Bitcoin Flat Ahead of Fed Decision, Outlook Bearish

Bitcoin (BTC/USD) Analysis

Any hawkish Fed stance to drag bitcoin and riskier assets further down.

Key Highlights

Bitcoin trades flat ahead of Fed monetary policy. Any hawkish rate hike and quantitative tightening will drag the riskier assets like Bitcoin further down.

Technical Analysis

Intraday trend - Bearish

On the daily chart, the pair is trading below Tenken-Sen ($39,100), Kijun-sen ($40,693), and Ichimoku Kumo cloud ($41,279). Bitcoin hit an intraday high of $38,641 and is currently trading around $38,579.

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 $40,800, any breach above the level may reach $41,700 / $42,500 / $42,978 (Apr 21st high) / $43,500.

RSI- Neutral

A possible strategy could be sell on rallies around $40,000 with SL around $43,000 for TP of $30,000.

ETHUSD Daily Outlook

Key Highlights

Ethereum holds below $3,000, following the footsteps of Bitcoin. It hits a high of $2,883 and is currently trading around $2,846.

On the 4-hours chart, the pair is trading above Tenken-Sen ($2,820), Kijun-sen ($2,854), and Ichimoku Kumo cloud ($2,973).

Major support is seen at $2,750, any breach below can drag the pair to $2,650 / $2,490.

The immediate resistance is around $2,940. A break above will take the pair to $3,045 / $3 179 / $3,275.

RSI- Neutral

A possible option could be short on rallies around $2,970-80 with SL around $3,180 for TP of $2,490 / $2,300.

Crypto chart May3
Cryptocurrency chart for March 17: BTC, ETH, XRP, Binance TradingView

XRPUSD Outlook

Intraday Trend- Bearish

Key support- $0.70, $0.50

Key Resistance- $0.8000, $0.9150

XRP's price pared some of its loss made yesterday. The short-term trend of the pair is bearish as long as the resistance of $0.80 holds. Any breach below $0.500 will take the pair to $0.40/$0.350, it is currently trading around $06125. 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.

BNB/USD Outlook

Intraday Trend- Bearish

Key support- $390, $360

Key Resistance- $432

Binance trades weak for the fourth consecutive day and lost more than $80. Any breach below $370 confirms a bearish continuation. A dip to $325/$300 is possible, it is currently trading at around $389.60. Short-term trend reversal only if it breaks $506.

A possible option could be short on rallies around $400 with SL around $432 for a TP of $338.

Bitcoin Support /Resistance

Resistance

R1- $40,800
R2- $41,700
R3- $43,000

Support

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

Ethereum Support/Resistance

Resistance

R1- $3,045
R2- $3,100
R3- $3,179

Support

S1- $2,800
S2- $2,690
S3- $2,495

News from elsewhere

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.

Bitcoin
A photo shows a physical representation of a stack of bitcoins, taken in Paris in April 2019. Chesnot/Getty