Bitcoin (BTC/USD) Analysis
Bitcoin recovers amid weak macro economic sentiment.
Bitcoin recovery is stable, investors cautious over COVID situation in China, global inflation and geo-political tensions.
BTC formed triple bottom around $38,000 and showed a minor pullback. It was one of the worst performers this month and lost nearly $10,000 as macro sentiment weakens. The demand for riskier assets decreased in hopes of aggressive rate hikes by the Fed.
Intraday trend – Bearish
On the daily chart, the pair is trading below Tenken-sen ($40,590), Kijun-sen ($42,913), and Ichimoku Kumo cloud ($41,279). Bitcoin hit an intraday high of $40,800 and is currently trading around $40,494.
Major support is seen at $37,000, any violation below that level can take the pair to $34,000 / $30,000.
The immediate resistance is around $41,700, any breach above the psychological level may reach $42,500 / $42,978 (Apr 21st high) / $43,500.
A possible strategy could be sell on rallies around $40,700-800 with SL around $43,000 for TP of $30,000.
ETH/USD Daily Outlook
Ethereum regained above $3,000, following the footsteps of Bitcoin. It hit a low of $2,798 and is currently trading around $3,000.
On the 4-hours chart, the pair is trading above Tenken-sen ($2,918), Kijun-sen ($2,918), and Ichimoku Kumo cloud ($3,025).
Major support is seen at $2,800, any breach below can drag the pair to $2,650 / $2,490.
The immediate resistance is around $3,045. A break above will take the pair to $3,179 / $3,275.
A possible option could be short on rallies around $2,970-80 with SL around $3,180 for TP of $2,490 / $2,300.
Intraday Trend- Bearish
Key support- $0.70, $0.50
Key Resistance- $0.8000, $0.9150
XRP’s price pared some of yesterday’s gains. Any breach below $0.6200 will take the pair to $0.6000 / $0.540. It is currently trading around $0.6835. Short-term trend reversal only if it breaches $0.9200.
A possible strategy could be sell on rallies around $0.6800 with SL around $0.7500 for a TP of $0.5000.
Intraday Trend- Bearish
Key support- $390, $360
Key Resistance- $432
BNBUSD upside capped by 55-4H EMA and shown a minor profit booking. Any breach above $408 confirms a bullish continuation. A jump to $432 / $460 is possible, it is currently trading around $400.90. Short-term trend reversal only if it breaks $506.
A possible option could be short on rallies around $400 with SL around $432 for a TP of $338.
Bitcoin Support / Resistance
R2 – $42,500
Ethereum Support / Resistance
Cointelegraph, Binance announces crypto card for Ukrainian refugees
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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