Bitcoin Jumps $3k Ahead of Fed Speech

Bitcoin (BTC/USD) Analysis

Bitcoin jumps more than $3,000, markets eye Fed Chairman’s speech for direction

Key Highlights

Bitcoin traded higher for the third consecutive day and jumped more than $3,000. Markets are eyeing the US Fed Chairman Powell’s speech for further direction.

Technical Analysis

Intraday trend – Neutral

On the daily chart, the pair is trading below Tenken-Sen ($40,383), Kijun-sen ($43,390), and Ichimoku Kumo cloud ($40,087). BTC/USD hit an intraday high of $41,995 and is currently trading around $41,970.

Major support is seen at $40,000, any violation below that psychological level likely to drag the pair to $37,000 / $34,000 / $30,000.

The pair is facing a hurdle near the 55-day EMA at $42,230. Any surge past targets $43,500 / $44,000 / $46,000 / $48,235.

RSI- Neutral

A possible strategy could be buy above $41,700 with SL around $40,000 for TP of $50,000.

ETH/USD Daily Outlook

Key Highlights

Ethereum holds above $3,000 for the third consecutive day due to the successful completion of the first merge test. It hit an intraday high of $3,110 and is currently trading around $3,100.

On the 4-hour chart, the pair is trading above Tenken-Sen ($3,101), Kijun-sen ($3,024), and Ichimoku Kumo cloud ($3,051).

Major support is seen at $3,040, any breach below is likely to drag the pair to $3,000 / $2,940 / $2,880. A decline below $2,880 confirms the start of a minor bearish trend. A dip to $2,650 / $2,490 is possible.

The immediate resistance is around $3,170. A break above can take the pair to $3,200 / $3,310.

RSI- Bullish

A possible option could be long on dips around $3,045-50 with SL around $2,940 for TP of $3,500.

XRP/USD Outlook

Intraday trend- Bearish

Key support- $0.70, $0.50

Key Resistance- $0.8000, $0.9150

XRP’s price has traded flat for the past five days between $0.7990 and $0.7281. Any breach above $0.800 can take the pair to $0.8600/$0.9100, it is currently trading around $0.7551. Short-term trend reversal only if it breaches $0.9200.

A possible strategy could be sell on rallies around $0.7600 with SL around $0.805 for a TP of $0.6000.

BNB/USD Outlook

Intraday trend- Bullish

Key support – $390, $360

Key Resistance – $431

Binance upside is capped by 200-day EMA at $431.70. Any daily close above that level confirms a bullish continuation. A jump to $460/$500 is possible, it is currently trading at around $421.20. Short-term trend reversal only if it breaks $506.

A possible option could be long on dips around $415-417 with SL around $390 for a TP of $460/$500.

Bitcoin Support / Resistance

Resistance

R1- $42,250
R2- $43,500
R3- $45,000

Support

S1- $37,000
S2- $34,000
S3- $30,000

Ethereum Support / Resistance

Resistance

R1- $3,170
R2- $3,275
R3- $3,350

Support

S1- $3,040
S2- $2,940
S3- $2,880

See more at the Newsweek Cryptocurrency Index:

The content of this article is for informational purposes only and does not constitute financial or investment advice. It’s important to perform your own research and consider seeking advice from an independent financial professional before making any investment decisions.