape lately, with Bitcoin shedding a significant part of its 2024 rally and temporarily breaking below the $60,000 psychological mark to a more than one-month low. The bad news started when the Fed’s updated dot-plot indicated one rate cut for the year as the prospect of higher interest rates is negative for risk-sensitive assets. BTCUSD (Bitcoin) has been experiencing a vast selloff since the beginning of June, temporarily breaking below the $60,000 psychological mark. Although the price managed to halt its retreat just shy of the 200-day simple moving average (SMA), it has been range-bound in the past few sessions unable to stage a recovery. Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments. Technical indicators hint that BTC may undergo a further 5% correction in the near term before potentially continuing its upward trajectory.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62257.7780 | Negative Crossover | Bearish
  • MA 20 : 63858.1232 | Negative Crossover | Bearish
  • MA 50 : 65239.2408 | Negative Crossover | Bearish

Simple :

  • MA 10 : 62258.3930 | Negative Crossover | Bearish
  • MA 20 : 64516.8730 | Negative Crossover | Bearish
  • MA 50 : 66364.3414 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 35.3164 | Sell Zone | Bearish

Stochastic   Oscillator : 28.8624 | Sell Zone | Negative

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 : 61478.55 | Take Profit : 58328.28 | Stop Loss : 63417.18

ETHEREUM

Ethereum long-term holders could play major role in ETH’s price movement in coming weeks.

Ethereum long-term holders now own 78% of ETH’s total supply.Spot Ethereum ETF issuers have begun marketing their products with a potential “tech play” move in the cards.Ethereum options data shows reduced volatility as ETH looks set to reach a new yearly high.Ethereum (ETH) is down 2% on Friday following increased holdings among long-term holders and ETH ETF issuers launching marketing campaigns for their products. Meanwhile, ETH options data reveals key price dynamics that may see ETH reaching the $4,000 price level in the coming weeks. ETH long-term holders (LTHs) may play a major role in determining the direction of its price in the coming months. This is revealed in the ETH Balance by Time Held chart, which shows that 78% of ETH supply is held by LTHs, according to analyst.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3430.6713 | Negative Crossover | Bearish
  • MA 20 : 3481.0728 | Negative Crossover | Bearish
  • MA 50 : 3480.0842 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3428.9080 | Negative Crossover | Bearish
  • MA 20 : 3485.3160 | Negative Crossover | Bearish
  • MA 50 : 3517.1066 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 43.3713 | Neutral Zone | Neutral

Stochastic   Oscillator : 40.4601 | Neutral Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3454.25 | Take Profit : 3299.75 | Stop Loss : 3585.34

RIPPLE

XRP steadies above $0.47 as Ripple President breaks silence on Real USD stablecoin.

Ripple President Monica Long commented on the upcoming stablecoin Real USD and its impact on XRP. Long said stablecoin and XRP are complementary and additive, addressing the concerns over the RLUSD launch. XRP edged higher and holds above $0.47 on Friday. Ripple (XRP) President Monica Long recently appeared on The Block Podcasts and addressed XRP trader concerns about the stablecoin’s launch. The payment remittance firm’s stablecoin is called Real USD (RLUSD) and is slated for launch in 2024. Ripple President Monica Long spoke about the firm’s upcoming stablecoin, Real USD, and its relationship with XRP.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4784 | Negative Crossover | Bearish
  • MA 20 : 0.4854 | Negative Crossover | Bearish
  • MA 50 : 0.5025 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4787 | Negative Crossover | Bearish
  • MA 20 : 0.4838 | Negative Crossover | Bearish
  • MA 50 : 0.5049 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.6616 | Neutral Zone | Neutral

Stochastic   Oscillator : 21.9537 | Sell Zone | Negative

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 : 0.480 | Take Profit : 0.443 | Stop Loss : 0.508

CHAINLINK

Chainlink (LINK) Large Investors Refrain From Selling Holdings.

The last month has been marked by a decline in Chainlink’s large holder netflow to exchanges. This means that the altcoin major holders have only sent a small portion of their holdings to exchanges for sale. This is attributable to the LINK’s current price performance. As of this writing, the altcoin trades at $13.31. Its value has dropped by 21% in the last month. As LINK’s price drops, the netflow from its whales to cryptocurrency exchanges has also decreased. In the past 30 days, this has fallen by 110%. As of this writing, LINK’s large holder netflow to exchanges to exchange netflow ratio is -0.06%.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.0427 | Negative Crossover | Bearish
  • MA 20 : 14.5162 | Negative Crossover | Bearish
  • MA 50 : 15.2723 | Negative Crossover | Bearish

Simple :

  • MA 10 : 13.8561 | Negative Crossover | Bearish
  • MA 20 : 14.4097 | Negative Crossover | Bearish
  • MA 50 : 15.7271 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.5603 | Neutral Zone | Neutral

Stochastic   Oscillator : 50.0579 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 19.2775 R2 : 20.8877
  • S1 : 14.0647 S2 : 12.4545

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 14.70 | Take Profit : 12.86 | Stop Loss : 15.95

Elsewhere In The Crypto Market

Bitcoin up (0.96%) at 60,894, Ethereum up (0.52%) at 3,391.2, Litecoin up (1.83%) at 74.12, Solana up (1.89%) at 142.39, Doge coin up (0.69%) at 0.123.

Key Economic Events & Data Release Today:

(EUR) German Manufacturing PMI (Jun) (Monday) (GBP) Manufacturing PMI (Jun) (Monday) (EUR) German CPI (MoM) (Jun) (Monday) (USD) Manufacturing PMI (Jun)(Monday) (EUR) ECB President Lagarde Speaks (Monday) (AUD) RBA Meeting Minutes (Monday) (EUR) CPI (YoY) (Jun) (Tuesday) (USD) Fed Chair Powell Speaks at (Tuesday) (USD) JOLts Job Openings (May) (Tuesday) (GBP) Composite PMI (Jun) (Wednesday) (GBP) Service PMI (Jun) (Wednesday) (USD) ADP Nonfarm Employment Change (Jun) (Wednesday) (USD) Initial Jobless Claims (Wednesday) (USD) ISM Non-Manufacturing PMI (Jun) (Wednesday) (EUR) ECB President Lagarde Speaks (Wednesday)