Bitcoin (BTC/USD) Analysis
Key Highlights
BTC showed a profit booking after hitting a three week high. The pair has been in recovery mode for the past two weeks on upbeat market sentiment. Any push towards $45,600 is possible only if it closes above $43,300 (the current symmetric triangle).
Technical Analysis
Intraday trend – Neutral
On the daily chart, the pair is trading above Tenken-sen ($40,452), Kijun-sen ($41,174), and Ichimoku Kumo cloud ($40,238). It hits a high of $43,337 at the time of writing and is currently trading around $42,330.
Major support is seen at $41,000. Any drop below this level confirms intraday bearishness. A dip till $40,450/$39,000/$37,000 (Mar 7th low) is likely.
The immediate resistance is around $42,600, any surge in past targets $43,300/$45,356 (200-day EMA)/$50,000 is possible.
RSI – Neutral
A possible strategy could be long on dips $41,000 with SL around $39,000 for TP of $50,000.
ETH/USD Daily Outlook
Key Highlights
Ethereum is consolidating within a symmetric triangle for the past three months. It hit an intraday low of $2,920 and is currently trading around $2,957.16.
On the daily chart, the pair is trading above Tenken-sen ($2,776), Kijun-sen ($2,749), and slightly below Ichimoku Kumo cloud ($3,003).
Major support is seen at $2,865, any violation below this level confirms the halt of the bullish trend. A dip till $2,800/$2,740/ $2,670/$2,600 is possible.
The immediate resistance is around $3,060 (triangle break out), any close above targets of $3,300/$3,512 is possible.
RSI – Neutral
A possible option could be long above 3,060 with SL around $2,900 for TP of $3,500.
TradingView
XRP/USD Outlook
Intraday trend – Bullish
Key support – $0.70, $0.50
Key Resistance – $0.865 (Mar 12th 2022)
XRP’S price dropped after a minor jump above 200-day EMA (0.84066), any daily close above $0.8450 confirms a bullish continuation. It is currently trading around $0.8234, short-term trend reversal only if it breaches $1.02 (23rd Dec high).
A possible strategy could be buy above $0.860 with SL around $0.80 for a TP of $1.02.
BCH/USD Outlook
Intraday trend – Bullish
Key support- $300, $259
Key Resistance- $363
Bitcoin Cash / USD’s price dropped by more than 8% from a minor top $387. A violation above $400 confirms further bullishness. It is currently trading around $366.09, short-term trend reversal only if it breaks $430.
A possible option could be long around $320 with SL around $270 for a TP of $395/$429.
Bitcoin Support /Resistance
Resistance
R1- $43300, R2- $46000, R3- $50000
Support
S1- $40000, S2- $37000, S3- $34000
Ethereum Support/Resistance
Resistance
R1- $3060, R2- $3200, R3- $3300
Support
S1- $2865, S2- $2800, S3- $2740
See more at the Newsweek Cryptocurrency Index:
Getty Images
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.
Read More…