Bitcoin (BTC/USD) Analysis
Key Highlights
Bitcoin is trading flat after hitting a multi-month high at $48,234. The crypto market gained momentum on positive news that Ukraine and Russia may make a deal soon. Markets will keep a close eye on talks between two countries for further direction.
Technical Analysis
Intraday trend – Bullish
On the daily chart, the pair is trading above Tenken-Sen ($44,567), Kijun-sen ($42,701), and Ichimoku Kumo cloud ($40,630). It hits an intraday high of $47,434 and is currently trading around $47,119.
Major support is seen at $44,990, any violation below this level confirms intraday bearishness. A dip till $44,000 / $43,500 / $42,500 / $41,700 is possible.
The immediate resistance is around $48,300, any surge past targets $50,000 / $52,000. Major bullishness can happen only if it breaks $52,000, a jump to $60,000 / $69,000 is likely.
RSI – Bullish
A possible strategy could be long on dips $46,000 with SL around $44,500 for TP of $52,000.
ETH/USD Daily Outlook
Key Highlights
Ethereum’s price has stalled near the psychological resistance point of $3,500. It hits a low of $3,333 yesterday and is currently trading around $3,402.10.
On the daily chart, the pair is trading above Tenken-Sen ($3,185), Kijun-sen ($2,964), and Ichimoku Kumo cloud ($2,797).
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 is possible.
The immediate resistance is around $3,500, any break above will take the pair to $3,512 / $4,000.
RSI – Bullish
A possible option could be long on dips around $3300 with SL around $3100 for TP of $4000.
TradingView
XRP/USD Outlook
Intraday trend – Bullish
Key support- $0.70, $0.50
Key Resistance- $0.9125
XRP’s price downside is capped by 200-day EMA at the $0.8400 level. Any daily close above $0.9050 confirms a further bullish trend, it is currently trading around $0.86733. Short-term trend reversal only if it breaches $1.02 (23rd Dec high).
A possible option could be 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
ADAUSD is consolidating in a narrow range between $1.1246 and $1.1628 for the past three days. Any breach above $1.3043 confirms further bullishness, it is currently trading at around $1.12121. 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- $50000
R2- $52000
R3- $60000
Support
S1- $44990
S2- $44500
S3- $43500
Ethereum Support/Resistance
Resistance
R1- $3500
R2- $4000
R3- $4200
Support
S1- $3275
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.
AP Photo/Kin Cheung, File
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