Bitcoin (BTC / USD) analysis
Main highlights
BTC prices fell again after slightly above $ 42,000. It is still in a bullish bias and is in the integration phase between $ 45,850 and $ 34,324. Pairs are traded within a symmetric triangle and are followed by bullish sentiment if they exceed $ 43,300 (break out of the triangle).
Technical analysis
Daytime trends- strong
On the daily chart, the pair is trading on the Tenken Line ($ 39,986), Kishun Line ($ 39,828) and Ichimoku Yunun ($ 40,817). It reached a high of $ 41,457 at the time of writing and is currently trading at around $ 41,319.80.
Key support is seen at $ 40,500, below this level revealing minor weaknesses. It could drop to $ 37,000 (March 7th low) / $ 34,000 / $ 32,950 (January 24th low) / $ 30,000 / $ 28,600.
Immediate resistance is around $ 42,600 (high on March 9), confirming that violations above that level are even more bullish. You can jump to $ 45,356 (200 days EMA) / $ 50,000.
TradingView
RSI- neutral
One strategy is to buy a SL for about $ 37,000 and a dip for about $ 40,000 if the TP is $ 50,000.
Daily outlook for ETH / USD
Main highlights
ETH / USD surged to $ 2,988 due to lack of follow-up on purchases. It is currently trading for around $ 2,882.98.
On the daily chart, the pair is trading under the Tenken Line ($ 2,740.95), Kishun Line ($ 2,672) and Ichimoku Cloud ($ 3,026), showing a neutral trend.
The main support is $ 2,740. Below this level, a bearish trend is seen. It could drop to $ 2,670 / $ 2,600 / $ 2,500 / $ 2,445 / $ 2,300 (February 24 lows) / $ 2,150.
If Ethereum closes above $ 3,030, the bullish trend could continue. You can jump to $ 3,300 / $ 3,512.
RSI- neutral
One option is to buy a SL for about $ 2,600 for a $ 3,500 TP and a dip of about $ 2,750-60.
XRP / USD outlook
Daytime trends- strong
Key support-$ 0.70, $ 0.50
Key Resistance-$ 0.86 (March 12, 2022)
The price of XRP above the short-term (55-day EMA) and long-term (200-day EMA) on the 4-hour chart. Violations above $ 0.860 confirm the continuation of bullishness. It is currently trading at around $ 0.8055 and the short-term trend will only reverse if it violates $ 1.02 (the December 23 high).
One strategy is to buy over $ 0.860 for a SL around $ 0.80 for a $ 1.02 TP.
BCH / USD outlook
Daytime trends- strong
Key Support-$ 300, $ 259
Key Resistance-$ 345
BCH / USD prices are above the short-term (55-day EMA) and long-term (200-day EMA) on the 4-hour chart. Above $ 345 confirms further bullishness. It is currently trading at around $ 330.83. A short-term trend reversal only if it breaks $ 365.
One idea is to buy at $ 365 / $ 400 TP for $ 258 SL for $ 300 dip.
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- $ 3,030, R2- $ 3,200, R3- $ 3,300
support
S1- $ 2,740, S2- $ 2,670, S3- $ 2,600
See more details on the Newsweek Cryptocurrency Index:
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