Welcome NewsweekCryptocurrency News: In this daily update, we will use technical analysis to look at the movements and outlooks of major cryptocurrencies, including Bitcoin.
The Newsweek Cryptocurrency Index, on the other hand, has data on 11 currencies, comparing their strengths.
Bitcoin (BTC / USD) analysis
Main highlights
BTC has won over $ 1,000 after the Fed’s monetary policy decision. As expected, the central bank raised interest rates by 25 basis points.
The hope of a compromise between Russia and Ukraine lifted optimism.
Technical analysis
Daytime trends- strong
On the daily chart, the pair is trading under the Tenken Line ($ 40,079), Kishun Line ($ 39,828) and Ichimoku Cloud ($ 41,399), confirming a bullish trend. It hit a high of $ 41,467 yesterday and is currently trading around $ 40,832.
Main support-$ 37,000 (March 7 lows). Those below this level confirm the continuation of bearishness. It fell to $ 34,000 / $ 32,950 (January 24 low) / $ 30,000 / $ 28,600.
The imminent resistance is about $ 41,700. Prices above that level confirm further bullishness. You can jump to $ 42,600 (March 9th high) / $ 45,356 (200th EMA) / $ 50,000.
RSI- neutral
If your TP is $ 50,000, you might want to buy a SL for about $ 37,000 with a dip of about $ 40,000.
Daily outlook for ETH / USD
Main highlights
ETH / USD has risen towards the $ 2,800 level after the Fed’s rate hike. It peaked at $ 2,789 and is currently trading at around $ 2,758.
On the daily chart, the pair is trading under Tenkensen ($ 2,634), Kijunsen ($ 2,672) and Ichimoku Cloud ($ 2,873), confirming a bullish trend.
Key support is seen at $ 2,445, and violations below this level confirm the continuation of bearishness. It could drop to $ 2,300 (February 24 lows) / $ 2,150.
If Ethereum closes above $ 2,775, a intraday trend reversal can occur. You can jump to $ 2,850 / $ 3,000. The bullish continuation is over $ 3,300.
TradingView
RSI- neutral
One strategy is to buy a SL for about $ 2,490 for a $ 3,300 TP and a dip of about $ 2,650-60.
XRP / USD outlook
Daytime trends- strong
Key support-$ 0.70, $ 0.50
Key Resistance-$ 0.86 (March 12, 2022)
The price of XRP is above the short term (55-day EMA) and below the long-term (200-day EMA). Violations above $ 0.860 confirm the continuation of bullishness. It is currently trading for around $ 0.7889. Look for a short-term trend reversal only if it violates $ 1.02 (December 23 highs).
One strategy is to buy over $ 0.860 for a SL around $ 0.80 for a $ 1.02 TP.
ADA / USD outlook
Daytime trends- strong
Key support-$ 0.70, $ 0.64
Key Resistance-$ 0.86
The price of ADA / USD is above the short-term (55-day EMA) and below the long-term (200-day EMA) on the 4-hour chart. Violations above $ 0.870 confirm further bullishness. It is currently trading for about $ 0.8445. A short-term trend reversal will only occur above $ 0.84490.
Possible strategies: Buy for over $ 0.870, SL around $ 0.80, TP $ 0.9780.
Bitcoin support / resistance
resistance
R1- $ 42,600
R2- $ 43,500
R3- $ 46,000
support
S1- $ 37,000
S2- $ 34,000
S3- $ 30,000
Ethereum support / resistance
resistance
R1- $ 2,800
R2- $ 3,050
R3- $ 3,300
support
S1- $ 2,600
S2- $ 2,445
S3- $ 2,300
See more details on the Newsweek Cryptocurrency Index:
