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.
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.
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