Cryptocurrency News Today: Bitcoin, Ethereum Bullish After Fed Hike

Bitcoin (BTC/USD) Analysis

Bitcoin rises sharply on ease of aggression after Fed rate hike

Key Highlights

Bitcoin regained above $40,000 after Fed monetary policy. The central bank hiked rates by 50 basis points and decreased its asset buying program. The demand for riskier assets gained as Fed was less aggressive than expected.

Technical Analysis

Intraday Trend - Neutral

On the daily chart, the pair is trading above Tenken-Sen ($39,100), below Kijun-sen ($40,425), 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 may take the pair to $34,000 / $30,000.

The immediate resistance is around $40,800, any breach above the level can reach $41,700 / $42,500 / $42,978 (Apr 21st high) / $43,500.

RSI- Bullish

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

ETH/USD Daily Outlook

Key Highlights

Ethereum has broken a minor trend line resistance and is holding above $2,900 following footsteps of Bitcoin. It hits a high of $2,917 at the time of writing and is currently trading around $2,926.

On the 4-hours chart, the pair is trading above Tenken-Sen ($2,861), Kijun-sen ($2,843), and below Ichimoku Kumo cloud ($2,817).

Major support is seen at $2,880, any breach below can drag the pair to $2,800 / $2,700 / $2,650.

The immediate resistance is around $29,75 (200 -4H EMA). A break above will take the pair to $3,045 / $3,179 / $3,275.

RSI- Bullish

A possible option could be to buy on dips around $2,850 with SL around $2,700 for TP of $3,450.

Crypto chart May5
Cryptocurrency chart for May 5: BTC, ETH, XRP, Binance TradingView

XRP/USD Outlook

Intraday Trend- Bearish

Key support- $0.70, $0.50

Key Resistance- $0.8,000, $0.9150

XRP's price pared some of its gains made yesterday. The intraday trend of the pair is bearish as long as the resistance of $0.65 holds. Any close above $0.650 may take the pair to $0.7250 / $0.800, it is currently trading around $0.63756. Short-term trend reversal only if it breaches $0.9200.

A possible strategy could be to sell on rallies around $0.6800 with SL around $0.7500 for a TP of $0.5,000.

BNB/USD Outlook

Intraday Trend- Bearish

Key Support-$390, $360

Key Resistance- $432

BNBUSD recovered above $400 on upbeat market sentiment. Any breach above $411 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 long on dips around $390-92 with SL around $379 for a TP of $435 / $440.

Bitcoin Support / Resistance

Resistance

R1- $40800, R2- $41700, R3- $43,000

Support

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

Ethereum Support / Resistance

Resistance

R1- $2,975, R2- $3,045, R3- $3,179

Support

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

News From Elsewhere

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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.

Physical banknote and coin imitations of bitcoin
A physical banknote and coin imitations of the Bitcoin crypto currency. OZAN KOSE/AFP via Getty Images