. Weekly Crypto Analysis - Crypto's highs trigger liquidations, XRP falters.

Weekly Crypto Analysis – Crypto’s highs trigger liquidations, XRP falters.

Weekly Crypto Analysis – Crypto’s highs trigger liquidations, XRP falters.

09 Mar 2024

Introduction

Bitcoin (BTC) breaks its previous all-time high, reaching $69,990 on Binance, triggering over $230 million in total liquidations. Ethereum (ETH) joins the rally, tagging the $4,000 mark for the first time since 2021. ETH’s surge, with a 90% gain in 2023, led to the liquidation of over $25 million in short positions. Meanwhile, XRP experienced a drop to $0.62 amid significant profit-taking by holders, with $370 million in profits recorded. Chainlink (LINK) aims for an all-time high, displaying bullish momentum with a 26.5% increase in the past 30 days.

Markets In Focus Today – BITCOIN

Bitcoin price clears previous ATH and tops out at $69,990.

Bitcoin price recorded a higher ATH on Friday, clearing the previous $69,324 peak. Total liquidations surpassed $230 million as BTC open interest soared beyond $30 billion. Ethereum price tagged the $4,000 level for the first time since 2021. Bitcoin (BTC) price rallied north on Friday around 15:30 GMT, clearing its previous peak of $69,329 to set a new all-time high of $69,990 on the Binance exchange. The peak was followed by a quick correction likely in the aftermath of triggered sell orders. The move saw over $230 million in total liquidations across the market, comprising $101.24 million in short positions against $129.29 million in long positions. BTC’s open interest, signifying the sum of all open long and short positions, climbed to $30.31 billion. This signified a $41 million increase from the $29.9 billion recorded on Thursday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 64754.2657 | Positive Crossover | Bullish
  • MA 20 : 60664.3843 | Positive Crossover | Bullish
  • MA 50 : 53667.0079 | Positive Crossover | Bullish

Simple :

  • MA 10 : 65048.9520 | Positive Crossover | Bullish
  • MA 20 : 59285.1380 | Positive Crossover | Bullish
  • MA 50 : 50667.0538 | Positive Crossover | Bullish

RSI (Relative Strength Index): 75.3917 | Buy Zone | Bullish

Stochastic   Oscillator : 90.6203 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 64016.7673 R2 : 69244.2994
  • S1 : 47093.7394 S2 : 41866.2073

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 65804.83 | Take Profit: 68622.53 | Stop Loss: 64082.90

ETHEREUM

Ethereum price tags $4,000 on Coinbase for the first time since 2021.

ETH’s uptrend has resulted in a 90% gain in 2023 and nearly 73% year-to-date returns. If the bull market continues, Ether is likely to see a retest of its all-time high of $4,877. Ethereum price rally has liquidated over $25 million in short positions on derivatives exchanges in the past day. Ethereum (ETH) price tagged the $4,000 psychological level on Friday at around 15:31 GMT before a quick correction. The move saw over $15 million in short positions liquidated against around $10 million in long positions for ETH. The Proof-of-Stake (PoS) token’s price has been on an upward trend since October 2023 and shows no signs of stopping. This development is in line with Bitcoin’s massive uptrend, which continues to climb higher, shattering all resistance levels.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3661.5970 | Positive Crossover | Bullish
  • MA 20 : 3410.7242 | Positive Crossover | Bullish
  • MA 50 : 2988.3886 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3639.6680 | Positive Crossover | Bullish
  • MA 20 : 3356.3280 | Positive Crossover | Bullish
  • MA 50 : 2807.7382 | Positive Crossover | Bullish

RSI (Relative Strength Index): 85.4517 | Buy Zone | Bullish

Stochastic   Oscillator : 92.4105 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3525.8049 R2 : 3828.1351
  • S1 : 2547.0751 S2 : 2244.7449

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 3753.74 | Take Profit: 3934.90 | Stop Loss: 3647.18

RIPPLE

XRP price drops alongside mass profit taking by Ripple holders.

XRP price dropped to $0.62 on Friday as holders took $368.79 million in profits in the past week. The deadline for the SEC vs. Ripple lawsuit for the regulator’s remedies-related opening brief is March 22. XRP trade volume observed a spike several times this week as on-chain activity in the altcoin peaks. XRP price dipped to $0.62 on Friday, sustaining above the psychologically important $0.60 level despite increased profit-taking activities from the altcoin’s holders. The altcoin is set to close the week with mild losses, correcting slightly from the recent price recovery, ahead of a key deadline in the long-standing SEC vs. Ripple lawsuit on March 22. XRP holders have taken $370 million in profits in the past week, since the beginning of March 2024. This could be one of the main reasons for the price correction seen in the last few days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6130 | Positive Crossover | Bullish
  • MA 20 : 0.5944 | Positive Crossover | Bullish
  • MA 50 : 0.5738 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6191 | Positive Crossover | Bullish
  • MA 20 : 0.5870 | Positive Crossover | Bullish
  • MA 50 : 0.5507 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.8278 | Buy Zone | Bullish

Stochastic   Oscillator : 69.4790 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6191 R2 : 0.6510
  • S1 : 0.5157 S2 : 0.4838

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.624 | Take Profit: 0.689 | Stop Loss: 0.591

CHAINLINK

Chainlink (LINK) Price Aims for ATH Fueled By Bitcoin Profits.

Chainlink price has been rising in the past few months, best described by higher highs and higher lows. However, the mid-capped altcoin has faced a significant resistance level of around $20, slowing the bullish momentum. Chainlink is displaying bullishness on the charts, especially after the recent 26.5% increase during the past 30 days. During the past year, the Chainlink crypto has seen a price increase of 165.8%. According to the on-chart data, the Chainlink price has increased from $17.80 to $20.33 during the past week.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 19.8751 | Positive Crossover | Bullish
  • MA 20 : 19.5886 | Positive Crossover | Bullish
  • MA 50 : 18.4255 | Positive Crossover | Bullish

Simple :

  • MA 10 : 20.0673 | Negative Crossover | Bearish
  • MA 20 : 19.4616 | Positive Crossover | Bullish
  • MA 50 : 18.1897 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.1056 | Buy Zone | Bullish

Stochastic   Oscillator : 64.7126 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 20.6112 R2 : 21.9610
  • S1 : 16.2416 S2 : 14.8918

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 18.78 | Take Profit: 20.66 | Stop Loss: 17.67

Elsewhere In The Crypto Market

Bitcoin is up (0.28%) at 68,484, Ethereum is up (1.17%) at 3,938.2, Litecoin is up (0.43%) at 88.94, Solana is up (2.75%) at 148.279, Dogecoin up (2.43%) at 0.168.

Key Economic Events & Data Release Today:

(AUD) Building Approvals (MoM) (Monday) (EUR) German CPI (MoM) (Feb) (Tuesday) (GBP) Average Earnings Index + Bonus (Jan) (Tuesday) (USD) CPI (MoM) (Feb) (Tuesday) (GBP) Manufacturing Production (MoM) (Jan) (Wednesday) (GBP) GDP (MoM) (Jan) (Wednesday) (EUR) Industrial Production (MoM) (Jan) (Wednesday) (USD) Crude Oil Inventories (Wednesday) (USD) Retail Sales (MoM) (Feb) (Thursday) (USD) Core Retail Sales (MoM) (Feb) (Thursday) (USD) Initial Jobless Claims (Thursday)