Cryptocurrency News Today: Bitcoin Outlook Still Bearish After Fall

Bitcoin (BTC/USD) Analysis

Bitcoin falls after sell-off in US equities, positively correlates to NASDAQ.

Key Highlights

Bitcoin tumbled following the footsteps of NASDAQ - Bitcoin and NASDAQ are positively correlated. A hawkish rate hike by Fed has dragged riskier assets like stocks and Bitcoin down.

Technical Analysis

Intraday Trend - Bearish

On the daily chart, the pair is trading below Tenken-Sen ($39,783), below Kijun-sen ($39,515), and Ichimoku Kumo cloud ($41,279). Bitcoin hit an intraday high of $35,830 and is currently trading around $36,211.

Major support is seen at $34,000, any violation below that level may take the pair to $30,000 / $28,000.

The immediate resistance is around $37,000 (support turned into resistance), any breach above the level will reach $40,000 / $40,800 / $41,700.

RSI- Bearish

A possible strategy could be sell on rallies around $37,800-800 with SL around $40,800 for TP of $30,000.

ETH/USD Daily Outlook

Key Highlights

Ethereum trades below $2,800 after a minor jump to $2,969. It hits a low of $2,693 at the time of writing and is currently trading around $2,721.

On the 4-hours chart, the pair is trading above Tenken-Sen ($2,822), Kijun-sen ($2,828), and below Ichimoku Kumo cloud ($2,815).

Major support is seen at $2,690, any breach below can drag the pair to $2,490 / $2,300.

The immediate resistance is around $2,800. A break above can take the pair to $2,975 (200 -4H EMA) / $3,045 / $3,179 / $3,275.

Indicators (4 hours chart)

RSI- Bearish

A possible option could be sell on rallies around $2,815-20 with SL around $3,000 for TP of $2,300.

Crypto chart May6
Crypto chart: BTC, ETH, XRP, BNB TradingView

XRP/USD Outlook

Intraday Trend- Bearish

Key Support- $0.70, $0.50

Key Resistance- $0.8,000, $0.9150

XRP's price is under pressure for the past three days. The intraday trend of the pair is bearish as long as the resistance of $0.6830 holds. Any close above $0.6850 may take the pair to $0.7250 / $0.800, it is currently trading around $0.6045. 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 $0.5,000.

BNB/USD Outlook

Intraday Trend- Bearish

Key Support- $390, $360

Key Resistance- $432

BNB/USD pared most of its gains made yesterday. Any breach below $360 confirms an intraday bearishness. A dip to $323 / $300 is possible, it is currently trading at around $378.30. Short-term trend reversal only if it breaks $506.

Go short on rallies around $398-400 with SL around $432 for a TP of $325.

Bitcoin Support / Resistance

Resistance

R1- $37,000, R2- $40,800, R3- $41,700

Support

S1- $34,000, S2- $30,000, S3- $28,000

Ethereum Support / Resistance

Resistance

R1- $2,800, R2- $2,880, R3- $2,975

Support

S1- $2,690, S2- $2,490, S3- $2,300

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