. Weekly Crypto Analysis - Bitcoin Rises Amid Cautious Trading

Weekly Crypto Analysis – Bitcoin Rises Amid Cautious Trading

Weekly Crypto Analysis – Bitcoin Rises Amid Cautious Trading

01 Jun 2024

Introduction

Bitcoin’s price rose slightly on Friday amid cautious trading before key U.S. inflation data, maintaining strong gains for May but staying within a tight range. Crypto markets showed limited relief from a weaker dollar, with Bitcoin adding 1.1% in the past 24 hours. Meanwhile, Uniswap faces a potential dip before a rally, Ethereum shows bullish signals, and Ripple’s CEO calls for SEC Chair’s resignation amidst ongoing ETF speculations.

Markets In Focus Today – BITCOIN

Bitcoin Continues to See Choppy Behaviour.

Bitcoin price rose slightly on Friday as traders remained averse towards cryptocurrencies before key U.S. inflation data that is likely to factor into the outlook for interest rate, although the token was still sitting on strong gains in May. Crypto prices took little relief from an overnight decline in the dollar, as fears of high-for-longer interest rates remained in play despite a downward revision to first-quarter gross domestic product data. Bitcoin added 1.1% in the past 24 hours. But despite its gains for the month, the token still remained within a $60,000 to $70,000 trading range established since mid-March. Rate fears were the biggest factor behind Bitcoin’s rangebound performance, as the prospect of high interest rates dampened the price outlook for the token and the broader crypto market.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67955.3689 | Negative Crossover | Bearish
  • MA 20 : 67219.4153 | Positive Crossover | Bullish
  • MA 50 : 65770.1043 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68316.4240 | Negative Crossover | Bearish
  • MA 20 : 67404.2350 | Positive Crossover | Bullish
  • MA 50 : 64884.2018 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 53.2230 | Buy Zone | Bullish

Stochastic   Oscillator : 39.4210 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 70751.8229 R2 : 74228.2304
  • S1 : 59497.6904 S2 : 56021.2829

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 67115.27 | Take Profit : 70208.47 | Stop Loss : 65295.74

UNISWAP

Uniswap price likely to provide buy-the-dip opportunity before rallying 45%.

Uniswap price is likely to slide double-digits before it stabilizes. A bounce from the $9.26 to $8.29 accumulation zone could send UNI to $11.39 and $12.87.A breakdown of the $8.29 support level will invalidate the bullish thesis. Uniswap (UNI) price is attempting a comeback after suffering from a 66% crash between early March and mid-April. The incoming correction will provide patient buyers an opportunity to accumulate UNI before triggering a volatile upswing. Uniswap price triggered a mean reversion rally between May 15 and May 26, pushing UNI up by 75% to set up a local top at $11.81, roughly coinciding with the midpoint of the 66% crash noted between March 6 and April 13. An interesting observation is that the 75% rally was preceded by a month-long accumulation phase. The ongoing correction is likely going to lead the DEX token into a similar sideways movement between the $9.26 to $8.29 range.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 10.59 | Negative Crossover | Bearish
  • MA 20 : 10.52 | Negative Crossover | Bearish
  • MA 50 : 9.74 | Positive Crossover | Bullish

Simple :

  • MA 10 : 10.64 | Negative Crossover | Bearish
  • MA 20 : 10.86 | Negative Crossover | Bearish
  • MA 50 : 9.48 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 49.84 | Buy Zone | Bullish

Stochastic   Oscillator : 11.55 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 10.51 R2 : 11.83
  • S1 : 9.00 S2 : 7.60

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 9.46 | Take Profit : 11.63 | Stop Loss : 8.30

ETHEREUM

Ethereum on-chain and derivatives data indicates bullishness following updated ETH ETF S-1s from issuers.

Six issuers submitted updated S-1 filings with key changes to the SEC.Ethereum accumulating addresses have increased steadily since the beginning of May.Ethereum derivatives data indicates traders are highly bullish.Ethereum (ETH) maintained a stable price on Friday following on-chain and derivatives data pointing to increased bullishness among investors. Meanwhile, six issuers submitted their updated S-1 ETH ETF registration statements with the Securities & Exchange Commission (SEC), revealing key changes in their structure. Ethereum is at the center of key discussions in the crypto market as spot ETH ETFs continues to spark debate.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3726.5812 | Positive Crossover | Bullish
  • MA 20 : 3579.4245 | Positive Crossover | Bullish
  • MA 50 : 3389.2072 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3788.3100 | Negative Crossover | Bearish
  • MA 20 : 3508.7305 | Positive Crossover | Bullish
  • MA 50 : 3254.2130 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 64.8425 | Buy Zone | Bullish

Stochastic   Oscillator : 22.34 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3958.0910 R2 : 4230.8857
  • S1 : 3074.9757 S2 : 2802.1810

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3691.06 | Take Profit : 3972.43 | Stop Loss : 3536.98

RIPPLE

Ripple CEO Calls for SEC Chair’s Resignation Amid ETF Speculations.

On Friday (May 31), XRP extended its losing streak to four sessions, falling by 0.35% to end the day at $0.5171.Speculation about a US crypto-spot ETF market limited the losses, while the SEC vs. Ripple case remained a headwind.SEC vs. crypto case-related news and SEC activity need investor consideration on Saturday (June 1). Ripple filed the Motion to Seal to protect non-public information, including financial statements and contractual agreements with institutions. The SEC argued that documents considered by the court in the remedial stage should be public information.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5239 | Negative Crossover | Bearish
  • MA 20 : 0.5243 | Negative Crossover | Bearish
  • MA 50 : 0.5328 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5275 | Negative Crossover | Bearish
  • MA 20 : 0.5235 | Negative Crossover | Bearish
  • MA 50 : 0.5193 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 47.0609 | Neutral Zone | Neutral

Stochastic   Oscillator : 11.92 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5791
  • S1 : 0.4868 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.516 | Take Profit : 0.473 | Stop Loss : 0.547

Elsewhere In The Crypto Market

Bitcoin up (0.16%) at 67,587, Ethereum up (0.64%) at 3,782.5, Litecoin up (0.2%) at 83.31, Solana up (0.57%) at 166.46, Doge coin up (0.21%) at 0.159.

Key Economic Events & Data Release Today:

(CNY) Caixin Manufacturing PMI (May) (Monday) (EUR) German Manufacturing PMI (May) (Monday) (USD) Manufacturing PMI (May) (Monday) (USD) ISM Manufacturing PMI (May) (Monday) (AUD) Retail Sales (MoM) (Tuesday) (EUR) German Unemployment Change (Tuesday) (AUD) GDP (QoQ) (Q1) (Wednesday) (USD) ADP Nonfarm Unemployment Change (May) (Wednesday)