Cryptocurrency News Today: Bitcoin Consolidates, Ethereum Continues Run

Bitcoin (BTC/USD) Analysis

Key Highlights

BTC's price is in the consolidation phase between $45,850 and $34,324 with a bullish bias. The pair is trading within a symmetric triangle.

Technical Analysis

Intraday trend - Bullish

On the daily chart, the pair is trading above Tenken-sen ($40,079), Kijun-sen (39,828), and below Ichimoku Kumo cloud ($41,030). It hits a high of $40,957 at the time of writing and is currently trading around $40,769.

Major support is seen at $39,485. A drop below this level would confirm intraday bearishness. In that case, a dip till $37,000 (Mar 7th low)/$34,000/$32,950 (Jan 24th low)/$30,000/$28,600 is likely.

The immediate resistance is around $41,700, and any breach above that level would confirm further bullishness. A jump to $42,600 (Mar 9th high)/$45,356 (200-day EMA)/$50,000 is possible.

Crypto chart mar18
Cryptocurrency chart for March 17: BTC, ETH, XRP, Binance TradingView

RSI - bullish

A possible strategy is to buy on dips around $40,000 with SL around $37,000 for TP of $50,000.

ETH/USD Daily Outlook

Key Highlights

ETH/USD continues to trade higher for the fourth consecutive day. It hits a high of $2,839 and is currently trading around $2,810.

On the daily chart, the pair is trading above Tenken-sen ($2,666), Kijun-sen ($2,672), and below Ichimoku Kumo cloud ($2843) confirming the bullish trend.

Major support is seen at $2,660, any violation below this level confirms minor weakness. A dip till $2,500/$2,445/$2,300 (Feb 24th low)/$2,150 is possible.

Intraday trend reversal may happen if Ethereum closes above $2,850 (55-day EMA), a jump to $3,000/$3,300 is possible; a bullish continuation only above $3,525.

RSI - Neutral

A possible strategy is to buy on dips around $2,750-60 with SL around $2,600 for TP of $3,500.

XRP/USD Outlook

Intraday trend - Bullish

Key support - $0.70, $0.50

Key Resistance - $0.86 (Mar 12th 2022)

XRP'S price holds above short-term (55-day EMA) and long-term (200-day EMA) on the 4-hour chart. Any breach above $0.860 confirms bullish continuation.

It is currently trading around $0.78550, short-term trend reversal only if it breaches $1.02 (23rd Dec high).

A possible strategy is to buy above $0.860 with SL around $0.80 for a TP of $1.02.

BNB/USD Outlook

Intraday trend - Bullish

Key support - $350, $330

Key Resistance - $425

BNB/USD's price holds above short-term (55-day EMA) and long-term (200-day EMA) on the 4-hour chart. Anything above $405 would confirm further bullishness - it is currently trading around $387.50. Short-term trend reversal only if it breaks $425.

A possible strategy is to buy above $360 with SL around $330 for a TP of $425/$450.

Bitcoin Support /Resistance

Resistance

R1 - $42,600
R2 - $43,500
R3 - $46,000

Support

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

Ethereum Support/Resistance

Resistance

R1 - $2,850
R2 - $3,050
R3 - $3,300

Support

S1 - $2,600
S2 - $2,445
S3 - $2,300

See more at the Newsweek Cryptocurrency Index:

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