BEST CRYPTO TECHNICAL ANALYSIS BY CAPITAL STREET FX

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Daily Crypto Analysis – Bitcoin Dive, Ethereum at $2k, Chainlink Bubble, XRP Struggles.​

Introduction​

Bitcoin plunges below $40k as enthusiasm surrounding spot ETF approval diminishes. Despite initial optimism, the cryptocurrency struggles to sustain gains post-SEC approval. Ethereum faces a potential drop to $2,000 as on-chain metrics indicate profit-taking by whales. Chainlink exhibits short-term bubble risk, breaking out of a bullish channel with a potential trend reversal. XRP experiences a 9% decline as traders grapple with losses exceeding $130 million, with diminishing demand and anticipation for a Spot XRP ETF failing to halt the altcoin’s downward trajectory.

Markets In Focus Today – BITCOIN​

Bitcoin breaks below $40k as spot ETF hype wanes.

Bitcoin fell sharply to an over seven-week low while also breaking below key levels on Tuesday as an initial boost from the approval of several spot exchange-traded funds now appeared to be waning. The world’s largest cryptocurrency saw a strong melt-up over the past year amid speculation that the Securities and Exchange Commission (SEC) would approve ETFs that directly track the price of the token- a first for U.S. markets. The token peaked at a near two-year high earlier this month, just as the SEC approved the spot ETFs. But bitcoin’s performance since the approval has been largely underwhelming, defying forecasts that the price would shoot up with the entrance of more institutional capital.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 41519.88 | Negative Crossover | Bearish
• MA 20 : 42364.96 | Negative Crossover | Bearish
• MA 50 : 41946.62 | Negative Crossover | Bearish

Simple :​

• MA 10 : 41593.45 | Negative Crossover | Bearish
• MA 20 : 43246.90 | Negative Crossover | Bearish
• MA 50 : 43159.75 | Negative Crossover | Bearish

RSI (Relative Strength Index): 35.99 | Sell Zone | Bearish

Stochastic Oscillator : 6.17 | Sell Zone | Neutral

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: 40285.04 | Take Profit: 37324.01 | Stop Loss: 42285.73

ETHEREUM​

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Daily Crypto Analysis – Ripple-SEC clash, XRP dip, Bitcoin liquidations, Ethereum losses, Uniswap bearish.​

Introduction​

In the ongoing legal battle between Ripple and the SEC, the regulatory body files a reply supporting its motion to compel against Ripple, attempting to turn the tide in its favor. Meanwhile, XRP struggles at a three-month low. Bitcoin’s recent price drop triggers significant liquidations, with expert analysis linking it to GBTC redemptions. Ethereum faces losses, while Uni swap validates a bearish reversal pattern, causing substantial liquidations and signaling potential further declines. Market sentiment remains volatile, shaping the trajectory of major cryptocurrencies.

Markets In Focus Today – RIPPLE​

SEC Files Reply Backing Its Motion To Compel Against Ripple; XRP Price Rebounds From Aug 2023 Low.​

XRP price at the time of writing is at a three-month low, with the RSI sitting in the oversold zone for the first time since August 2023. Ripple and the SEC are continuing their battle, with the latter filing a reply in support of its motion to compel. The Securities and Exchange Commission (SEC) is attempting to flip one of its biggest losses into some semblance of a victory. This is evident by the most recent filing from the regulatory body against Ripple seeking court intervention over undisclosed document requests. XRP price, on the other hand, is trending in an unfavorable direction.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 0.54 | Negative Crossover | Bearish
• MA 20 : 0.56 | Negative Crossover | Bearish
• MA 50 : 0.58 | Negative Crossover | Bearish

Simple :​

• MA 10 : 0.55 | Negative Crossover | Bearish
• MA 20 : 0.56 | Negative Crossover | Bearish
• MA 50 : 0.60 | Negative Crossover | Bearish

RSI (Relative Strength Index): 30.41 | Sell Zone | Bearish

Stochastic Oscillator : 13.56 | Sell Zone | Positive

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 Sell: 0.52 | Take Profit: 0.48 | Stop Loss: 0.56

BITCOIN​

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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 :​

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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Daily Crypto Analysis – Bitcoin Freefall, Ethereum $2000 Dip, Uniswap Liquidation, XRP Upgrade.​

Introduction​

Bitcoin remains range-bound around the $40,000 mark, signaling a period of consolidation post-Spot ETF approval, while retail traders with less than 1 BTC reduce holdings, impacting Bitcoin wallets since October 2023. Ethereum faces a potential dip to $2000 amidst subdued cryptocurrency market volatility. Uniswap experiences a bearish reversal, with liquidations reaching $2.2 million. Meanwhile, the XRP Ledger anticipates an upgrade introducing an Automated Market Maker, allowing XRP holders to earn on-chain income through liquidity provision.

Markets In Focus Today – BITCOIN​

Bitcoin Price Sees Range-Bound Price Action Below The $40,000 Mark Closer To BTC Halving.​

Bitcoin wallet addresses have been on a decline since October 2023. BTC price drop below the $40,000 mark triggered liquidations in over 487,000 wallets holding up to 1 Bitcoin. Bitcoin price is range bound less than three months away from the upcoming BTC halving event in April. Bitcoin price is range bound close to the psychologically important $40,000 level, nearly two weeks post-Spot ETF approval by the Securities and Exchange Commission. Retail traders holding less than 1 BTC have shed their holdings, as evidenced by the decline in Bitcoin wallets since October 2023. Bitcoin’s retail traders are therefore on a decline amidst the BTC price correction.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 40899.76 | Negative Crossover | Bearish
• MA 20 : 41790.73 | Negative Crossover | Bearish
• MA 50 : 41743.34 | Negative Crossover | Bearish

Simple :​

• MA 10 : 40890.00 | Negative Crossover | Bearish
• MA 20 : 42635.73 | Negative Crossover | Bearish
• MA 50 : 42943.95 | Negative Crossover | Bearish

RSI (Relative Strength Index): 39.70 | Sell Zone | Bearish

Stochastic Oscillator : 21.70 | Sell Zone | Negative

Resistance And Support Levels :​

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

Overall Sentiment: Bearish Market Direction: Sell​

Trade Suggestion: Limit Sell: 40826.18 | Take Profit: 38768.46 | Stop Loss: 42442.96

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 :​

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 – Bitcoin Soars, Ethereum Crashes, Cardano Dips, Chainlink Struggles.​

Introduction​

Bitcoin hovers around $42,000 as speculation grows over Charles Schwab’s potential entry into the Bitcoin ETF race, intensifying market interest. Ethereum faces a significant decline, erasing previous gains and raising concerns about its sustainability. Cardano experiences a dip in whale transactions, triggering discussions about network dynamics, while Chainlink struggles to establish a strong upswing after breaking out of an 18-month accumulation phase. The crypto space is abuzz with developments impacting various digital assets.

Markets In Focus Today – BITCOIN​

Bitcoin Price Hovers Around $42,000 As Markets Weigh Possible Charles Schwab Entry To ETF Race.​

Bitcoin ETF race continues as Bloom berg ETF analyst speculates Charles Schwab’s entry. Bitcoin exchange balances have nosedived by over one million BTC since 2020. BTC price sustained above the $42,000 level as Bitcoin eyes a recovery. Bitcoin ETF race likely to intensify as Bloomberg ETF specialist Eric Balchunas speculates $8.5 trillion asset manager Charles Schwab’s entry into the race. BTC exchange balances are on a decline and a recovery in Bitcoin price is likely in the short term.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 41611.80 | Positive Crossover | Bullish
• MA 20 : 41991.30 | Positive Crossover | Bullish
• MA 50 : 41843.11 | Positive Crossover | Bullish

Simple :​

• MA 10 : 41109.46 | Positive Crossover | Bullish
• MA 20 : 42172.87 | Negative Crossover | Bearish
• MA 50 : 42867.05 | Negative Crossover | Bearish

RSI (Relative Strength Index): 49.52 | Neutral Zone | Neutral

Stochastic Oscillator : 70.74 | Neutral Zone | Neutral

Resistance And Support Levels :​

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

Overall Sentiment: Neutral Market Direction: Buy​

Trade Suggestion: Limit Buy: 42525.82 | Take Profit: 45086.71 | Stop Loss: 41005.29

ETHEREUM​

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Daily Crypto Analysis – Bitcoin rally, Cardano’s return, Ethereum stakes, Chainlink risks.​

Introduction​

Bitcoin’s potential rally is hinted at by the increase in exchange stablecoin reserves, signaling rising buying power and supporting the notion that the bull cycle is ongoing. The upcoming BTC halving in April could further drive Bitcoin price gains. Meanwhile, Cardano (ADA) eyes a 15% rise, buoyed by resurfacing shark and whale wallets. Ethereum staked reaches an all-time high, and dwindling exchange supply may elevate ETH prices. Chainlink faces a correction risk as its supply on exchanges rises, posing potential selling pressure.

Markets In Focus Today – BITCOIN​

Bitcoin Price Could Rally As Buying Power Increases With The Rise In Exchange Stablecoin Reserves.​

Bitcoin supply on exchanges has been on a consistent decline since the ETF approvals, driving an increase in stablecoin supply. Higher stablecoin supply signals an increase in buying power, supporting the thesis that the bull cycle still has legs. The upcoming BTC halving in April is likely to catalyze Bitcoin price gains. Bitcoin (BTC) price recovered above $43,000 on Tuesday after its recent correction, which led to a fall from a two-year high of $48,969 to a low of $38,555.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 42138.59 | Positive Crossover | Bullish
• MA 20 : 42241.35 | Positive Crossover | Bullish
• MA 50 : 41954.62 | Positive Crossover | Bullish

Simple :​

• MA 10 : 41408.96 | Positive Crossover | Bullish
• MA 20 : 42073.84 | Positive Crossover | Bullish
• MA 50 : 42935.99 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.10 | Buy Zone | Bullish

Stochastic Oscillator : 86.02 | Buy Zone | Positive

Resistance And Support Levels :​

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

Overall Sentiment: Bullish Market Direction: Buy​

Trade Suggestion: Limit Buy: 43254.35 | Take Profit: 44785.15 | Stop Loss: 42356.98

CARDANO​

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Daily Crypto Analysis – Bitcoin relief, Ethereum targets $2,500, Ripple pressured, Dogecoin hits peak addresses.​

Introduction​

Bitcoin holders are optimistic as Grayscale’s GBTC withdrawals slow down, providing relief for the cryptocurrency’s recent dip. Ethereum eyes $2,500 with bullish indicators, while Ripple faces potential downside pressure from a massive XRP reserve release. Dogecoin witnesses a surge in active addresses, hitting an all-time high, as its network sees a remarkable increase in new addresses. Cryptocurrency markets remain dynamic, influenced by factors such as institutional moves and network activity.

Markets In Focus Today – BITCOIN​

Bitcoin Holders Are Hopeful For A BTC Price Rebound As Grayscale’s GBTC Withdrawals Slow Down.​

Grayscale’s Bitcoin Spot ETF outflows have diminished this week. Bitcoin trades at around $43,000 as its halving event is nearly 81 days away. Bitcoin holder base has held broadly steady, with supply across multiple age bands just below its all-time highs. Bitcoin’s (BTC) price is recovering this week, trading shy of the $43,000 level on Wednesday’s European morning, after its recent drop to $38,555. Outflows from Grayscale’s GBTC have slowed down this week, easing the selling pressure for Bitcoin and likely catalyzing its recent recovery.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 42220.21 | Positive Crossover | Bullish
• MA 20 : 42271.32 | Positive Crossover | Bullish
• MA 50 : 41977.60 | Positive Crossover | Bullish

Simple :​

• MA 10 : 41501.61 | Positive Crossover | Bullish
• MA 20 : 41879.40 | Positive Crossover | Bullish
• MA 50 : 42956.42 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.58 | Buy Zone | Bullish

Stochastic Oscillator : 86.84 | Buy Zone | Neutral

Resistance And Support Levels :​

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

Overall Sentiment: Bullish Market Direction: Buy​

Trade Suggestion: Limit Buy: 42673.70 | Take Profit: 44204.50 | Stop Loss: 41881.90

ETHEREUM​

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Daily Crypto Analysis – Bitcoin relief, Ethereum targets $2,500, Ripple pressured, Dogecoin hits peak addresses.​

Introduction​

Bitcoin holders are optimistic as Grayscale’s GBTC withdrawals slow down, providing relief for the cryptocurrency’s recent dip. Ethereum eyes $2,500 with bullish indicators, while Ripple faces potential downside pressure from a massive XRP reserve release. Dogecoin witnesses a surge in active addresses, hitting an all-time high, as its network sees a remarkable increase in new addresses. Cryptocurrency markets remain dynamic, influenced by factors such as institutional moves and network activity.

Markets In Focus Today – BITCOIN​

Bitcoin Holders Are Hopeful For A BTC Price Rebound As Grayscale’s GBTC Withdrawals Slow Down.​

Grayscale’s Bitcoin Spot ETF outflows have diminished this week. Bitcoin trades at around $43,000 as its halving event is nearly 81 days away. Bitcoin holder base has held broadly steady, with supply across multiple age bands just below its all-time highs. Bitcoin’s (BTC) price is recovering this week, trading shy of the $43,000 level on Wednesday’s European morning, after its recent drop to $38,555. Outflows from Grayscale’s GBTC have slowed down this week, easing the selling pressure for Bitcoin and likely catalyzing its recent recovery.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 42220.21 | Positive Crossover | Bullish
• MA 20 : 42271.32 | Positive Crossover | Bullish
• MA 50 : 41977.60 | Positive Crossover | Bullish

Simple :​

• MA 10 : 41501.61 | Positive Crossover | Bullish
• MA 20 : 41879.40 | Positive Crossover | Bullish
• MA 50 : 42956.42 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.58 | Buy Zone | Bullish

Stochastic Oscillator : 86.84 | Buy Zone | Neutral

Resistance And Support Levels :​

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

Overall Sentiment: Bullish Market Direction: Buy​

Trade Suggestion: Limit Buy: 42673.70 | Take Profit: 44204.50 | Stop Loss: 41881.90

ETHEREUM​

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Daily Crypto Analysis – Crypto Surge, Ripple Falters Again.​

Introduction​

Bitcoin’s price rebounds, testing resistance at $43,000, signaling increased buying pressure after a volatile week. On-chain metrics suggest the potential for a BTC rally as profit-taking by whales decreases. Dogecoin experiences modest gains despite a rise in network activity, while Chainlink surges to a two-year high on the movement of dormant tokens. Ripple’s XRP price declines despite FOMO Pay’s announcement of a link between Asia and Africa, with a crucial support level defining its next directional move.

Markets In Focus Today – BITCOIN​

Bitcoin Price Recovers As On-Chain Metrics Point A Potential BTC Rally.​

Bitcoin price tests resistance at $43,000, recovering from a week-long slump. Bitcoin on-chain metrics signal a likelihood of a BTC price rally. BTC profit-taking by whales has declined, paving the way for extended price gains. Bitcoin (BTC) price tested resistance at $43,000 on Friday, recovering from declines earlier this week, in a sign of increasing buying pressure after a choppy week. Some of the asset’s on-chain metrics support the thesis of further price gains ahead, although Bitcoin price has been moving broadly sideways for the last two months.

Technical Overview With Chart :​

Moving Averages :​

Exponential :​

• MA 10 : 42467.94 | Positive Crossover | Bullish
• MA 20 : 42393.70 | Positive Crossover | Bullish
• MA 50 : 42050.89 | Positive Crossover | Bullish

Simple :​

• MA 10 : 42134.39 | Positive Crossover | Bullish
• MA 20 : 41876.26 | Positive Crossover | Bullish
• MA 50 : 42953.29 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.07 | Buy Zone | Neutral

Stochastic Oscillator : 82.14 | Neutral Zone | Neutral

Resistance And Support Levels :​

• R1 : 47387.23 R2 : 49860.60
• S1 : 39380.20 S2 : 36906.83

Overall Sentiment: Bullish Market Direction: Buy​

Trade Suggestion: Stop Buy : 43499.71 | Take Profit: 45288.75 | Stop Loss: 42416.87

DOGECOIN​

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