Bitcoin (BTC/USD) Analysis
Key Highlights
BTC trades higher for the second consecutive week and hits the highest level since Feb 7th. The pair gained sharply on upbeat market sentiment, it is holding above 200-day EMA and is expected to touch $50,000.
Technical Analysis
Intraday trend – Bullish
On the daily chart, the pair is trading above Tenken-sen ($43,733), Kijun-sen ($42,059), and Ichimoku Kumo cloud ($39,957). It hit an intraday high of $47,765 and is currently trading around $46,885.
Major support is seen at $44,800; any drop below this level confirms intraday bearishness. A dip till $43,500/$42,500/$41,700 is possible.
The immediate resistance is around $48,000, any surge past that targets $50,000/$52,000. Major bullishness can happen only if it breaks $52,000, which would make $60,000/$69,000 likely.
RSI – Bullish
A possible strategy could be long on dips $45,000 with SL around $43,500 for TP of $52,000.
ETH/USD Daily Outlook
Key Highlights
Ethereum prices hit a multi-month high and traded above $3,300 for the first time since Feb 9th. It hits an intraday high of $3,341 and is currently trading around $3,320.
On the daily chart, the pair is trading above Tenken-sen ($3,059), Kijun-sen ($2,872), and Ichimoku Kumo cloud ($2,789).
Major support is seen at $3,150, any violation below this level confirms intraday bearishness. A dip till $3,000/$2,940/$2,880/$2,800/$2,740/ $2,670/$2,600 is likely.
The immediate resistance is around $3,350, any break above targets of $3,512/$4,000 is possible.
RSI – Bullish
A possible option could be long on dips around $3,200 with SL around $3,000 for TP of $4,000.
TradingView
XRP/USD Outlook
Intraday trend – Bullish
Key support- $0.70, $0.50
Key Resistance – $0.865 (Mar 12th 2022)
XRP’s price has still been in the consolidation phase for the past week. Any jump above $0.8650 confirms a bullish continuation, it is currently trading around $0.84111. Look for a short-term trend reversal only if it breaches $1.02 (23rd Dec high).
A possible strategy could be to buy above $0.8650 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 is trading flat after hitting a 1-1/2 month high at $1.19. Any breach above $1.20 confirms further bullishness; it is currently trading around $1.1820. Short-term trend reversal only if it breaks $1.57.
A possible strategy could be long around $1.078-80 with SL around $0.95 for a TP of $1.570.
Bitcoin Support / Resistance
Resistance
R1- $50,000, R2- $52,000, R3- $60,000
Support
S1- $44,500, S2- $43,500, S3- $42,500
Ethereum Support / Resistance
Resistance
R1- $3,350, R2- $3,500, R3- $4,000
Support
S1- $3,150, S2- $3,000, S3 – $2,940
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.
