Daily Crypto Analysis By Capital Street fx

capitalstreetfx06

capitalstreetfx06

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Daily Crypto Analysis – Bitcoin, XRP, DOGE setbacks, Cardano's potential revival.


Introduction

Bitcoin retracted below $42,000 after an initial surge triggered by the approval of a Bitcoin Exchange-Traded Fund (ETF). Despite the ETF optimism, the market sentiment turns bearish. XRP faces a potential 9% decline as traders realize over $130 million in losses, signaling decreased demand. Dogecoin experiences a 25% decline, with retail investors retreating while whales accumulate, aiming to revive its price. Cardano ADA, resilient amid a 17.6% monthly fall, sees whales accumulating $85 million, hinting at a possible 30% recovery rally. Cryptocurrency markets exhibit varied trends, influenced by regulatory developments and investor behavior.

Markets In Focus Today – BITCOIN

Bitcoin Retreats Below $42k Following Initial ETF-Driven Surge.

Bitcoin experienced a significant pullback today, retreating below the $42,000 mark after a recent surge close to $49,000. This fluctuation in Bitcoin's value comes in the wake of the sanctioning of a Bitcoin Exchange-Traded Fund (ETF), which initially boosted the cryptocurrency's price. The market's sentiment has taken a bearish turn despite the optimism earlier generated by the ETF news. A new batch of U.S. bitcoin exchange-traded funds (ETFs) has attracted strong investor interest, though it is unclear if they will be able to maintain the pace of inflows in coming weeks.

Technical Overview With Chart :

24-01-19_01-19-21_BTCUSD-1024x345.png


Moving Averages :

Exponential :

  • MA 10 : 42803.31 | Negative Crossover | Bearish
  • MA 20 : 43236.82 | Negative Crossover | Bearish
  • MA 50 : 42168.55 | Negative Crossover | Bearish

Simple :

  • MA 10 : 43216.80 | Negative Crossover | Bearish
  • MA 20 : 43837.88 | Negative Crossover | Bearish
  • MA 50 : 43106.87 | Negative Crossover | Bearish
RSI (Relative Strength Index) : 41.87 | Neutral Zone | Neutral

Stochastic Oscillator : 10.89 | Sell Zone | Negative

Resistance And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 41881.90 | Take Profit : 39770.44 | Stop Loss : 43412.71

RIPPLE

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Daily Crypto Analysis – Bitcoin's comeback, Ethereum loss, XRP battle, Chainlink slide.

Introduction

Bitcoin aims for a resurgence above $40,000, leaving traders uncertain about its next move after a recent correction. Long-term Bitcoin holders transferred over $430 million to exchanges during the dip below $39,000. Ethereum faces a grim narrative, erasing all gains and highlighting vulnerability in the market. XRP engages in a fierce battle, holding above the crucial 200-day EMA at $0.55. Chainlink records a 3.87% decline to $13.80 within 24 hours, maintaining an average risk assessment based on price, volume, and market cap changes.

Markets In Focus Today – BITCOIN

Bitcoin Price Eyes Comeback Above $40,000, Traders Unsure Of Where BTC Is Headed Next.

Bitcoin price made a comeback above $40,000 on Thursday, eyeing gains after the recent correction. Bitcoin's long-term holders sent over $430 million in Bitcoin to exchanges as BTC dipped below $39,000. Bitcoin price suffered a setback after hitting its two-year high of $48,989 on January 11. The asset dropped to its 2024 low of $38,555 on Tuesday before beginning its recovery to the psychologically important level of $40,000. The approval of Bitcoin Spot ETFs by the Securities and Exchange Commission (SEC), ushered a volatility in crypto prices, and divided traders on their sentiment on BTC.

Technical Overview With Chart :



704fe881c0401dca19025da70788c514b2ef9875_2_690x232.png



Moving Averages :

Exponential :

  • MA 10 : 41079.58 | Negative Crossover | Bearish
  • MA 20 : 41970.96 | Negative Crossover | Bearish
  • MA 50 : 41811.60 | Negative Crossover | Bearish

Simple :

  • MA 10 : 41202.25 | Negative Crossover | Bearish
  • MA 20 : 42838.70 | Negative Crossover | Bearish
  • MA 50 : 43009.09 | Negative Crossover | Bearish
RSI (Relative Strength Index): 38.68 | Sell Zone | Bearish

Stochastic Oscillator : 15.73 | Sell Zone | Positive

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: 41074.25 | Take Profit: 38297.2 | Stop Loss: 42899.03

ETHEREUM

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

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 :



14cb7792dfab6d7df925924215372a508dd192db_2_690x231.png



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

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Daily Crypto Analysis – Crypto markets uncertain amid inflation fears.

Introduction

"Bitcoin's brief ascent to the $50,000 milestone faces challenges as US CPI inflation data points to persistent inflationary pressure, triggering potential price drops. Ethereum eyes a 10% gain, but caution emerges with signs of falling momentum. Ripple reveals crypto custody plans amidst XRP's sideways trading, while Chainlink hits a one-year high above $20 fueled by increased DeFi adoption and network activity."

Markets In Focus Today – BITCOIN

Bitcoin Price $50,000 Milestone Short-Lived As US CPI Inflation Signals Persistent Inflationary Pressure.

Bitcoin price shocked the market, hitting the $50,000 milestone after two years. BTC could drop 5% into the supply zone turned bullish breaker or confirm an extended fall below $45,554. A higher high above the $50,368 range would invalidate the bearish thesis, bringing $60,000 into focus. US CPI inflation in January printed at 3.1% every year, above the 2.9% market expectation. Bitcoin's (BTC) price has repelled the $50,000 milestone. The retraction follows the US CPI inflation data, which signaled persistent inflationary pressures.

Technical Overview With Chart :



32c8830f8b6f19b83b4f88df163778e677f6af69_2_690x231.png
1024×344 73.4 KB


Moving Averages :

Exponential :

  • MA 10 : 47621.5930 | Positive Crossover | Bullish
  • MA 20 : 45776.7299 | Positive Crossover | Bullish
  • MA 50 : 43799.5841 | Positive Crossover | Bullish

Simple :

  • MA 10 : 46911.3480 | Positive Crossover | Bullish
  • MA 20 : 44804.1700 | Positive Crossover | Bullish
  • MA 50 : 43733.3678 | Positive Crossover | Bullish
RSI (Relative Strength Index): 80.4816 | Buy Zone | Bullish

Stochastic Oscillator : 94.2667 | Buy Zone | Positive

Resistance And Support Levels :

  • R1 : 47387.2295 R2 : 49860.6039
  • S1 : 39380.2039 S2 : 36906.8295

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 50011.09 | Take Profit: 51626.22 | Stop Loss: 49008.60

ETHEREUM

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Weekly FX Analysis – Stay updated on Forex amid economic uncertainty.

Introduction

GBP/USD rebounded from session lows, hovering below 1.2600 after a dip to 1.2550 post-stronger-than-expected US producer inflation data. The pair faced resistance amid cautious market sentiment. Meanwhile, EUR/USD held above 1.0750 following US data, signaling consolidation. AUD/USD aimed for positive territory, buoyed by Wall Street's surge, while USD/JPY consolidated below 150.50, influenced by firmer USD and BoJ Ueda's speech impact. Japanese Yen strength persisted amid doubts about BoJ's early policy shift due to the unexpected Q4 GDP contraction.

Markets In Focus Today – GBP/USD

GBP/USD Rebounds From Session Lows, And Trades Below 1.2600.

GBP/USD erased much of its daily losses after dropping to 1.2550 following the stronger-than-forecast US producer inflation data. However, with markets turning cautious in the American session, the pair struggles to reclaim 1.2600. GBP/USD benefited from the renewed US Dollar (USD) weakness and snapped a three-day losing streak on Thursday. The pair, however, lost its recovery momentum after testing 1.2600 and edged lower in the early European session on Friday. The 10-year US Treasury bond yield continued to correct lower following the disappointing Retail Sales data from the US on Thursday and weighed on the USD. Meanwhile, Bank of England's Monetary Policy Committee (MPC) member Megan Greene reiterated on Thursday that the monetary policy will need to remain restrictive for some time, further supporting GBP/USD.

Technical Overview With Chart :



047aaa82b0b8ab40dfcf65e239e9b37964c60b02_2_690x230.png



Moving Averages :

Exponential :

  • MA 10 : 1.2611 | Negative Crossover | Bearish
  • MA 20 : 1.2634 | Negative Crossover | Bearish
  • MA 50 : 1.2631 | Negative Crossover | Bearish

Simple :

  • MA 10 : 1.2598 | Positive Crossover | Bullish
  • MA 20 : 1.2648 | Negative Crossover | Bearish
  • MA 50 : 1.2675 | Negative Crossover | Bearish
RSI (Relative Strength Index): 44.8213 | Neutral Zone | Neutral

Stochastic Oscillator : 27.2727 | Sell Zone | Positive

Resistance And Support Levels :

  • R1 : 1.2763 R2 : 1.2807
  • S1 : 1.2618 S2 : 1.2574

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Stop Buy: 1.2620 | Take Profit: 1.2574 | Stop Loss: 1.2531

EUR/USD

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