Cryptocurrency News Today: Positive Mood for Bitcoin, ADA Surges

Bitcoin (BTC/USD) Analysis

Key Highlights

BTC gained above $43,000 due to a positive mood from equities. The pair has created higher highs and lower lows. It confirms a bullish trend and it should break above $46,000 for bullish confirmation.

Technical Analysis

Intraday trend - Bullish

On the daily chart, the pair is trading above Tenken-sen ($40,739), Kijun-sen ($41,174), and Ichimoku Kumo cloud ($39,400). It hits an intraday high of $43,492 and is currently trading around $43,100.

Major support is seen at $42,500, any violation below this level confirms intraday bearishness. A dip till $41,700/$41,000/$40,450/$39,000/$37,000 (Mar 7th low) is likely.

The immediate resistance is seen around $43,500, any surge past targets of $44,700/$46,000/$50,000 are possible.

RSI - Bullish

A possible strategy could be long on dips $42,525-550 with SL around $41,000 for TP of $50,000.

Crypto chart mar24
Cryptocurrency charts for March 24th: BTC, ETH, XRP, ADA TradingView

ETH/USD Daily Outlook

Key Highlights

Ethereum outperformed Bitcoin in the past week on a software upgrade. It hit an intraday high of $3,081 and is currently trading around $3,040.

On the daily chart, the pair is trading above Tenken-sen ($2,781), Kijun-sen ($2,749), and Ichimoku Kumo cloud ($2,854).

Major support is seen at $2,940, any violation below this level confirms intraday bearishness. A dip till $2,880/$2,800/$2,740/ $2,670/$2,600 is possible.

The immediate resistance is around $3,060 (triangle break out), any close above targets of $3,300/$3,512 are possible.

RSI - Bullish

A possible option could be long above $3,060 with SL around $2,900 for TP of $3,500.

XRP/USD Outlook

Intraday trend - Bullish

Key support- $0.70, $0.50

Key Resistance- $0.865 (Mar 12th 2022)

XRP's price is consolidating in a narrow range between $0.8650 and $0.81750 for the past three days. Any daily close above $0.8450 confirms a bullish continuation, it is currently trading around $0.83509. Short-term trend reversal only if it breaches $1.02 (23rd Dec high).

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

ADA/USD Outlook

Intraday trend - Bullish

Key support: $0.95,$0.80

Key Resistance: $1.30

ADA/USD trades higher for fourth consecutive days and surged more than 25%, any breach above $1.20 confirms further bullishness. It is currently trading around $1.1388, short-term trend reversal only if it breaks $1.57.

A possible option could be long around $1.078-80 with SL around $0.95 for a TP of $1.570.

Bitcoin Support /Resistance

Resistance

R1- $43,500, R2- $46,000, R3- $50,000

Support

S1- $41,000, S2- $39,000,S3- $37,000

Ethereum Support/Resistance

Resistance

R1- $3060, R2- $3200, R3- $3300

Support

S1- $2865, S2- $2800, S3- $2740

See more at the Newsweek Cryptocurrency Index:

Bitcoin keyboard
Getty Images

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.