. Weekly Crypto Analysis - Bitcoin up, Ethereum down, Dogecoin active, Chainlink rising.

Weekly Crypto Analysis – Bitcoin up, Ethereum down, Dogecoin active, Chainlink rising.

Weekly Crypto Analysis – Bitcoin up, Ethereum down, Dogecoin active, Chainlink rising.

03 Feb 2024

Introduction

Bitcoin’s resurgence to $43,000 signals a recovery after a week-long dip, with on-chain metrics hinting at a potential rally. Declines in profit-taking by BTC whales provide room for extended gains. Meanwhile, Ethereum erases recent gains, facing a significant bearish signal. Dogecoin sees a marginal uplift despite increased network activity, and Chainlink, an outlier in the volatile altcoin market, faces a potential 20% correction. The crypto landscape remains dynamic, with on-chain indicators influencing asset trajectories.

Markets In Focus Today – BITCOIN

Bitcoin price recovers as on-chain metrics point to a potential BTC rally.

Bitcoin price tests resistance at $43,000, recovering from a week-long slump. Bitcoin on-chain metrics signal a likelihood of a BTC price rally. BTC profit-taking by whales has declined, paving the way for extended price gains. Bitcoin (BTC) price tested resistance at $43,000 on Friday, recovering from declines earlier this week, in a sign of increasing buying pressure after a choppy week. Some of the asset’s on-chain metrics support the thesis of further price gains ahead, although Bitcoin price has been moving broadly sideways for the last two months. The asset could kick-start a potential rally as on-chain metrics are bullish and renewed BTC ETFs inflows after weeks of massive GBTC outflows.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42576.36 | Positive Crossover | Bullish
  • MA 20 : 42457.91 | Positive Crossover | Bullish
  • MA 50 : 42090.86 | Positive Crossover | Bullish

Simple :

  • MA 10 : 42432.69 | Positive Crossover | Bullish
  • MA 20 : 41940.23 | Positive Crossover | Bullish
  • MA 50 : 42975.56 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.44 | Buy Zone | Bullish

Stochastic   Oscillator : 85.16 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 47387.23 R2 : 49860.60
  • S1 : 39380.20 S2 : 36906.83

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 43407.56 | Take Profit: 45221.06 | Stop Loss: 42394.13

ETHEREUM

Ethereum (ETH) Loses All of Its Gains.

Ethereum has wiped out the gains it had accumulated over a sustained period. The ETH/USD price chart depicts a grim narrative as the digital asset has swiftly descended from its peak, retracing back to levels that question the sustainability of its prior growth. The steep decline in Ethereum’s price is a significant bearish signal. It reflects the market’s hesitancy to invest at previous highs, most likely due to the underperformance Ethereum has shown in the recent past. This lack of traction and inability to initiate a recovery underscores the vulnerability of Ethereum’s price in the current market climate.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2310.56 | Positive Crossover | Bullish
  • MA 20 : 2331.40 | Negative Crossover | Bearish
  • MA 50 : 2307.87 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2288.05 | Positive Crossover | Bullish
  • MA 20 : 2359.32 | Negative Crossover | Bearish
  • MA 50 : 2336.76 | Negative Crossover | Bearish

RSI (Relative Strength Index): 47.91 | Buy Zone | Bullish

Stochastic   Oscillator : 43.69 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 2598.16 R2 : 2733.47
  • S1 : 2160.10 S2 : 2024.79

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 2377.98 | Take Profit: 2500.04 | Stop Loss: 23310.85

DOGECOIN

Despite an increase in network demand, Dogecoin experiences slight gains in its price.

Dogecoin price has risen by a mere 2% in the past seven days. The price increase falls short of the significant uptick in network activity seen in the same period. Technical indicators showed that the coin’s subdued price action is due to downward bullish momentum. Dogecoin (DOGE) price has registered a minor gain of 2% in the last week despite the growth in user activity on its network during the same period. The number of both new addresses and active addresses in transactions involving the meme coin has rallied, but its price continues to endure poor bullish sentiment. Despite the uptick in user activity, DOGE’s low price reaction in the last week might be due to the poor demand that continues to trail the altcoin.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.08 | Negative Crossover | Bearish
  • MA 20 : 0.08 | Negative Crossover | Bearish
  • MA 50 : 0.08 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.08 | Negative Crossover | Bearish
  • MA 20 : 0.08 | Negative Crossover | Bearish
  • MA 50 : 0.08 | Negative Crossover | Bearish

RSI (Relative Strength Index): 45.19 | Neutral Zone | Neutral

Stochastic   Oscillator : 21.39 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.09 R2 : 0.09
  • S1 : 0.07 S2 : 0.07

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.073 | Take Profit: 0.068 | Stop Loss: 0.076

CHAINLINK

Chainlink price risks another healthy correction despite LINK being an outlier in the choppy altcoin market.

Chainlink price has posted significant gains over the last week, distinguishing itself among altcoins.LINK could drop 20% as part of a healthy correction with five successive peaks and four troughs to show. Invalidation of the bearish thesis will occur if the altcoin records a higher high above the $17.67 local top. Chainlink (LINK) price has consolidated within a fixed range since the second week of November 2023, a pattern that has sustained LINK in the face of a choppy altcoin market. While most cryptocurrencies continue to chop, Chainlink boasts upwards of 7% gains over the last day.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 16.18 | Positive Crossover | Bullish
  • MA 20 : 15.57 | Positive Crossover | Bullish
  • MA 50 : 15.00 | Positive Crossover | Bullish

Simple :

  • MA 10 : 15.57 | Positive Crossover | Bullish
  • MA 20 : 15.35 | Positive Crossover | Bullish
  • MA 50 : 15.01 | Positive Crossover | Bullish

RSI (Relative Strength Index): 69.48 | Buy Zone | Bullish

Stochastic   Oscillator : 86.73 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 16.40 R2 : 17.42
  • S1 : 13.09 S2 : 12.07

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 16.34 | Take Profit: 18.25 | Stop Loss: 14.98

Elsewhere In The Crypto Market

Bitcoin is up (0.29%) at 43,431, Ethereum is down (0.2%) at 2,313.9, Litecoin is up (0.59%) at 68.33, Solana is down (1.37%) at 99.18, Dogecoin is down (0.69%) at 0.079.

Key Economic Events & Data Release Today:

(USD) ISM Non- Non-Manufacturing PMI (Jan) (Monday) (AUD) Retail Sales (MoM) (Monday) (AUD) RBA Interest Rate Decision (Feb) (Monday) (NZD) Employment Change (QoQ) (Q4) (Tuesday) (EUR) German Industrial Production (MoM) (Dec) (Wednesday) (USD) Initial Jobless Claims (Thursday)