Bitcoin (BTC/USD) Analysis
Key Highlights
BTC traded flat between $47,458 and $45,565 for the past three days. The pair faced some downside pressure after upbeat US jobs data. It is struggling to close above the 200-day MA.
Technical Analysis
Intraday trend – Bearish
On the daily chart, BTCUSD is trading above Tenken-Sen ($46,167), Kijun-sen ($42,900), and Ichimoku Kumo cloud ($40,539). It hits an intraday low of $45,773 and is currently trading around $45,974.
Major support is seen at $44,000, any breach below this level confirms further weakness. A dip till $44,000 / $42,900 / $42,500 / $41,700 is likely.
The immediate resistance is around $48,300, any surge past targets $50,000 / $52,000.
RSI- Bearish
A possible strategy could be long on dips around $45,000 with SL around $43,500 for TP of $52,000 / $55,000.
ETHUSD Daily Outlook
Key Highlights
The Ethereum price outperformed Bitcoin by surging more than 9 percent in the past three days. It hits a high of $3,583 and is currently trading around $3,497.
On the daily chart, the pair is trading above Tenken-Sen ($3,333), Kijun-sen ($3,037), and Ichimoku Kumo cloud ($2,759).
Major support is seen at $3,400, any violation below this level confirms the start of a minor bearish trend. A dip till $3,275 / $3,150 / $3,000 / $2,940 / $2,880 / $2,800 is possible.
The immediate resistance is around $3,600, any break above will take the pair to $4,000 / $4,500.
RSI- Bearish
A possible option could be long on dips around $3,400 with SL around $3,200 for TP of $4,000.
TradingView
XRP/USD Outlook
Intraday trend- Neutral
Key support- $0.70, $0.50
Key Resistance- $0.9125
XRP’s price consolidates in a narrow range of $0.8523 and 0.80665 for the past three days. Any daily close above $0.84064 confirms a minor bullish trend, it is currently trading around $0.82883. Short-term trend reversal only if it breaches $1.02 (23 rdDec high).
A possible strategy could be to buy above $0.9050 with SL around $0.8600 for a TP of $1.02.
ADA/USD Outlook
Intraday trend- Bullish
Key support- $0.95, $0.80
Key Resistance- $1.30
ADAUSD trades higher following the footsteps of Ethereum. Any breach above $1.3043 confirms further bullishness, it is currently trading at around $1.2157. Short-term trend reversal only if it breaks $1.57.
A possible strategy could be long around $1.20 with SL around $1 for a TP of $1.570 / $2.
Bitcoin Support / Resistance
Resistance
R1- $46,000
R2- $48,300
R3- $50,000
Support
S1- $44,000
S2- $43,500
S3- $42,500
Ethereum Support / Resistance
Resistance
R1- $3300, R2- $3420, R3- $3485
Support
S1- $3200, S2- $3150, S3- $3000
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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