Welcome to Newsweek‘s cryptocurrency news: in this daily update we will be looking at the movement and outlook for major cryptocurrencies, including Bitcoin, with a technical analysis.
Meanwhile, the Newsweek Cryptocurrency Index has data on 11 currencies, with individual strength comparisons.
Contents
Bitcoin (BTC/USD) Analysis
Key Highlights
BTC has gained more than $1,000 after the Fed’s Monetary Policy decision. The central bank hiked rates by 25 basis points, as expected.
The hopes of a Russia and Ukraine compromise have lifted optimism.
Technical Analysis
Intraday trend – Bullish
On the daily chart, the pair is trading above Tenken-sen ($40,079), Kijun-sen ($39,828), and below Ichimoku Kumo cloud ($41,399) confirming a bullish trend. It hit a high of $41,467 yesterday and is currently trading around $40,832.
Major support – $37,000 (Mar 7th low). Anything below this level would confirm a bearish continuation. A dip till $34,000/$32,950 (Jan 24th low)/$30,000/$28,600.
The immediate resistance is around $41,700. Any price above that level confirms further bullishness. A jump to $42,600 (Mar 9th high)/$45,356 (200-day EMA)/$50,000 is possible.
RSI – neutral
It may be good to buy on dips around $40,000 with SL around $37,000 for TP of $50,000.
ETH/USD Daily Outlook
Key Highlights
ETH/USD has rallied towards the $2,800 level after the rate hike by the Fed. It hit a high of $2,789 and is currently trading around $2,758.
On the daily chart, the pair is trading above Tenken-sen ($2,634), Kijun-sen ($2,672), and below Ichimoku Kumo cloud ($2,873) confirming the bullish trend.
Major support is seen at $2,445, any violation below this level confirms bearish continuation. A dip till $2,300 (Feb 24th low)/$2,150 is likely.
Intraday trend reversal may happen if Ethereum closes above $2,775. A jump to $2,850/$3,000 is possible. Bullish continuation only above $3,300.
RSI – Neutral
One strategy would be to buy on dips around $2,650-60 with SL around $2,490 for TP of $3,300.
XRP/USD Outlook
Intraday trend – Bullish
Key support – $0.70, $0.50
Key Resistance – $0.86 (Mar 12th 2022)
XRP’s price is holding above short-term (55-day EMA) and below long-term (200-day EMA). Any breach above $0.860 confirms bullish continuation. It is currently trading around $0.7889. Look for a short-term trend reversal only if it breaches $1.02 (23rd Dec high).
One strategy would be to buy above $0.860 with SL around $0.80 for a TP of $1.02.
ADA/USD Outlook
Intraday trend – Bullish
Key support – $0.70, $0.64
Key Resistance – $0.86
ADA/USD’s price holds above short-term (55-day EMA) and below long-term (200-day EMA) in the 4-hour chart. A violation above $0.870 confirms further bullishness. It is currently trading around $0.8445. Short-term trend reversal only if it breaks $0.84490.
Possible strategy: buy above $0.870 with SL around $0.80 for a TP of $0.9780.
Bitcoin Support /Resistance
Resistance
R1- $42,600
R2- $43,500
R3- $46,000
Support
S1- $37,000
S2- $34,000
S3- $30,000
Ethereum Support/Resistance
Resistance
R1- $2,800
R2- $3,050
R3- $3,300
Support
S1- $2,600
S2- $2,445
S3- $2,300
