Cryptocurrencies Consolidate Ahead of Fed Decision, Bitcoin Pulls Back

Bitcoin (BTC/USD) Analysis

Bitcoin sees minor pullback, markets cautious on US Fed's tightening plans.

Key Highlights

Bitcoin formed a bottom around $37,000 and showed a minor pullback. Markets are eyeing U.S. Fed monetary policy and quantitative tightening plans for further movement.

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 $39,002 and is currently trading around $38,882.

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 will reach $41,700 / $42,500 / $42,978 (Apr 21st high) / $43,500.

RSI - Bullish

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

ETH/USD Daily Outlook

Key Highlights

Ethereum has consolidated in a narrow range between $2,716 and $2,883 for the past three days. It hit a high of $2,847 at the time of writing and is currently trading around $2,839.

On the 4-hours chart, the pair is trading above Tenken-Sen ($2,,820), Kijun-sen ($2,700), and below Ichimoku Kumo cloud ($2,973).

Major support is seen at $2,700, any breach below will 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 May4
Cryptocurrency chart for May 4: 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 has traded flat for the past two days. The intraday trend of the pair is bearish as long as the resistance of $0.650 holds. Any breach above $0.650 can take the pair to $0.7250/$0.800, it is currently trading around $0.6180. 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 regained above the $390 level after a minor decline to $379.70. Any breach above $395 confirms an intraday bullishness. A jump to $431/$460 is possible, it is currently trading at around $390. 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 keyboard
Novelty Bitcoin tokens placed on a computer keyboard. Getty Images