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.
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
- Ape-themed airdrop phishing scams are on the rise, experts warn - Cointelegraph
- Otherdeed NFTs Sale Drop by 25%, Pushing Buyers Further Underwater - Crypto News
- Hester Peirce Knocks SEC's Plans to Add to Crypto Enforcement Staff - CoinDesk
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.
