Bitcoin (BTC/USD) Analysis
- Bitcoin sees massive sell-off as demand for safe-haven assets rise
- Major central banks’ rate hikes continue to weigh on Bitcoin
Bitcoin showed a massive sell-off as demand for safe-haven assets like the U.S. dollar increased. Rate hikes by the major central banks in the previous week are putting pressure on Bitcoin at higher levels.
Intraday Trend – Bearish
On the daily chart, the pair is trading below Tenken-Sen ($36,880), below Kijun-sen ($38,344), and Ichimoku Kumo cloud ($41,279). Bitcoin hits an intraday low of $33,142 and is currently trading around $33,625.
Major support is seen at $28,600 (June 2021 low), any violation below that level can take the pair to $24,000 / $20,000.
The immediate resistance is around $35,000, any breach above the level will reach $37,000 / $40,000 / $40,800 / $41,700.
A possible strategy could be sell on rallies around $34,800-35,000 with SL around $38,000 for TP of $28,650.
ETH/USD Daily Outlook
Ethereum trades below $2,500 following the footsteps of Bitcoin. It hit a low of $2,421 at the time of writing and is currently trading around $2,458.
On the 4-hours chart, the pair is trading below Tenken-Sen ($2,551), Kijun-sen ($26,870), and below Ichimoku Kumo cloud ($2,852).
Major support is seen at $2300, any breach below can drag the pair to $2,150 / $2,000 / $1,600.
The immediate resistance is around $2,501. A break above may take the pair to $2,665 / $2,800 / $3,000.
A possible option could be sell on rallies around $2,580-85 with SL around $2,800 for TP of $2,000.
Intraday Trend- Bearish
Key Support- $0.70, $0.50
Key Resistance- $0.8,000, $0.9150
XRP trades lower for the past week. The intraday trend of the pair is bearish as long as the resistance of $0.660 holds. Any close above $0.660 will take the pair to $0.7250 / $0.800, it is currently trading around $0.5461. Short-term trend reversal only if it breaches $0.9200.
A possible strategy could be sell on rallies around $0.6,000 with SL around $0.6600 for a TP of $0.4600.
Intraday Trend- Bearish
Key Support- $390, $360
Key Resistance- $432
BNBUSD holds below $400 for the fourth consecutive day and lost more than 15 percent. Any breach below $320 confirms an intraday bearishness. A dip to $323 / $300 is possible, it is currently trading at around $343.10. Short-term trend reversal only if it breaks $506.
A possible option could be short on rallies around $360-61 with SL around $385 for a TP of $300.
Bitcoin Support / Resistance
Ethereum Support / Resistance
News From Elsewhere
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.