. Weekly Crypto Analysis - Bitcoin's $43,750 Surge, Ethereum's $2,000 Dip, Uniswap Drama.

Weekly Crypto Analysis – Bitcoin’s $43,750 Surge, Ethereum’s $2,000 Dip, Uniswap Drama.

Weekly Crypto Analysis – Bitcoin’s $43,750 Surge, Ethereum’s $2,000 Dip, Uniswap Drama.

27 Jan 2024

Introduction

Bitcoin faces a pivotal moment with a weekly close near $43,750 as it recovers from a 20% slump. JPMorgan’s note on GBTC profit-taking sparks a potential 5% climb into an ascending channel. Ethereum drops to $2,000, while Chainlink’s price sees a 3.56% increase. Uniswap validates a bearish reversal pattern, targeting a 34% correction to $3.81, leading to $2.2 million in liquidations. Cryptocurrency market volatility remains subdued, maintaining a total market capitalization of around $1.56 trillion.

Markets In Focus Today – BITCOIN

Bitcoin Weekly Forecast As the monthly close draws near, the significance of $43,750 grows.

Bitcoin price is nurturing a recovery rally after a 20% slump from the January 11 high of $48,969.BTC could climb 5% into protective custody of the ascending parallel channel as a buy signal beckons. Invalidation of the bullish outlook will occur upon a weekly candlestick close below $40,726. Bitcoin’s (BTC) price broke consolidation on the weekly time frame on Friday, but the daily time frame shows a steep downtrend. However, recovery efforts appear underway after investment firm JPMorgan said profit-taking on GBTC has largely concluded.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 41271.77 | Positive Crossover | Bullish
  • MA 20 : 41914.30 | Negative Crossover | Bearish
  • MA 50 : 41799.69 | Negative Crossover | Bearish

Simple :

  • MA 10 : 40934.95 | Positive Crossover | Bullish
  • MA 20 : 42595.20 | Negative Crossover | Bearish
  • MA 50 : 42924.10 | Negative Crossover | Bearish

RSI (Relative Strength Index): 47.35 | Buy Zone | Bullish

Stochastic   Oscillator : 47.78 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 44312.50 R2 : 45985.97
  • S1 : 38894.98 S2 : 37221.51

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 42215.46 | Take Profit: 40112.99 | Stop Loss: 43832.75

ETHEREUM

Ethereum could end consolidation with a dip towards $2000.

Volatility in the cryptocurrency market remains subdued, keeping the capitalization near $1.56 trillion for the third day. The drop in equity indices over the past 24 hours hasn’t been too much of a concern for cryptocurrency investors, as it looks more like a series of individual corporate stories rather than a global shift in sentiment. Meanwhile, Ethereum, the second most-capitalized coin, has returned to the lower end of the consolidation it spent most of December in, losing since the start of the day and threatening to fall a notch lower to the $2100 area, which was the upper end of the consolidation in November.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2321.84 | Negative Crossover | Bearish
  • MA 20 : 2357.19 | Negative Crossover | Bearish
  • MA 50 : 2308.67 | Negative Crossover | Bearish

Simple :

  • MA 10 : 2342.36 | Negative Crossover | Bearish
  • MA 20 : 2425.24 | Negative Crossover | Bearish
  • MA 50 : 2332.45 | Negative Crossover | Bearish

RSI (Relative Strength Index): 42.76 | Neutral Zone | Neutral

Stochastic   Oscillator : 17.64 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 2411.05 R2 : 2505.56
  • S1 : 2105.10 S2 : 2010.59

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 2291.62 | Take Profit: 2160.43 | Stop Loss: 2380.49

CHAINLINK

Chainlink’s Price Increased More Than 3% Within 24 hours.

Chainlink’s price has increased 3.56% over the past 24 hours to $14.16, which is in the opposite direction of its trend over the past week, where it has experienced a 9.0% loss, moving from $15.48 to its current price. The trading volume for the coin has tumbled 54.0% over the past week while the circulating supply of the coin has risen 0.1%. This brings the circulating supply to 568.10 million, which makes up an estimated 56.81% of its max supply of 1.00 billion.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.50 | Negative Crossover | Bearish
  • MA 20 : 14.66 | Negative Crossover | Bearish
  • MA 50 : 14.58 | Negative Crossover | Bearish

Simple :

  • MA 10 : 14.72 | Negative Crossover | Bearish
  • MA 20 : 14.73 | Negative Crossover | Bearish
  • MA 50 : 14.86 | Negative Crossover | Bearish

RSI (Relative Strength Index): 46.15 | Buy Zone | Bullish

Stochastic   Oscillator : 17.82 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 16.96 R2 : 17.91
  • S1 : 13.87 S2 : 12.92

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 14.55 | Take Profit: 13.10 | Stop Loss: 15.59

UNISWAP

Uniswap price validates a bearish reversal pattern, causing $2.2 million worth of liquidations.

Uniswap price is forming a bearish reversal Head and Shoulders pattern, nearly validating it by falling below $5.81.According to the pattern, the target price is $3.81, marking a 34% correction from the breakout level. Long traders have witnessed liquidations worth $2.2 million, 25 times more than the short liquidations. Uniswap (UNI) price has declined significantly in the past few days. Despite noting a good run towards the beginning of the month, corrections came through, and the altcoin’s value declined. From a technical perspective, the recent price declines are set to extend as price action has formed a bearish reversal pattern.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 5.80 | Positive Crossover | Bullish
  • MA 20 : 6.23 | Negative Crossover | Bearish
  • MA 50 : 6.35 | Negative Crossover | Bearish

Simple :

  • MA 10 : 5.80 | Positive Crossover | Bullish
  • MA 20 : 6.25 | Negative Crossover | Bearish
  • MA 50 : 6.36 | Negative Crossover | Bearish

RSI (Relative Strength Index): 43.14 | Neutral Zone | Neutral

Stochastic   Oscillator : 20.25 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 6.07 R2 : 6.86
  • S1 : 5.47 S2 : 4.79

Trade Suggestion: Limit Sell: 6.08 | Take Profit: 5.41 | Stop Loss: 6.55

Elsewhere In The Crypto Market

Bitcoin is up (1.24%) at 43,012, Ethereum is up (1.25%) at 2,542.3, Litecoin is up (1.45%) at 66.62, Solana is up (4.21%) at 91.44, Dogecoin up (0.45%) at 0.080.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) (Dec) (Monday) (EUR) German GDP (QoQ) (Q4) (Tuesday) (EUR) GDP(QoQ) (Q4) (Tuesday) (USD) CB Consumer Confidence (Jan) (Tuesday) (AUD) CPI (QoQ) (Q4) (Tuesday) (EUR) German CPI (MoM) (Jan) (Wednesday) (USD) ADP Nonfarm Employment Change (Jan) (Wednesday) (CAD) GDP (MoM) (Nov) (Wednesday) (USD) Fed Interest Rate Decision (Wednesday) (USD) FOMC Statement (Wednesday) (USD) FOMC Press Conference (Wednesday)