Bitcoin Stuck Below $40,000, Outlook Weak

Bitcoin (BTC/USD) Analysis

Bitcoin dips as investors cautious amid Fed’s hawkish outlook

Key Highlights

Bitcoin held below $40,000 after the Fed chairman’s speech at IMF. He clearly stated that the central bank is looking to hike interest rates by 50 bps at the next Fed policy meeting.

Technical Analysis

Intraday Trend – Bearish

On the daily chart, the pair is trading below Tenken-Sen ($40,763), Kijun-sen ($43,134), and Ichimoku Kumo cloud ($41,279). Bitcoin hit an intraday high of $38,217 and is currently trading around $39,467.

Major support is seen at $37,000, any violation below that level can take the pair to $34,000 / $30,000.

The immediate resistance is around $40,000, any breach above the psychological level may reach $41,700 / $42,500 / $42,978 (Apr 21st high).

RSI- Weak

A possible strategy could be to sell on rallies around $40,700-800 with SL around $43,000 and TP of $30,000.

ETHUSD Daily Outlook

Key Highlights

Ethereum plunges below $3,000 after a minor pullback to $3,179 following the footsteps of Bitcoin. It hits a low of $2,798 and is currently trading around $2,810.

On the daily chart, the pair is trading below Tenken-Sen ($3,029), Kijun-sen ($3,230), and Ichimoku Kumo cloud ($2,891).

Major support is seen at $2,800, any breach below can drag the pair to $2,650 / $2,490.

The immediate resistance is around $2,940 (support turned into resistance). A break above could take the pair to $3,045 / $3,179 / $3,275.

RSI- Bearish

A possible option could be short on rallies around $2,970-80 with SL around $3,180 for TP of $2,490 / $2,300.

Cryptocurrency charts for April 25th: BTC, ETH, XRP, Binance
TradingView

XRP/USD Outlook

Intraday Trend – Bearish

Key support – $0.70, $0.50

Key Resistance – $0.8000, $0.9150

XRP’s price breaks significant support at $0.680 and holds below that level. Any breach below $0.6200 will take the pair to $0.6000/$0.540, it is currently trading around $0.64885. 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 $0.5000.

BNBUSD Outlook

Intraday trend – Bearish

Key support- $390, $360

Key Resistance – $432

Binance lost its shine due to declining crypto markets. Any daily close below $380 confirms a bearish continuation. A dip to $360/$337 is possible, it is currently trading at around $384.60. Short-term trend reversal only if it breaks $506.

A possible strategy could be short on rallies around $400 with SL around $432 for a TP of $338.

Bitcoin Support / Resistance

Resistance

R1- $40,000
R2- $41,700
R3- $43,000

Support

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

Ethereum Support / Resistance

Resistance

R1- $2,940
R2- $3,045
R3- $3,179

Support

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

See more at the Newsweek Cryptocurrency Index:

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
A visual representation of the digital Cryptocurrency, Bitcoin on October 23, 2017 in London, England.
Dan Kitwood/Getty

This news is republished from another source. You can check the original article here

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