Bitcoin (BTC/USD) Analysis
Bitcoin dips as investors cautious amid Fed’s hawkish outlook
Key Highlights
Bitcoin held below $40,000 after the Fed chairman’s speech at IMF. He clearly stated that the central bank is looking to hike interest rates by 50 bps at the next Fed policy meeting.
Technical Analysis
Intraday Trend – Bearish
On the daily chart, the pair is trading below Tenken-Sen ($40,763), Kijun-sen ($43,134), and Ichimoku Kumo cloud ($41,279). Bitcoin hit an intraday high of $38,217 and is currently trading around $39,467.
Major support is seen at $37,000, any violation below that level can take the pair to $34,000 / $30,000.
The immediate resistance is around $40,000, any breach above the psychological level may reach $41,700 / $42,500 / $42,978 (Apr 21st high).
RSI- Weak
A possible strategy could be to sell on rallies around $40,700-800 with SL around $43,000 and TP of $30,000.
ETHUSD Daily Outlook
Key Highlights
Ethereum plunges below $3,000 after a minor pullback to $3,179 following the footsteps of Bitcoin. It hits a low of $2,798 and is currently trading around $2,810.
On the daily chart, the pair is trading below Tenken-Sen ($3,029), Kijun-sen ($3,230), and Ichimoku Kumo cloud ($2,891).
Major support is seen at $2,800, any breach below can drag the pair to $2,650 / $2,490.
The immediate resistance is around $2,940 (support turned into resistance). A break above could take the pair to $3,045 / $3,179 / $3,275.
RSI- Bearish
A possible option could be short on rallies around $2,970-80 with SL around $3,180 for TP of $2,490 / $2,300.
TradingView
XRP/USD Outlook
Intraday Trend – Bearish
Key support – $0.70, $0.50
Key Resistance – $0.8000, $0.9150
XRP’s price breaks significant support at $0.680 and holds below that level. Any breach below $0.6200 will take the pair to $0.6000/$0.540, it is currently trading around $0.64885. Short-term trend reversal only if it breaches $0.9200.
A possible strategy could be sell on rallies around $0.6800 with SL around $0.7500 for a TP of $0.5000.
BNBUSD Outlook
Intraday trend – Bearish
Key support- $390, $360
Key Resistance – $432
Binance lost its shine due to declining crypto markets. Any daily close below $380 confirms a bearish continuation. A dip to $360/$337 is possible, it is currently trading at around $384.60. Short-term trend reversal only if it breaks $506.
A possible strategy could be short on rallies around $400 with SL around $432 for a TP of $338.
Bitcoin Support / Resistance
Resistance
R1- $40,000
R2- $41,700
R3- $43,000
Support
S1- $37,000
S2- $34,000
S3- $30,000
Ethereum Support / Resistance
Resistance
R1- $2,940
R2- $3,045
R3- $3,179
Support
S1- $2,800
S2- $2,690
S3- $2,495
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.
Dan Kitwood/Getty