Bitcoin Following NASDAQ, Waiting on Fed

Bitcoin (BTC/USD) Analysis

Bitcoin trades higher, follows NASDAQ

Key Highlights

BTC traded above $41,000 following the footsteps of NASDAQ. Bitcoin and NASDAQ are highly positively correlated in 2022. It is struggling along with risk assets due to hopes of an aggressive rate hike by the Fed.

Technical Analysis

Intraday Trend – Bearish

On the daily chart, the pair is trading below Tenken-Sen ($40,481), Kijun-sen ($43,390), and Ichimoku Kumo cloud ($40,087). Bitcoin hit an intraday high of $41,638 and is currently trading around $41,454.

Major support is seen at $40,000, any violation below that psychological level likely to drag the pair to $37,000 / $34,000 / $30,000.

The immediate resistance is around $41,700. Any surge past targets $42,700 / $43,500 / $44,000 / $46,000 / $48,235.

RSI- Neutral

A possible strategy could be buy above $41,700 with SL around $40,000 for TP of $50,000.

ETH/USD Daily Outlook

Key Highlights

Ethereum regained above $3,100 and holds above 55-day EMA. It hit an intraday high of $3,102 and is currently trading around $3,100.

On the 4 hours chart, the pair is trading above Tenken-Sen ($3,068), Kijun-sen ($3,006), and Ichimoku Kumo cloud ($3,032).

Major support is seen at $3,040, any breach below can drag the pair to $3,000 / $2,940 / $2,880. A decline below $2,880 confirms the start of a minor bearish trend. A dip to $2,650 / $2,490 is possible.

The immediate resistance is around $3,170. A break above can take the pair to $3,200 / $3,310.

RSI- Bullish

A possible option could be long on dips around $3,045-50 with SL around $2,940 for TP of $3,500.

XRP/USD Outlook

Intraday trend- Bearish

Key support- $0.70, $0.50

Key Resistance- $0.8000, $0.9150

XRP’s price upside is capped by 200-4H MA and struggling to close above that level. Any close above $0.800 targets $0.8600/$0.9100, it is currently trading around $0.76409. Short-term trend reversal only if it breaches $0.9200.

A possible strategy could be sell on rallies around $0.7500 with SL around $0.800 for a TP of $0.6000.

BNB/USD Outlook

Intraday trend- Bullish

Key support-$390, $360

Key Resistance- $431

Binance is consolidating after hitting a high of $424. Any breach above $431 confirms a bullish continuation, a jump to $460/$500 is possible, it is currently trading at around $422.60. Short-term trend reversal only if it breaks $506.

A possible option could be long on dips around $415-417 with SL around $390 for a TP of $460/$500.

Bitcoin Support / Resistance

Resistance

R1- $41,700, R2- $42,700, R3- $43,500

Support

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

Ethereum Support / Resistance

Resistance

R1- $3,170, R2- $3,275, R3- $3,350

Support

S1- $3,040, S2- $2,940, S3- $2,880

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.