Bitcoin Dips on Dollar, Fed Hopes

Bitcoin (BTC/USD) Analysis

Aggressive Fed rate hike hopes, strong dollar weighs on bitcoin

Key Highlights

BTC declined below $40,000 on long liquidation in the futures market. The strength in the US dollar in hopes of aggressive rate hikes has also put pressure on risky assets like Bitcoin.

Technical Analysis

Intraday trend – Bearish

On the daily chart, the pair is trading below Tenken-Sen ($41334), Kijun-sen ($43726), and Ichimoku Kumo cloud ($40956). Bitcoin hit an intraday low of $38,547 and is currently trading around $38,892.

Major support is seen at $37,000, any breach below this level confirms further weakness. A dip to $34,000 / $30,000 is possible.

The immediate resistance is around $41,500, any surge past targets $42,700 / $43,500 / $44,000 / $46,000 / $48,235.

RSI- Bearish

A possible strategy could be sell on rallies around $41,500-600 with SL around $43,500 for TP of $37,000.

ETHUSD Daily Outlook

Key Highlights

Ethereum’s price held below $3,000 on major sell-off in crypto markets. It hits a low of $2,880 and is currently trading around $2,892.

On the daily chart, the pair is trading below Tenken-Sen ($3,129), Kijun-sen ($3,251), and above Ichimoku Kumo cloud ($2,792).

Major support is seen at $2,865, any daily close below this level confirms the start of a minor bearish trend. A dip till $2,800 / $2,490 is likely.

The immediate resistance is around $3,045, any break above will take the pair to $3,160 / $3,200 / $3,310.

RSI- Bearish

A possible option could be short on rallies around $3,000 with SL around $3,160 for TP of $2,350

XRP/USD Outlook

Intraday trend- Bearish

Key support- $0.70, $0.50

Key Resistance- $0.8000, $0.9150

XRP’s price regained above $0.7500 and hits a high of $0.79923. The pair is holding well below short and long-term moving averages, it is currently trading around $0.73577. 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-$0.80, $0.70

Key Resistance- $1.30

ADAUSD continues to trade weak for the third consecutive week. Any breach below $0.740 confirms a bearish continuation, a dip to $0.60/$0.50 is possible. It is currently trading at around $0.88. Short-term trend reversal only if it breaks $1.57.

A possible strategy could be short on rallies around $1 with SL around $1.20 for a TP of $0.60.

Bitcoin Support / Resistance

Resistance

R1- $41,700
R2- $42,700
R3- $43,500

Support

S1- $37,000
S2- $34,000
S3- $30,000

Ethereum Support / Resistance

Resistance

R1- $3045, R2- $3160, R3- $3275

Support

S1- $2860, S2- $2800, S3- $2700

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.