. Weekly Crypto Analysis - Bitcoin, Ethereum's pivotal, Ripple, Cardano uncertain.

Weekly Crypto Analysis – Bitcoin, Ethereum’s pivotal, Ripple, Cardano uncertain.

Weekly Crypto Analysis – Bitcoin, Ethereum’s pivotal, Ripple, Cardano uncertain.

27 Apr 2024

Introduction

Bitcoin (BTC) remains range-bound, signaling a potential sideways movement over the weekend before an eventful week ahead. Hong Kong is set to introduce BTC and ETH ETFs on Monday, just before the upcoming Federal Reserve meeting. Amidst discussions on BTC’s post-halving corrections and Ethereum’s legal battle with the SEC, Ripple’s price eyes a correction, while Cardano (ADA) bulls aim for $0.65.

Markets In Focus Today – BITCOIN

Bitcoin (BTC) price remains range-bound with markets likely to endure a sideways weekend.

Bitcoin price is trading within a range with expectations of a sideways weekend before eventful week starting Monday.Hong Kong BTC and ETH ETFs to start trading on Monday before Fed meeting next week.In past cycles, BTC has dropped 20% to 25% as part of immediate post-halving correction.A 20% drop from $73,777K ATH would see BTC price dip into liquidity pool between $60,600 and $59,200. Bitcoin (BTC) price outlook hints at a further downside, which some say will see the weak hands churned out. As hype relating to the halving continues to phase out for BTC, altcoins could be the next place to look for short-term gains.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 64573.4252 | Negative Crossover | Bearish
  • MA 20 : 65353.4936 | Negative Crossover | Bearish
  • MA 50 : 64662.3848 | Negative Crossover | Bearish

Simple :

  • MA 10 : 64670.0650 | Negative Crossover | Bearish
  • MA 20 : 65728.0170 | Negative Crossover | Bearish
  • MA 50 : 67380.6780 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.0660 | Neutral Zone | Neutral

Stochastic   Oscillator : 43.9310 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 73797.1717 R2 : 77652.5149
  • S1 : 61316.3149 S2 : 57460.9717

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 64510.00 | Take Profit : 60610.85 | Stop Loss : 67852.12

ETHEREUM

Ethereum dampens hopes for a rally following ConsenSys’ lawsuit against the SEC regarding ETH’s classification as a security.

Ethereum infrastructure provider Consensys sued the SEC after the regulator served it with a Wells notice.Ethereum longs could suffer a hit as inside sources have told Reuters that the SEC will likely deny a spot ETH ETF.Whales remain positive on Ethereum despite recent price setbacks.Ethereum (ETH) appears to have returned to its consolidating move , canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May. While Hong Kong has approved spot ETH ETFs to go live on April 30, the US SEC seems set to take an opposite move.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3151.1103 | Negative Crossover | Bearish
  • MA 20 : 3202.8897 | Negative Crossover | Bearish
  • MA 50 : 3257.3261 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3139.6790 | Negative Crossover | Bearish
  • MA 20 : 3211.7620 | Negative Crossover | Bearish
  • MA 50 : 3422.6294 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 43.3855 | Neutral Zone | Neutral

Stochastic   Oscillator : 13.79 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3993.1797 R2 : 4236.4036
  • S1 : 3205.7936 S2 : 2962.5697

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3182.26 | Take Profit : 2859.38 | Stop Loss : 3408.27

RIPPLE

Ripple price eyes 5% correction, a mean reversal that could precipitate a strong move north.

Ripple price is scaling a recovery rally as it holds in the upper section of the market range. Before a further upside, however, XRP price is likely to retest the 50% Fibonacci placeholder at $0.4952 before a pullback toward the $0.6000 psychological level. Ripple’s announcement regarding its stablecoin in April 2024 came as a surprise to XRP holders. Experts have raised concerns regarding XRP utility in Ripple’s ODL platform once the stablecoin is launched. Find out more about this here. Some XRP holders also raised concerns about the future of the altcoin as it may become less useful once the firm introduces the stablecoin on the XRP Ledger.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5266 | Negative Crossover | Bearish
  • MA 20 : 0.5388 | Negative Crossover | Bearish
  • MA 50 : 0.5643 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5252 | Negative Crossover | Bearish
  • MA 20 : 0.5365 | Negative Crossover | Bearish
  • MA 50 : 0.5891 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.4413 | Sell Zone | Bearish

Stochastic   Oscillator : 10.31 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7187 R2 : 0.7666
  • S1 : 0.5637 S2 : 0.5158

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.504 | Take Profit : 0.440 | Stop Loss : 0.551

CARDANO

Cardano (ADA) Bulls Set Sights on $0.65.

Cardano (ADA) price climbed as high as $0.52 within the daily timeframe , marking a 30% rebound from the monthly low of $0.40. Active buy orders for Cardano has now exceeded sell orders by 30 million ADA. ADA Rebounds 30% in Second Half of April.ADA bull traders are now mounting strategic orders that could potentially reverse the loses in the second-half of the month.Cardano (ADA) price has been on a rollercoaster ride in April 2024. Starting the month at $0.65, the market crash sent ADA prices spiraling towards $0.40 on April 13, its lowest since December 2023.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4788 | Negative Crossover | Bearish
  • MA 20 : 0.5028 | Negative Crossover | Bearish
  • MA 50 : 0.5537 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4812 | Negative Crossover | Bearish
  • MA 20 : 0.4984 | Negative Crossover | Bearish
  • MA 50 : 0.5923 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 35.3079 | Sell Zone | Bearish

Stochastic   Oscillator : 38.5203 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7683 R2 : 0.8250
  • S1 : 0.5850 S2 : 0.5283

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : LimitSell : 0.466 | Take Profit : 0.383 | Stop Loss : 0.521

Elsewhere In The Crypto Market

Bitcoin down (1.52%) at 62,783, Ethereum down (0.49%) at 3,115.1, Litecoin down (3.41%) at 85.04, Solana down (2.5%) at 135.74, Doge coin down (2.66%) at 0.143.

Key Economic Events & Data Release Today:

(EUR) German CPI (MoM) (Apr) (Monday) AUD) Retail Sales (MoM) (Mar) (Tuesday) (EUR) German Unemployment Change (Apr) (Tuesday) (EUR) German GDP (QoQ) (Q1) (Tuesday) (EUR) CPI (YoY) (Apr) (Tuesday) (CAD) GDP (MoM) (Mar) (Tuesday) (USD) CB Consumer Confidence (Apr) (Tuesday) (NZD) Unemployment Rate (Q1) (Wednesday)