Key Highlights
BTC has risen above $40,000 after LUNA Foundation Guard bought over $100 million Bitcoin. The rise in US tech stocks is also supportive of BTC at lower levels.
Technical Analysis
Intraday trend - Bearish
On the daily chart, the pair is trading below Tenken-Sen ($43,209), Kijun-sen ($43,726), and Ichimoku Kumo cloud ($39,953). BTC/USD hit an intraday low of $41,504 and is currently trading around $41,208.
Major support is seen at $39,000, any breach below this level confirms further weakness. A dip to $37,000 / $34,000 is possible.
The immediate resistance is around $42,700, any surge past targets $43,500 / $44,000 / $46,000 / $48,235.
RSI- Bullish
A possible strategy could be sell on rallies around $42,700-800 with SL around $44,000 for TP of $39,980 / $37,000.
ETH/USD Daily Outlook
Key Highlights
Ethereum’s price is holding above $3,000 as Bitcoin rebounds; it hit a low of $2,950 and is currently trading around $3,111.
On the daily chart, the pair is trading below Tenken-Sen ($3,252), Kijun-sen ($3,200), and above Ichimoku Kumo cloud ($2,792).
Major support is seen at $2,940 (100-day MA), any daily close below this level confirms the start of a minor bearish trend. A dip till $2,860 / $2,800 is possible.
The immediate resistance is seen around $3,160, any break above will take the pair to $3,200 / $3,310.
RSI- Bearish
A possible option could be long above $3,160 with SL around $3,000 for TP of $4,000.
XRP/USD Outlook
Intraday trend- Bearish
Key support- $0.70, $0.50
Key Resistance- $0.9125
XRP’s price recovered from a low of $0.680, any daily close below $0.680 confirms a minor bearish continuation. It is currently trading around $0.73139, short-term trend reversal only if it breaches $0.9200.
A possible strategy could be sell on rallies around $0.7500 with SL around $0.800 for a TP of $0.6000.
ADA/USD Outlook
Intraday trend- Bearish
Key support- $0.95, $0.80
Key Resistance- $1.30
ADA/USD pauses its bearish trend and showed a minor pullback. Any breach above $1.035 confirms intraday bullishness. A jump to $1.20/$1.30 is possible; it is currently trading around $1.0080. Short-term trend reversal only if it breaks $1.57.
A possible option could be long around $0.95-0.96 with SL around $0.79 for a TP of $1.570/$2.
Bitcoin Support /Resistance
Resistance
R1- $42,700 R2- $43,500 R3- $44,000
Support
S1- $39,000 S2- $37,000 S3- $34,000
Ethereum Support/Resistance
Resistance
R1- $3,160 R2- $3,275 R3- $3,320
Support
S1- $2,940 S2- $2,860 S3- $2,800
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.
