Cryptocurrency News Today: Bitcoin Remains Bearish After Massive Sell-off

Bitcoin (BTC/USD) Analysis

  • Bitcoin sees massive sell-off as demand for safe-haven assets rise
  • Major central banks' rate hikes continue to weigh on Bitcoin

Key Highlights

Bitcoin showed a massive sell-off as demand for safe-haven assets like the U.S. dollar increased. Rate hikes by the major central banks in the previous week are putting pressure on Bitcoin at higher levels.

Technical Analysis

Intraday Trend - Bearish

On the daily chart, the pair is trading below Tenken-Sen ($36,880), below Kijun-sen ($38,344), and Ichimoku Kumo cloud ($41,279). Bitcoin hits an intraday low of $33,142 and is currently trading around $33,625.

Major support is seen at $28,600 (June 2021 low), any violation below that level can take the pair to $24,000 / $20,000.

The immediate resistance is around $35,000, any breach above the level will reach $37,000 / $40,000 / $40,800 / $41,700.

RSI- Bearish

A possible strategy could be sell on rallies around $34,800-35,000 with SL around $38,000 for TP of $28,650.

ETH/USD Daily Outlook

Key Highlights

Ethereum trades below $2,500 following the footsteps of Bitcoin. It hit a low of $2,421 at the time of writing and is currently trading around $2,458.

On the 4-hours chart, the pair is trading below Tenken-Sen ($2,551), Kijun-sen ($26,870), and below Ichimoku Kumo cloud ($2,852).

Major support is seen at $2300, any breach below can drag the pair to $2,150 / $2,000 / $1,600.

The immediate resistance is around $2,501. A break above may take the pair to $2,665 / $2,800 / $3,000.

RSI- Bearish

A possible option could be sell on rallies around $2,580-85 with SL around $2,800 for TP of $2,000.

Crypto chart may9
Cryptocurrency chart for May 9: 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 trades lower for the past week. The intraday trend of the pair is bearish as long as the resistance of $0.660 holds. Any close above $0.660 will take the pair to $0.7250 / $0.800, it is currently trading around $0.5461. Short-term trend reversal only if it breaches $0.9200.

A possible strategy could be sell on rallies around $0.6,000 with SL around $0.6600 for a TP of $0.4600.

BNB/USD Outlook

Intraday Trend- Bearish

Key Support- $390, $360

Key Resistance- $432

BNBUSD holds below $400 for the fourth consecutive day and lost more than 15 percent. Any breach below $320 confirms an intraday bearishness. A dip to $323 / $300 is possible, it is currently trading at around $343.10. Short-term trend reversal only if it breaks $506.

A possible option could be short on rallies around $360-61 with SL around $385 for a TP of $300.

Bitcoin Support / Resistance

Resistance

R1- $35,000
R2- $37,000
R3- $40,000

Support

S1- $32,000
S2- $30,000
S3- $28,000

Ethereum Support / Resistance

Resistance

R1- $2,500
R2- $2,660
R3- $2,800

Support

S1- $2,300
S2- $2,150
S3- $2,000

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.

Bitcoin logo
A bitcoin logo is seen during the Bitcoin 2022 Conference at Miami Beach Convention Center in April 2022 in Miami, Florida. Getty Images