Bitcoin (BTC/USD) Analysis
Bitcoin regains after massive sell-off
Key Highlights
BTC regained above $40,000 after a massive sell-off. The pair was one of the worst performers this month and lost more than $10,000 following in the footsteps of U.S. stock markets.
Technical Analysis
Intraday trend – Bearish
On the daily chart, the pair is trading below Tenken-Sen ($40,998), Kijun-sen ($43,390), and Ichimoku Kumo cloud ($41,363). Bitcoin hit an intraday high of $41,250 and is currently trading around $40,750.
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- Bearish
A possible strategy could be sell on rallies around $41,500-600 with SL around $43,500 for TP of $37,000.
ETH/USD Daily Outlook
Key Highlights
ETHUSD price holds above $3,000 after a minor dip. It hits an intraday high of $3,094 and is currently trading around $3,041.
On the daily chart, the pair is trading below Tenken-Sen ($3,094), Kijun-sen ($3,231), and above Ichimoku Kumo cloud ($2,792).
Major support is seen at $2,960, any breach below will drag the pair to yesterday’s low of $2,880. A decline below $2,880 confirms the start of a minor bearish trend. A dip to $2,490 / $2,300 is possible.
The immediate resistance is around $3,095, a break above will take the pair to $3,160 / $3,200 / $3,310.
RSI- Bearish
A possible option could be short on rallies around $3,000 with SL around $3160 for TP of $2,350.
TradingView
XRPUSD Outlook
Intraday trend- Bearish
Key support- $0.70, $0.50
Key Resistance- $0.8000, $0.9150
XRP’s price has consolidated in a narrow range between $0.6800 and $0.7990 for the past week. Any minor bullish trend continuation can be possible only above $0.800. It is currently trading around $0.76245, 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 has formed a double bottom near $390 and showed a minor pullback. Any breach above $431 confirms a bullish continuation. A jump to $460/$500 is possible, it is currently trading at around $422.50. 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- $41700, R2- $42700, R3- $43500
Support
S1- $37000, S2- $34000, S3- $30000
Ethereum Support / Resistance
Resistance
R1- $3095, R2- $3160, R3- $3275
Support
S1- $2860, S2- $2800, S3- $2700
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.
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