Bitcoin (BTC/USD) analysis
Bitcoin Catches Hawkish Fed Comments, Other Cryptos Follow
BTC started falling after hitting a one-week high. Hawkish comments from the Fed Chair drew riskier assets like bitcoin and stocks.
intraday trend – bearish
On the daily chart, the pair is trading below Tenken-sen ($40,763), Kijun-sen ($43,390) and Ichimoku Kumo Cloud ($40,637). Bitcoin hit an intraday high of $40,237 and is currently trading around $40,483.
Major support is seen at $39,500. Any breach below this level could take the pair to the April 18 low of $38,547 / $37,000 / $34,000.
The pair faces a hurdle near the 38.2% Fib at $43,391. Any rise above $43,500 / $44,000 / $46,200.
A possible strategy could be buy on dips around $40,000 with SL around $37,000 for TP of $50,000.
ETH/USD daily outlook
Ethereum declined again after a small bounce above the 200-day EMA. It hits a low of $2,940 and is currently trading around $3,006.95.
On the 4-hour chart, the pair is trading below Tenken-sen ($3,059), Kijun-sen ($3,029.87) and Ichimoku Kumo Cloud ($3,046).
Key support is seen at $2,940, any break below it can drag the pair to $2,880/$2,800. A drop below $2,800 will confirm the start of a small bearish trend. A drop to $2,650 / $2,490 is possible.
Immediate resistance is around $3,170-$3,180. A daily close above this can take the pair to $3,270 / $3,310 / $3,400.
A possible option could be long dips around $2,940 with SL around $2,865 for TP of $3,500.
intraday trend – bearish
Key Support – $0.70, $0.50
Key Resistance – $0.8000, $0.9150
XRP price is trading weak for the third straight day. Any break below $0.6800 can take the pair to $0.6000/$0.500, currently trading around $0.72634. Short-term trend reversal only if it breaks $0.9200.
A possible strategy could be to sell rallies around $0.7600 with SL around $0.805 for a TP of $0.6000.
intraday trend Neutral
Key Support – $390, $360
Key Resistance – $432
BNB/USD is consolidating in a tight range between $391.40 and $431 for the past ten days. Any daily close above $432 will confirm a bullish continuation. A jump to $460/$500 is possible, it is currently trading around $408.70. Short-term trend reversal only if it breaks $506.
A possible option could be long dips around $400 with SL around $370 for a TP of $460/$500.
Bitcoin Support / Resistance
For more information, see the Newsweek Cryptocurrency Index:
The content of this article is for informational purposes only and does not constitute financial or investment advice. It is important that you do your own research and consider seeking independent financial advice before making any investment decisions.
https://www.newsweek.com/cryptocurrency-news-today-crypto-outlook-bearish-after-fed-comments-1700025 Crypto Outlook Bearish After Fed Comments