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.
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
- SEC to Add Staff as It Ramps Up Anti-Crypto Scam Efforts - Coindesk
- Bored Ape Creators Slammed for 'Nightmare' Ethereum NFT Land Drop, 'Tone Deaf' Response - Decrypt
- 'More likely' BTC price will hit $100K before Bitcoin sweeps $30K lows, forecast says - Cointelegraph
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.
