. Weekly Crypto Analysis - BTC Rollercoaster, ETH Whales, XRP SEC Battle, LTC Surge.

Weekly Crypto Analysis – BTC Rollercoaster, ETH Whales, XRP SEC Battle, LTC Surge.

Weekly Crypto Analysis – BTC Rollercoaster, ETH Whales, XRP SEC Battle, LTC Surge.

13 Jan 2024

Introduction

In the crypto landscape, bitcoin (BTC) experiences a dip as GBTC shares decline, potentially reaching $40,254, but the overall bullish outlook remains intact. Ethereum (ETH) witnesses significant accumulation by whales, influencing the crypto landscape. XRP faces potential correction as the SEC intensifies efforts against Ripple, while Litecoin (LTC) climbs 12%, pushing its market cap to $5.409B. Cryptocurrency markets navigate the aftermath of the spot BTC ETF approval, with a focus on institutional movements and regulatory developments.

Markets In Focus Today – BITCOIN

BTC crashes as GBTC dumps, but bullish outlook still not under threat.

Bitcoin price is dumping as GBTC shares drop following the opening of redemptions. BTC could descend to $40,254, collecting the buy-side liquidity available following the January 3 sell-off. A decisive candlestick close above $48,000 would invalidate the bearish thesis. Bitcoin’s (BTC) price action since October has been broadly bullish, consolidating within an ascending price channel. The hype around spot BTC exchange-traded funds (ETFs) played a role in nurturing this uptrend, as well as the halving event that remains on the horizon. With the spot BTC ETFs narrative priced in already after the January 10 landmark decision, traders and investors are now navigating the aftermath as the waves of institutional money meet the shores of crypto.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 44540.79 | Negative Crossover | Bearish
  • MA 20 : 44151.97 | Negative Crossover | Bearish
  • MA 50 : 42171.03 | Positive Crossover | Bullish

Simple :

  • MA 10 : 44898.32 | Negative Crossover | Bearish
  • MA 20 : 44035.16 | Negative Crossover | Bearish
  • MA 50 : 42561.56 | Positive Crossover | Bullish

RSI (Relative Strength Index): 46.65 | Buy Zone | Bullish

Stochastic   Oscillator : 35.00 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 44310.51 R2 : 45983.99
  • S1 : 38893.00 S2 : 37219.52

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 42032.00 | Take Profit: 44637.52 | Stop Loss: 40603.17

ETHEREUM

Ethereum (ETH) Jumps 11.4%, Here’s How Whales Are Changing Game.

There is ongoing mega accumulation of Ethereum (ETH) by whales within the crypto ecosystem. According to data from the crypto analytics platform Lookonchain, a whale with the wallet address “0xAA15” withdrew a total of 5,762 ETH worth approximately $15.06 million from Binance earlier today. Overall, this whale has bought a total of 50,733 ETH $99.2 million at an average price of $1,955 since Sept. 19, 2023. Ethereum’s whales are notably helping to change the game as the digital currency strives to recoup its lost ground to price action.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2439.47 | Positive Crossover | Bullish
  • MA 20 : 2373.49 | Positive Crossover | Bullish
  • MA 50 : 2256.02 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2394.34 | Positive Crossover | Bullish
  • MA 20 : 2348.51 | Positive Crossover | Bullish
  • MA 50 : 2265.87 | Positive Crossover | Bullish

RSI (Relative Strength Index): 63.11 | Buy Zone | Bullish

Stochastic   Oscillator : 74.13 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 2410.75 R2 : 2505.13
  • S1 : 2105.19 S2 : 2010.81

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion : Limit Buy : 2414.35 | Take Profit : 2600.56 | Stop Loss: 2300.08

RIPPLE

XRP price could witness correction as SEC goes after Ripple’s financial statements.

XRP price seems to be struggling to breach the $0.600 mark as the market is presently focused on Bitcoin. The SEC is continuing its futile attempts at bringing down Ripple, now filing a motion to produce the company’s financial statement. The regulator is also jumping on the chance to reveal Ripple’s post-Complaint contracts governing “Institutional Sales”. The focus of the crypto market at the moment is entirely on Bitcoin owing to the recent spot BTC ETF approval, but the same cannot be said about the Securities and Exchange Commission (SEC) that continues to fight Ripple, impacting the XRP price in return. Per its latest attempt, the regulatory body now wants the company’s financial statement for the past year.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.58 | Negative Crossover | Bearish
  • MA 20 : 0.59 | Negative Crossover | Bearish
  • MA 50 : 0.60 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.58 | Negative Crossover | Bearish
  • MA 20 : 0.60 | Negative Crossover | Bearish
  • MA 50 : 0.61 | Negative Crossover | Bearish

RSI (Relative Strength Index): 42.93 | Neutral Zone | Neutral

Stochastic   Oscillator : 56.63 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.68 R2 : 0.71
  • S1 : 0.59 S2 : 0.56

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion : Limit Buy : 0.55 | Take Profit: 0.45 | Stop Loss: 0.60

LITECOIN

Litecoin Climbs 12% In Rally.

The move upward pushed Litecoin’s market cap up to $5.409B, or 0.30% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B. Litecoin had traded in a range of $69.552 to $73.650 in the previous twenty-four hours. Over the past seven days, Litecoin has seen a rise in value, as it gained 11.75%. The volume of Litecoin traded in the twenty-four hours to the time of writing was $652.725M or 0.54% of the total volume of all cryptocurrencies. It has traded in a range of $61.0686 to $73.6500 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 70.06 | Positive Crossover | Bullish
  • MA 20 : 70.29 | Positive Crossover | Bullish
  • MA 50 : 70.80 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68.37 | Positive Crossover | Bullish
  • MA 20 : 70.71 | Positive Crossover | Bullish
  • MA 50 : 71.63 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 51.94 | Buy Zone | Bullish

Stochastic   Oscillator : 72.52 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 77.87 R2 : 80.60
  • S1 : 69.02 S2 : 66.29

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 68.03 | Take Profit: 79.33 | Stop Loss: 61.78

Elsewhere In The Crypto Market

Bitcoin is up (0.06%) at 38,730, Ethereum is up (0.52%) at 2,099.4, Litecoin is down (2.11%) at 71.40, Solana is down (6.39%) at 91.08, Dogecoin is down (5.37%) at 0.080.

Key Economic Events & Data Release Today:

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