. Weekly Crypto Analysis: Bitcoin, Ethereum, Ripple, Dogecoin.

Weekly Crypto Analysis: Bitcoin, Ethereum, Ripple, Dogecoin.

Weekly Crypto Analysis: Bitcoin, Ethereum, Ripple, Dogecoin.

06 Apr 2024

Introduction

Bitcoin surges to $69K as BlackRock amplifies Wall Street’s involvement in the BTC market, expanding its list of authorized participants for BTC ETFs. Meanwhile, Bitcoin’s correlation with altcoins hits multi-year lows in Q1 2024. Ethereum struggles amid ongoing debate over its security status, despite positive developments such as DWS Group’s Ethereum ETC listing. Ripple’s XRP remains below $0.60 despite Ripple’s stablecoin launch announcement, while Dogecoin faces a 15% weekly loss amidst broader market downturns triggered by Tesla’s negative growth report.

Markets In Focus Today – BITCOIN

Bitcoin price tags $69K as BlackRock enhances Wall Street’s presence in BTC market.

BlackRock has expanded its list of authorized participants, drawing more players in the BTC ETF market.BTC’s 60-day correlation with altcoins has fallen to multi-year lows in Q1 2024 relative to the same periods in 2023 and 2022.Bitcoin (BTC) price made an attempt north into the weekend, breaking past the $68,000 threshold. Whether this directional bias will be sustained remains on the balance, with analysts anticipating a correction before the next leg north. Meanwhile, reports indicate that more players are coming into the ETF scene thanks to BlackRock. Bitcoin price forged passed the $68,000 threshold on Friday, going as high as to top out at $68,756 before a correction. It came on the same day as the US unemployment rate data, with the initial response being terrible.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68219.3227 | Positive Crossover | Bullish
  • MA 20 : 67827.1416 | Positive Crossover | Bullish
  • MA 50 : 63548.4402 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68801.9150 | Negative Crossover | Bearish
  • MA 20 : 67787.6275 | Positive Crossover | Bullish
  • MA 50 : 64104.6934 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 52.6895 | Buy Zone | Bullish

Stochastic   Oscillator : 58.7652 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 73797.2651 R2 : 77652.6083
  • S1 : 61316.4083 S2 : 57461.0651

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 67830.21 | Take Profit : 69798.82 | Stop Loss : 66517.81

ETHEREUM

Ethereum on course to post weekly losses as debate over security status continues.

Asset manager DWS Group lists Ethereum ETC on German stock exchange Deutsche Borse.The declining share of liquid staking protocol Lido could help Ethereum to escape “security” classification, according to JP Morgan analysts.Ethereum restaking carries risks similar to those that caused the 2008 financial crisis, says Steven Walbroehl through Blockworks.Ethereum’s (ETH) price continued consolidating for a third consecutive day on Friday after the hefty losses seen at the beginning of the week. Traders continue exercising caution despite news of German asset manager DWS Group launching an Ethereum exchange-traded commodity (ETC) and JP Morgan analysts providing positive updates on Ethereum’s potential security status .Ethereum’s ETF decision is still one of the major topics surrounding the largest altcoin. While recent moves by key market players provide a positive for its price growth, restaking risks are gradually becoming a major concern. Here’s Friday’s ETH market movers.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3401.2593 | Negative Crossover | Bearish
  • MA 20 : 3449.5720 | Negative Crossover | Bearish
  • MA 50 : 3337.0994 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3432.0790 | Negative Crossover | Bearish
  • MA 20 : 3440.5460 | Negative Crossover | Bearish
  • MA 50 : 3445.8974 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 45.6541 | Neutral Zone | Neutral

Stochastic   Oscillator : 26.9581 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3993.8064 R2 : 4237.0303
  • S1 : 3206.4203 S2 : 2963.1964

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Stop Sell : 3301.09 | Take Profit : 3048.38 | Stop Loss : 3508.68

RIPPLE

XRP’s value hovers under the $0.60 mark, despite the announcement of Ripple’s stablecoin launch.

Ripple announced plans to release a USD-backed stablecoin on the XRPLedger and Ethereum blockchains in 2024. Ripple’s move is aimed at boosting the utility and liquidity on the XRPLedger, however XRP price continues to decline.XRP price is range bound below the psychologically important $0.60 level on Friday. Ripple (XRP) price is stuck within a tight range between its February 17 low of $0.5643 and March 18 high of $0.6686. On Friday, the altcoin traded below the psychologically important $0.60 level, at $0.5807. Ripple announced the launch of a 1:1 USD backed stablecoin on the XRPLedger and Ethereum blockchain, to be released in 2024. The announcement failed to catalyze a recovery in the altcoin.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6010 | Negative Crossover | Bearish
  • MA 20 : 0.6092 | Negative Crossover | Bearish
  • MA 50 : 0.6040 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.6052 | Negative Crossover | Bearish
  • MA 20 : 0.6140 | Negative Crossover | Bearish
  • MA 50 : 0.6070 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 46.0060 | Neutral Zone | Neutral

Stochastic   Oscillator : 29.0547 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.7188 R2 : 0.7667
  • S1 : 0.5638 S2 : 0.5159

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.58 | Take Profit : 0.54 | Stop Loss : 0.61

DOGECOIN

Dogecoin Down 15% On The Week.

Dogecoin’s weekly loss stands at a 15%, as the broader crypto market witnessed a downturn.Despite price drops, analysts continue to remain optimistic about the token’s performance alongside a surge in whale activity.In the Derivatives markets, DOGE bull traders are cutting down on their leverage positions in response to recent market events.DOGE bulls cut leverage after Tesla Reports First Negative Quarterly Growth Since 2020On April 2, Tesla reported vehicle deliveries of 386,810 for Q1 2024, an 8.5% decline from the same quarter last year. The impact saw TSLA stock prices instantly drop by 6% within 24-hours of the reports. However, the report also appears to have sent negative shockwaves across to the Dogecoin ecosystem.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1856 | Negative Crossover | Bearish
  • MA 20 : 0.1802 | Positive Crossover | Bullish
  • MA 50 : 0.1560 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1956 | Negative Crossover | Bearish
  • MA 20 : 0.1788 | Positive Crossover | Bullish
  • MA 50 : 0.1505 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 53.1015 | Buy Zone | Bullish

Stochastic   Oscillator : 35.2407 | Sell Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 0.180 | Take Profit: 0.204 | Stop Loss: 0.166

Elsewhere In The Crypto Market

Bitcoin up (0.26%) at 68,042, Ethereum is up (0.81%) at 3,346.3, Litecoin is up (2.76%) at 100.58, Solana is up (0.26%) at 175.48, Doge coin up (4.66%) at 0.185.

Key Economic Events & Data Release Today:

(EUR) German Industrial Production (MoM) (Feb) (Monday) (NZD) RBNZ Interest Rate Decision (Wednesday) (USD) CPI (MoM) (Mar) (Wednesday) (USD) Core CPI (MoM) (Mar) (Wednesday) (CAD) BoC Interest Rate Decision (Wednesday) (USD) FOMC Meeting Minutes (Wednesday) (GBP) GDP (YoY) (Q4) (Wednesday) (EUR) German Unemployment Change (Mar) (Wednesday) (EUR) ECB Interest Rate Decision (Apr) (Thursday) (EUR) ECB Monetary Policy Statement (Thursday) (USD) PPI (MoM) (Mar) (Thursday) (USD) Initial Jobless Claims (Thursday) (EUR) ECB Press Conference (Thursday)