Bitcoin (BTC/USD) Analysis

Bitcoin sees massive recovery, takes cues from US stocks

Key Highlights

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BTC showed a massive recovery following the footsteps of the US stocks, hitting a three-month high and holding well above significant resistance at $45,800. It is facing a hurdle at 200-day MA ($48,295).

Technical Analysis

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Intraday trend – Bullish

On the daily chart, the pair is trading above Tenken-sen ($44,375), Kijun-sen ($42,701), and Ichimoku Kumo cloud ($39,957). It hit an intraday high of $47,687 and is currently trading around $47,687.

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Major support is seen at $45,800; Any violation below this level confirms intraday bearishness. A dip till $44,000/$43,500/$42,500/$41,700 is likely.

The immediate resistance is around $48,300, any surge past that targets $50,000/$52,000. Major bullishness can happen only if it breaks $52,000, a push to $60,000/$69,000 is likely.

RSI – Bullish

A possible strategy could be long on dips $45,000 with SL around $43,500 for TP of $52,000.

ETH/USD Daily Outlook

Key Highlights

Ethereum continues to trade higher and hit a multi-month high; it hit an intraday high of $3,425 and is currently trading around $3,418.

On the daily chart, the pair is trading above Tenken-sen ($3,128), Kijun-sen ($2,941), and Ichimoku Kumo cloud ($2,789).

Major support is seen at $3,275, any violation below this level confirms intraday bearishness. A dip till $3,150/$3,000/$2,940/$2,880/$2,800.

The immediate resistance is around $3,500, any break above may take the pair to $3,512/$4,000.

RSI – Bullish

A possible option could be long on dips around $3,200 with SL around $3,000 for TP of $4,000.

XRP/USD Outlook

Intraday trend – Bullish

Key support – $0.70, $0.50

Key Resistance – $0.865 (Mar 12th 2022)

XRP’s price declined slightly after a minor jump above the 200-day MA, any daily close above $0.9050 confirms a bullish continuation. It is currently trading around $0.84111, short-term trend reversal only if it breaches $1.02 (23rd Dec high).

A possible strategy could be to buy on dips around $0.8650 with SL around $0.80 for a TP of $1.02.

ADA/USD Outlook

Intraday trend – Bullish

Key support- $0.95, $0.80

Key Resistance- $1.30

ADA/USD breaks significant resistance at $1.20 after a long consolidation, any breach above $1.2650 confirms further bullishness. It is currently trading around $1.2172, short-term trend reversal only if it breaks $1.57.

A possible strategy could be long around $1.180 with SL around $1.070 for a TP of $1.570.

Bitcoin Support /Resistance

Resistance

R1- $50,000
R2- $52,000
R3- $60,000

Support

S1- $44,500
S2 – $43,500
S3 – $42,500

Ethereum Support/Resistance

Resistance

R1- $3,500
R2- $4,000
R3- $4,200

Support

S1- $3,275
S2- $3,150
S3 – $3,000

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.