capitalstreetfx06
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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
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: 42899.03ETHEREUM
Ethereum (ETH) Loses All Of Its Gains.
Ethereum has wiped out the gains it had accumulated over a sustained period. The ETH/USD price chart depicts a grim narrative as the digital asset has swiftly descended from its peak, retracing back to levels that question the sustainability of its prior growth. The steep decline in Ethereum’s price is a significant bearish signal. It reflects the market’s hesitancy to invest at previous highs, most likely due to the underperformance Ethereum has shown in the recent past. This lack of traction and inability to initiate a recovery underscores the vulnerability of Ethereum’s price in the current market climate.Technical Overview With Chart :
Moving Averages :
Exponential :
- MA 10 : 2353.01 | Negative Crossover | Bearish
- MA 20 : 2379.17 | Negative Crossover | Bearish
- MA 50 : 2312.94 | Negative Crossover | Bearish
Simple :
- MA 10 : 2402.64 | Negative Crossover | Bearish
- MA 20 : 2422.75 | Negative Crossover | Bearish
- MA 50 : 2336.48 | Negative Crossover | Bearish
Stochastic Oscillator : 12.72 | Sell Zone | Neutral
Resistance And Support Levels :
- R1 : 2411.05 R2 : 2505.56
- S1 : 2105.10 S2 : 2010.59