. Weekly Crypto Analysis - Bitcoin Reclaims $67K on Positive ETF Inflows

Weekly Crypto Analysis – Bitcoin Reclaims $67K on Positive ETF Inflows

Weekly Crypto Analysis – Bitcoin Reclaims $67K on Positive ETF Inflows

18 May 2024

Introduction

Bitcoin reclaims $67k on positive ETF inflows, though it remains within a $60k-$70k range. Ethereum gains 5% amid optimism over potential ETH ETFs and Vitalik Buterin addressing community concerns. Chainlink surges 6% as social dominance peaks, while XRP trades steadily at $0.51, buoyed by Ripple’s plans to expand in Africa.

Markets In Focus Today – BITCOIN

Bitcoin reclaims $67k as positive ETF flows offer support.

Bitcoin price recovered slightly on Friday, reversing a pullback from a day earlier as inflows into spot bitcoin exchange-traded funds (ETFs) turned positive again, registering positive flows for four consecutive days. Still, the world’s biggest cryptocurrency remained squarely within a tight $60,000 to $70,000 trading range established over the past two months, seeing few catalysts to break out amid tepid risk appetite. Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095.On-chain metrics forecast a bullish outlook for BTC ahead.If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 64478.6942 | Positive Crossover | Bullish
  • MA 20 : 63853.7181 | Positive Crossover | Bullish
  • MA 50 : 63798.1953 | Positive Crossover | Bullish

Simple :

  • MA 10 : 63631.0870 | Positive Crossover | Bullish
  • MA 20 : 62799.3140 | Positive Crossover | Bullish
  • MA 50 : 65034.5240 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 58.8647 | Buy Zone | Bullish

Stochastic   Oscillator : 99.97 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 69274.0151 R2 : 72498.3816
  • S1 : 58835.8116 S2 : 55611.4451

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 66968.95 | Take Profit : 70496.0 | Stop Loss : 65000.34

ETHEREUM

Ethereum rallies 5% as Vitalik Buterin responds to criticism from community amid Coinbase ETH ETF prediction.

Coinbase analysts expressed confidence that spot ETH ETFs would be approved.Vitalik Buterin has responded to criticisms labeled at Ethereum developers, stating how they have been addressing some of the concerns of community members.Ethereum could see a further rise as it outperforms Bitcoin for the first time in May.Ethereum (ETH) saw a quick rally on Friday, posting a 5% gain as its co-founder, Vitalik Buterin, responded to recent criticisms from the crypto community. Coinbase analysts have also expressed confidence that spot ETH ETFs would debut in the market soon.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3023.1959 | Positive Crossover | Bullish
  • MA 20 : 3041.8431 | Positive Crossover | Bullish
  • MA 50 : 3127.4842 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2984.3990 | Positive Crossover | Bullish
  • MA 20 : 3022.1665 | Positive Crossover | Bullish
  • MA 50 : 3175.8024 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 53.9724 | Buy Zone | Bullish

Stochastic   Oscillator : 100.00 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3533.0374 R2 : 3737.0193
  • S1 : 2872.6893 S2 : 2668.7074

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 3151.95 | Take Profit : 3344.67 | Stop Loss : 3035.16

CHAINLINK

Chainlink social dominance hits six-month peak as LINK extends gains.

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show.LINK price added 6% on Friday, extending its gains from mid-week.Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday. Despite the price increase and rising talk about the token, on-chain data suggests that LINK holders have started taking profits, a sign of possible increasing selling pressure ahead. The increasing talk about Chainlink could be a consequence of its recent rally. The token has posted gains for three consecutive sessions.LINK price has increased by 22% this week.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.7364 | Positive Crossover | Bullish
  • MA 20 : 14.4922 | Positive Crossover | Bullish
  • MA 50 : 15.2051 | Positive Crossover | Bullish

Simple :

  • MA 10 : 14.2898 | Positive Crossover | Bullish
  • MA 20 : 14.1125 | Positive Crossover | Bullish
  • MA 50 : 15.1702 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 63.1248 | Buy Zone | Bullish

Stochastic   Oscillator : 85.93 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 17.6032 R2 : 19.3362
  • S1 : 11.9930 S2 : 10.2601

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 15.30 | Take Profit : 16.87 | Stop Loss : 14.46

RIPPLE

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa.

Ripple Managing Director of Africa Reece Merrick said that the firm plans to expand into crypto-native services such as custody. The payment firm plans to expand in Africa by supporting the XRP Ledger program in the region. XRP is hovering around $0.51 on Friday, broadly unchanged from a day earlier. Ripple (XRP) was hovering close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission (SEC) and amid new commitments from the firm to expand its services in Africa. While Ripple and XRP are best known for payment-remittance services, the firm said it is eyeing expansion into crypto-native services like custody.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5166 | Positive Crossover | Bullish
  • MA 20 : 0.5191 | Positive Crossover | Bullish
  • MA 50 : 0.5373 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5118 | Positive Crossover | Bullish
  • MA 20 : 0.5173 | Positive Crossover | Bullish
  • MA 50 : 0.5397 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 51.2215 | Buy Zone | Bullish

Stochastic   Oscillator : 96.67 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6055 R2 : 0.6558
  • S1 : 0.4428 S2 : 0.3925

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 0.514 | Take Profit : 0.555 | Stop Loss : 0.490

Elsewhere In The Crypto Market

Bitcoin up (0.08%) at 67,104, Ethereum up (1.26%) at 3,131.9, Litecoin up (0.23%) at 84.39, Solana up (3.04%) at 176.61, Doge coin down (0.3%) at 0.155.

Key Economic Events & Data Release Today:

(CNY) PBoC Loan Prime Rate (May) (Monday) (AUD) RBA Meeting Minutes (Tuesday) (EUR) ECB President Lagarde Speaks (Tuesday) (USD) Fed Chair Yellen Speaks (Tuesday) (GBP) BoE Gov Bailey Speaks (Tuesday) (NZD) RBNZ Interest Rate Decision (Wednesday) (NZD) RBNZ Press Conference (Wednesday) (GBP) CPI (YoY) (Apr) (Wednesday) (USD) Existing Home Sales (Apr) (Wednesday) (USD) FOMC Meeting Minutes (Wednesday) (EUR) German Manufacturing PMI (May) (Thursday) (USD) Initial Jobless Claims (Thursday) (USD) Building Permits (Thursday) (USD) New Home Sales (Apr) (Thursday)