. Weekly Crypto Analysis - Bitcoin, Ethereum Drop and Ripple Falls.

Weekly Crypto Analysis – Bitcoin, Ethereum Drop and Ripple Falls.

Weekly Crypto Analysis – Bitcoin, Ethereum Drop and Ripple Falls.

06 Jul 2024

Introduction

Bitcoin suffers its worst week this year as Mt. Gox prepares payouts to creditors, sparking fears and selling pressure. Ethereum and other altcoins tumble alongside Bitcoin, with XRP erasing 15 months of gains. Cardano stands out as the only gainer among major coins.

Markets In Focus Today – BITCOIN

Bitcoin Weekly Forecas BTC sinks under $55,000 as Mt Gox prepares payment to creditors.

Mt Gox moved 47,228 BTC valued at $2.71 billion on Friday. On-chain data shows miners’ selling activity is increasing, signaling bearish momentum.German government continues moving Bitcoin to exchanges. Bitcoin (BTC) price is having its worst week of the year, influenced by selling activity among BTC miners and heavy transfers of Bitcoins to exchanges by Mt Gox and the German Government. Technical indicators hint that BTC may undergo a further 7% decline to retest the $52,000 level. Mt.Gox transferred 47,228 BTC valued at $2.71 billion from cold storage to a new wallet on Friday, according to Intelligence. Additionally, the defunct exchange moved 2,702 BTC worth $148.44 million to Bitbank, an exchange supporting the repayments. This activity potentially fueled FUD (Fear, Uncertainty, Doubt), contributing to Bitcoin’s 5% price decline on Friday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 59683.6366 | Negative Crossover | Bearish
  • MA 20 : 61569.0695 | Negative Crossover | Bearish
  • MA 50 : 63863.7371 | Negative Crossover | Bearish

Simple :

  • MA 10 : 60175.1830 | Negative Crossover | Bearish
  • MA 20 : 61899.2830 | Negative Crossover | Bearish
  • MA 50 : 65832.0352 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 28.6428 | Sell Zone | Bearish

Stochastic   Oscillator : 20.8038 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 69504.7902 R2 : 72674.6265
  • S1 : 59243.1165 S2 : 56073.2802

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 56874.30 | Take Profit : 53400.92 | Stop Loss : 59378.37

ETHEREUM

Ethereum records another day of heavy liquidations as Mt. Gox bearish pressure persists.

Ethereum sees over $108 million in liquidations as Mt. Gox begins repayment to creditors.Grayscale Ethereum Trust switched to trading at a premium to net asset value as spot ETH ETF launch draws closer.Ethereum may begin consolidation as key support may prove crucial in coming days.Ethereum (ETH) decline nearly 5% on Friday following the Mt. Gox BTC repayment, sparking more than $108 million in ETH liquidations. The repayment’s supply strengthened the bearish momentum on Bitcoin, which spiraled into altcoins like ETH. While many expected ETH to be less affected by the wider market sentiment due to the upcoming spot ETH ETF launch, the Securities & Exchange Commission’s (SEC) slow move to greenlight issuers’ S-1 drafts likely gave bears the momentum.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3227.9243 | Negative Crossover | Bearish
  • MA 20 : 3337.5950 | Negative Crossover | Bearish
  • MA 50 : 3415.9264 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3284.2660 | Negative Crossover | Bearish
  • MA 20 : 3373.2555 | Negative Crossover | Bearish
  • MA 50 : 3554.4708 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 28.4021 | Sell Zone | Bearish

Stochastic   Oscillator : 17.7365 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3767.9422 R2 : 3920.1245
  • S1 : 3275.2845 S2 : 3123.1022

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3047.67 | Take Profit : 2860.44 | Stop Loss : 3190.31

RIPPLE

Ripple extends losses on Friday, XRP plunges alongside altcoins in crypto market bloodbath.

Bitcoin price drop under support at $55,000 ushered a market-wide correction in top altcoins, including XRP. Ripple erased all gains from the past fifteen months and hit $0.40 early on Friday. XRP extended losses by 7%, down to $0.38 on Friday. Ripple (XRP) piled losses alongside top altcoins and Bitcoin early on Friday. The German government’s Bitcoin transfers and Mt.Gox payback to creditors have created uncertainty among traders and increased the pressure on Bitcoin and altcoins like XRP. The latest developments in the Securities and Exchange Commission (SEC) vs. Ripple lawsuit are skewed in favor of the payment remittance firm, with Judge Amy Berman Jackson treating Judge Torres’ 2023 ruling as precedent in the SEC vs. Binance suit.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4560 | Negative Crossover | Bearish
  • MA 20 : 0.4688 | Negative Crossover | Bearish
  • MA 50 : 0.4908 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4617 | Negative Crossover | Bearish
  • MA 20 : 0.4736 | Negative Crossover | Bearish
  • MA 50 : 0.4974 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 31.2730 | Sell Zone | Bearish

Stochastic   Oscillator : 30.3828 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5176 R2 : 0.5358
  • S1 : 0.4587 S2 : 0.4405

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.420 | Take Profit : 0.369 | Stop Loss : 0.453

CARDANO

Cardano Climbs 10% In a Green Day.

Cardano was trading at $0.3532 by 04:25 (08:25 GMT) on Saturday, up 10.10% on the day. It was the largest one-day percentage gain since January 10.The move upwards pushed Cardano’s market cap up to $12.6325B, or 0.61% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $94.8001B. Cardano had traded in a range of $0.3466 to $0.3582 in the previous twenty-four hours. Over the past seven days, Cardano has seen a drop in value, as it lost 10.31%. The volume of Cardano traded in the twenty-four hours to time of writing was $433.5197M or 0.50% of the total volume of all cryptocurrencies. It has traded in a range of $0.3192 to $0.4230 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.3790 | Negative Crossover | Bearish
  • MA 20 : 0.3898 | Negative Crossover | Bearish
  • MA 50 : 0.4189 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.3848 | Negative Crossover | Bearish
  • MA 20 : 0.3849 | Negative Crossover | Bearish
  • MA 50 : 0.4255 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 35.2775 | Sell Zone | Bearish

Stochastic   Oscillator : 25.6266 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.4639 R2 : 0.4955
  • S1 : 0.3615 S2 : 0.3299

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.344 | Take Profit : 0.295 | Stop Loss : 0.384

Elsewhere In The Crypto Market

Bitcoin up (0.24%) at 56,783, Ethereum up (0.93%) at 3,009.8, Litecoin up (2.08%) at 63.17, Solana up (4.05%) at 139.74, Doge coin up (3.24%) at 0.108.

Key Economic Events & Data Release Today:

(USD) Fed Chair Powell Testifies (Tuesday) (NZD) RBNZ Interest Rate Decision (Tuesday) (NZD) RBNZ Rate Statement (Tuesday) (USD) Fed Chair Powell Testifies (Wednesday) (EUR) German CPI (MoM) (Jun) (Thursday) (GBP) Manufacturing Production (MoM) (May) (Thursday) (GBP) GDP (YoY) (May) (Thursday) (GBP) GDP (MoM) (May) (Thursday)