. Weekly Crypto Analysis - Gold and Silver React to US NFP and Fed.

Weekly Crypto Analysis – Gold and Silver React to US NFP and Fed.

Weekly Crypto Analysis – Gold and Silver React to US NFP and Fed.

04 May 2024

Introduction

Bitcoin surged above $60,000 as whales accumulated BTC and Hong Kong asset managers disclosed exposure to US spot ETFs. With a 5% spike on Friday, Bitcoin regained ground above $61,000 after clearing liquidity levels between $60,600 and $59,005. Meanwhile, Ethereum hinted at a weekend rally despite Michael Saylor’s critique of ETH ETFs. XRP recovered from a week-long decline following Ripple’s response to SEC motions, while Dogecoin soared 13% amid a meme coin frenzy, eyeing $0.2000 with continued Bitcoin bullishness.

Markets In Focus Today – BITCOIN

Bitcoin price back above $60K, whales scoop up BTC as Hong Kong asset managers claim exposure to US spot ETFs.

Bitcoin price soared 5% on Friday, reclaiming space above $61,000 after successful sweep of liquidity previously residing between $60,600 and $59,005. Data shows Hong Kong asset-managers have exposure to US spot BTC ETFs, having bought $112 million worth of it. CryptoQuant data says BTC whales have acquired 47,000 BTC during recent correction. Michael Saylor highlights Bitcoin as main crypto asset for institutional investors, foresees limited institutional acceptance for other cryptocurrencies. Bitcoin (BTC) price is on an uptrend, posting two successive bullish candlesticks between Thursday and Friday. It comes following multiple reports that have since inspired bullish sentiment in the market.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62593.8627 | Positive Crossover | Bullish
  • MA 20 : 63604.3709 | Positive Crossover | Bullish
  • MA 50 : 63981.0086 | Positive Crossover | Bullish

Simple :

  • MA 10 : 62443.9820 | Positive Crossover | Bullish
  • MA 20 : 63428.1170 | Positive Crossover | Bullish
  • MA 50 : 66152.3458 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 50.4703 | Buy Zone | Bullish

Stochastic   Oscillator : 51.8340 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 69264.5770 R2 : 72490.2463
  • S1 : 58822.1563 S2 : 55596.4870

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 62378.05 | Take Profit : 65821.18 | Stop Loss : 60458.93

ETHEREUM

Ethereum could see a brief rally despite Michael Saylor’s jab at ETH ETFs.

Michael Saylor says that Ethereum is a crypto asset security and spot ETH ETFs won’t be approved. ETH short liquidations have increased more than long in the past 24 hours. Recent price data indicates Ethereum could see a weekend rally. Ethereum (ETH) hints at a weekend rally on Friday following its recent price movement. However, MicroStrategy Executive Chairman Michael Saylor attempted to spoil the fun after calling ETH a security and predicting spot ETH ETFs would be rejected by the Securities & Exchange Commission (SEC).As of the Asia market close on May 3, Hong Kong Ethereum ETFs had a total trading volume of HK$5.5 million—about $715,000. This shows that the products have yet to attract investors and may not likely have much of an effect on Ethereum’s price at this time.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3112.2344 | Positive Crossover | Bullish
  • MA 20 : 3155.1593 | Negative Crossover | Bearish
  • MA 50 : 3222.7461 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3125.5240 | Positive Crossover | Bullish
  • MA 20 : 3121.2990 | Positive Crossover | Bullish
  • MA 50 : 3310.4660 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 48.1435 | Buy Zone | Bullish

Stochastic   Oscillator : 100.00 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3533.1941 R2 : 3737.1759
  • S1 : 2872.8459 S2 : 2668.8641

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3081.14 | Take Profit : 3237.24 | Stop Loss : 2995.12

RIPPLE

XRP recovers from week-long decline following Ripple’s response to SEC motion.

37 Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox’s testimony should be treated as a summary or expert witness. XRP closed above $0.51 on Wednesday, beginning a mild recovery after a nearly ten-day decline. Ripple (XRP) continues to recover on Friday from its almost ten-day decline, clinging to gains after closing above $0.51 on Wednesday. In the legal battle between Ripple and the US Securities and Exchange Commission (SEC) – which is one of the key drivers of XRP price – both parties are clashing over the validity of the testimony of SEC’s Assistant Chief Accountant Andrea Fox. Ripple filed on Thursday a new letter supporting its motion to strike new expert materials as it considers Fox’s statements as expert testimony and argues that the regulator should have introduced expert testimony during the remedies discovery phase that has passed.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5236 | Positive Crossover | Bullish
  • MA 20 : 0.5298 | Positive Crossover | Bullish
  • MA 50 : 0.5535 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5199 | Positive Crossover | Bullish
  • MA 20 : 0.5189 | Positive Crossover | Bullish
  • MA 50 : 0.5692 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 49.6683 | Buy Zone | Bullish

Stochastic   Oscillator : 95.1 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6057 R2 : 0.6559
  • S1 : 0.4429 S2 : 0.3927

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 0.517 | Take Profit : 0.559 | Stop Loss : 0.494

DOGECOIN

Most large cryptocurrencies rise as Dogecoin climbs.

Dogecoin price is was up 13% on the Friday, charging alongside a widespread meme coin mania. DOGE has confirmed support at $0.1290, and could hit $0.2000 if Bitcoin price remains bullish A break and close below $0.11451 would invalidate the bullish thesis. Dogecoin (DOGE) price is trading with a bullish inclination on Friday, steadily leading the charge as meme coins go on a tear. While it appears the speculative sector tokens being the main indicator of whether a broader market uptrend is here, it remains to be seen whether the Bitcoin of meme coins will sustain the rally.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1461 | Positive Crossover | Bullish
  • MA 20 : 0.1516 | Positive Crossover | Bullish
  • MA 50 : 0.1554 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1437 | Positive Crossover | Bullish
  • MA 20 : 0.1502 | Positive Crossover | Bullish
  • MA 50 : 0.1671 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 52.4142 | Buy Zone | Bullish

Stochastic   Oscillator : 55.9091 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1956 R2 : 0.2172
  • S1 : 0.1256 S2 : 0.1039

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.149 | Take Profit : 0.174 | Stop Loss : 0.134

Elsewhere In The Crypto Market

Bitcoin up (1.99%) at 64,144, Ethereum up (1.45%) at 3,149.0, Litecoin up (0.68%) at 82.47, Solana up (2.43%) at 147.22, Doge coin up (9.71%) at 0.160.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) (Mar) (Tuesday) (AUD) RBA Interest Rate Decision (May) (Tuesday) (AUD) RBA Rate Statement (Tuesday) (CAD) Ivey PMI (Apr) (Tuesday) (USD) Crude Oil Inventories (Wednesday) (GBP) BoE Interest Rate Decision (Apr) (Thursday) (GBP) BoE MPC Meeting Minutes (Thursday) (GBP) BoE Gov Bailey Speaks (Thursday) (USD) Initial Jobless Claims at (Thursday)