. Weekly Crypto Analysis - Bitcoin dips, Ethereum crumbles, Dogecoin soars.

Weekly Crypto Analysis – Bitcoin dips, Ethereum crumbles, Dogecoin soars.

Weekly Crypto Analysis – Bitcoin dips, Ethereum crumbles, Dogecoin soars.

23 Mar 2024

Introduction

Bitcoin faces downward pressure, dropping below $64,000 in Asian trading due to a resurgent dollar and significant outflows from the Grayscale Bitcoin Trust. Despite consolidating from recent record highs, Bitcoin remains above weekly lows. Ethereum struggles under mounting selling pressure, experiencing a nearly 7% daily decline and erasing nearly 20% in weekly gains. Ripple addresses concerns about concealing XRP sales, while Dogecoin sees a surge driven by substantial whale buying activity. Crypto markets exhibit volatility, with bitcoin and ether rebounding after a significant dip attributed to profit-taking and leveraged bets.

Markets In Focus Today – BITCOIN

BTC drops below $64k on dollar strength.

Bitcoin price weakened in Asian trade on Friday as strength in the dollar, which rebounded sharply to three-week highs, and the continuing large outflows from the Grayscale Bitcoin Trust (GBTC), pushed the world’s largest cryptocurrency below $64,000.Bitcoin traded down. The token saw a heavy dose of consolidation from record highs over the past seven days but remained steady above weekly lows. Strength in the dollar was the biggest source of pressure on crypto markets, as an unexpected interest rate cut from the Swiss National Bank and dovish signals from the Bank of England saw traders stick firmly to the greenback as among the few high-yielding, low-risk currencies. The dollar index surged to a three-week high of over 104 points.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 66103.3410 | Negative Crossover | Bearish
  • MA 20 : 65439.8533 | Negative Crossover | Bearish
  • MA 50 : 59631.0139 | Positive Crossover | Bullish

Simple :

  • MA 10 : 66665.8530 | Negative Crossover | Bearish
  • MA 20 : 67685.6205 | Negative Crossover | Bearish
  • MA 50 : 58013.9844 | Positive Crossover | Bullish

RSI (Relative Strength Index): 50.8831 | Buy Zone | Bullish

Stochastic   Oscillator : 29.8021 | Sell Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Neutral Market Direction: Buy

Trade Suggestion: Stop Buy: 64962.34 | Take Profit: 68249.06 | Stop Loss: 63906.90

ETHEREUM

Ethereum price crumbles under rising selling pressure.

Ethereum’s price loses nearly 7% on the daily time frame, adding to the almost 20% weekly decline.Three Ethereum whales sold $95 million in Ether, taking nearly $40 million in gains since Friday. ETH price could sweep the $2,900 level for liquidity before attempting a rebound. Ethereum (ETH), the second-largest crypto asset by market capitalization, is currently in a state of decline. ETH price is down wiping out recent gains. On-chain data insights reveal that large-wallet investors, popularly known as whales, are shedding their Ethereum holdings and taking profits, increasing the selling pressure on ETH.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3498.2416 | Negative Crossover | Bearish
  • MA 20 : 3521.9291 | Negative Crossover | Bearish
  • MA 50 : 3255.1990 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3516.6190 | Negative Crossover | Bearish
  • MA 20 : 3688.8460 | Negative Crossover | Bearish
  • MA 50 : 3183.4634 | Positive Crossover | Bullish

RSI (Relative Strength Index): 46.1560 | Neutral Zone | Neutral

Stochastic   Oscillator : 32.2968 | Sell Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 3306.82 | Take Profit : 3101.69 | Stop Loss : 3500.23

RIPPLE

Ripple’s David Schwartz states that Ripple didn’t conceal XRP sales, altcoin begins recovery.

Ripple’s CTO David Schwartz thwarts claims that the payment remittance firm was looking to conceal its XRP sales from the public. The US SEC will file an opening brief under seal on Friday in its lawsuit against Ripple.XRP price’s recent decline appears to have bottomed out. XRP price traded above the key $0.60 psychological level on Friday, holding on to its recent gains as the Securities and Exchange Commission (SEC) is expected to file its remedies-related opening brief in the Ripple lawsuit. As the two parties have agreed, the filings will temporarily remain sealed from the public.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6240 | Negative Crossover | Bearish
  • MA 20 : 0.6216 | Negative Crossover | Bearish
  • MA 50 : 0.6000 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6235 | Negative Crossover | Bearish
  • MA 20 : 0.6333 | Negative Crossover | Bearish
  • MA 50 : 0.5828 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 50.3478 | Buy Zone | Bullish

Stochastic   Oscillator : 30.5895 | Sell Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy: 0.62 | Take Profit: 0.68 | Stop Loss: 0.59

DOGECOIN

Dogecoin Whales Go On Massive Buying Spree.

Dogecoin has seen a steady rise in activity in the past two days to reverse the period of stagnancy recorded earlier in the week. At the time of writing, DOGE is up by 7% in the past 24 hours, reversing some of the corrections it has experienced in the past week. Turns out some Dogecoin whales have been going on a massive buying spree, as indicated by on-chain data. Crypto markets experienced volatility overnight as bitcoin and ether tumbled before recovering to trade 15% higher than their Wednesday lows.Wednesday’s decline was attributed to profit-taking from last week’s rally and a flush of leveraged bets on higher prices.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1545 | Positive Crossover | Bullish
  • MA 20 : 0.1503 | Positive Crossover | Bullish
  • MA 50 : 0.1296 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1533 | Positive Crossover | Bullish
  • MA 20 : 0.1609 | Positive Crossover | Bullish
  • MA 50 : 0.1196 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.9511 | Buy Zone | Bullish

Stochastic   Oscillator : 48.9300 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.1322 R2 : 0.1459
  • S1 : 0.0879 S2 : 0.0742

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion: Stop Buy: 0.160 | Take Profit: 0.184 | Stop Loss: 0.145

Elsewhere In The Crypto Market

Bitcoin up (0.82%) at 64,323, Ethereum up (0.46%) at 3,352.6, Litecoin up (2.86%) at 85.86.59, Solana up (0.26%) at 175.48, Doge coin up (7.22%) at 0.164.

Key Economic Events & Data Release Today:

(USD) Building Permits (Monday) (USD) New Home Sales (Feb) (Monday) (USD) CB Consumer Confidence (Tuesday) (USD) Crude Oil Inventories (Wednesday) (AUD) Retail Sales (MoM) (Feb) (Thursday) (GBP) GDP (QoQ) (Q4) (Thursday) (GBP) GDP (YoY) (Q4) (Thursday) (EUR) German Unemployment Change (Mar) (Thursday)