. Weekly Crypto Analysis - Bitcoin crashes, altcoins struggle.

Weekly Crypto Analysis – Bitcoin crashes, altcoins struggle.

Weekly Crypto Analysis – Bitcoin crashes, altcoins struggle.

16 Mar 2024

Introduction

Bitcoin faces a weekend slump, dipping below $70,000 to touch $65,600 on Friday, triggering market-wide volatility. Ethereum follows suit, pressured by Bitcoin’s downturn despite recent upgrades. XRP and Cardano also witness losses, with XRP tumbling to $0.61 amid SEC regulatory scrutiny, while Cardano plummets 10% in its largest one-day drop since December 2022.

Markets In Focus Today – BITCOIN

Bitcoin price dips to a low of $65,600 as weekend volatility creeps in.

Bitcoin price dropped below the $70,000 threshold, bottoming out at $65,600 on Friday. Bitcoin’s (BTC) price plummeted during the early hours of the New York session, recording an intra-day low of $65,600. The effects of the crash spread across the market with most altcoins flashing red. Bitcoin price remains below the $69,000 threshold, which has capped the upside potential for BTC since November 2021. Technicals suggest a continuation of the fall. The drop blew $134 million longs out of the water, while at the same time liquidating $46 million in short positions. The total BTC liquidations were above $180 million.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69136.0989 | Positive Crossover | Bullish
  • MA 20 : 65702.4742 | Positive Crossover | Bullish
  • MA 50 : 57830.1661 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69899.3550 | Negative Crossover | Bearish
  • MA 20 : 65976.4750 | Positive Crossover | Bullish
  • MA 50 : 54874.1514 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.6851 | Buy Zone | Bullish

Stochastic   Oscillator : 76.9263 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 64016.7673 R2 : 69244.2994
  • S1 : 47093.7394 S2 : 41866.2073

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 67850.72 | Take Profit: 71910.98 | Stop Loss: 65389.96

ETHEREUM

Ethereum price suffers in the wake of a weakening BTC.

Ethereum price is nose-diving, taking direct cues from BTC despite the recent Dencun Upgrade, which was expected to be a bullish fundamental to positive impact ETH price. With technical flashing bearish, Ethereum’s price could extend the fall to test the $3,527 support. If the aforementioned level fails to hold as support, Ethereum price could slip past this buyer congestion level, potentially going as low as the $3,200 level, a 12% drop below the current price. The possibility of approval of a Spot Ethereum ETF has divided the Ether holder community. While there was an expectation of approval by the Securities and Exchange Commission (SEC) immediately after the Bitcoin ETF announcement, the enthusiasm has recently faded after Bloomberg ETF analysts significantly reduced the probability of a Spot Ether exchange-traded fund approval in May, down to 30% from as high as 70%.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3808.5810 | Negative Crossover | Bearish
  • MA 20 : 3644.6630 | Positive Crossover | Bullish
  • MA 50 : 3207.5711 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3894.6080 | Negative Crossover | Bearish
  • MA 20 : 3672.4570 | Positive Crossover | Bullish
  • MA 50 : 3028.6160 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.9741 | Buy Zone | Bullish

Stochastic   Oscillator : 63.5373 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3525.8049 R2 : 3828.1351
  • S1 : 2547.0751 S2 : 2244.7449

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 3666.57 | Take Profit: 3911.96 | Stop Loss: 3550.34

RIPPLE

Losses for XRP increase to $0.61, wiping out the majority of weekly gains.

XRP price slid to $0.61 on Friday, extending a week-long correction after Monday’s surge. The Harvard Law School discussed the SEC’s enforcement in 2023 and highlighted the regulator’s high-profile loss in the Ripple lawsuit. The opening brief deadline for the regulator is March 22. XRP price is down nearly 5% on Friday, extending a week-long correction since hitting its year-to-date high at $0.7440 on Monday. The altcoin’s price decline follows a broader retreat in cryptocurrency markets as XRP traders brace for an important deadline in the Securities and Exchange Commission’s (SEC) lawsuit against Ripple on March 22, when the regulator is set to file their remedies-related opening brief.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6481 | Negative Crossover | Bearish
  • MA 20 : 0.6283 | Positive Crossover | Bullish
  • MA 50 : 0.5955 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6519 | Negative Crossover | Bearish
  • MA 20 : 0.6272 | Positive Crossover | Bullish
  • MA 50 : 0.5694 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.1369 | Buy Zone | Bullish

Stochastic   Oscillator : 52.4883 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6191 R2 : 0.6510
  • S1 : 0.5157 S2 : 0.4838

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.60 | Take Profit: 0.65 | Stop Loss: 0.58

CARDANO

Cardano Falls 10% In Rout.

Cardano was trading at $0.7051 on Friday, down 10.06% on the day. It was the largest one-day percentage loss since December 16, 2022. The move downwards pushed Cardano’s market cap down to $25.7123B, or 0.99% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $94.8001B.Over the past seven days, Cardano has seen a stagnation in value, as it only moved 1.28%. The volume of Cardano traded in the twenty-four hours to the time of writing was $1.8161B or 0.92% of the total volume of all cryptocurrencies. It has traded in a range of $0.6880 to $0.8097 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.7344 | Negative Crossover | Bearish
  • MA 20 : 0.7102 | Negative Crossover | Bearish
  • MA 50 : 0.6455 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.7415 | Negative Crossover | Bearish
  • MA 20 : 0.7167 | Negative Crossover | Bearish
  • MA 50 : 0.6172 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.8526 | Buy Zone | Bullish

Stochastic   Oscillator : 16.39 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.7024 R2 : 0.7579
  • S1 : 0.5229 S2 : 0.4674

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 0.68 | Take Profit: 0.61 | Stop Loss: 0.74

Elsewhere In The Crypto Market

Bitcoin down (0.38%) at 69,251, Ethereum down (0.18%) at 3,736.1, Litecoin up (0.99%) at 90.59, Solana up (4.72%) at 192.283, Dogecoin down (0.29%) at 0.168.

Key Economic Events & Data Release Today:

(JPY) BoJ Monetary Policy Statement (Monday) (AUD) RBA Interest Rate Decision (Mar) (Monday) (JPY) BoJ Press Conference (Tuesday) (CAD) Core CPI (MoM) (Feb) (Tuesday) (USD) Building Permits (Feb) (Tuesday) (GBP) CPI (YoY) (Feb) (Wednesday) (EUR) ECB President Lagarde Speaks (Wednesday) (USD) Fed Interest Rate Decision (Wednesday) (USD) FOMC Statement (Wednesday) (USD) FOMC Press Conference (Wednesday) (NZD) GDP (QoQ) (Q4) (Wednesday) (EUR) German Manufacturing PMI (Mar) (Thursday) (CHF) SNB Press Conference (Thursday) (GBP) Service PMI (Thursday) (GBP) BOE Interest Rate Decision (Mar) (Thursday) (USD) Initial Jobless Claims at 08:30 (Thursday)