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By Harry Rajan
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Bitcoin (BTC/USD) Analysis
Bitcoin halts bullish trend, markets eye U.S. non-farm payroll data for further direction.
Key Highlights
BTC halted its bullish trend and lost more than 5 percent on subdued market sentiment. Markets are eyeing US Non-farm payroll data today for further direction. The pair regained above 200-day EMA in the European session.
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Technical Analysis
Intraday trend - Bearish
On the daily chart, the pair is trading above Tenken-Sen ($45,278), Kijun-sen ($42,701), and Ichimoku Kumo cloud ($40,630). It hits an intraday low of $44,244 and is currently trading around $45,245.
Major support is seen at $44,000, any breach below this level confirms further weakness. A dip till $44,000 / $42,900 / $42,500 / $41,700 is likely.
The immediate resistance is around $46,000, any surge past targets $46,700 / $48,300. Major bullishness can happen only if it breaks $48,300, a jump to $52,000 / $50,000 is possible.
RSI - Bearish
A possible strategy could be long above $48,300 with SL around $46,000 for TP of $52,000 / $55,000.
ETH/USD Daily Outlook
Key Highlights
Ethereum's price shows a profit booking from a multi-month high with no follow-through buying. It hits a low of $3,211 at the time of writing and is currently trading around $3,290.07.
On the daily chart, the pair is trading above Tenken-Sen ($3,202), Kijun-sen ($2,964), and Ichimoku Kumo cloud ($2,791).
Major support is seen at $3,200, any violation below this level confirms the start of a minor bearish trend. A dip till $3,150 / $3,000 / $2,940 / $2,880 / $2,800 is possible.
The immediate resistance is around $3,300, any break above will take the pair to $3,420 / $3,485.
RSI- Bearish
A possible option could be long on dips around $3200 with SL around $3,000 for TP of $4,000.
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XRP/USD Outlook
Intraday trend - Neutral
Key support- $0.70, $0.50
Key Resistance- $0.9125
XRP's price struggles to close above 200-day MA and lost nearly 15% from a high of 0.91211. Any daily close below $0.780 confirms a further bearish trend, it is currently trading around $0.82028. Short-term trend reversal only if it breaches $1.02 (23rd Dec high).
A possible strategy could be buy above $0.9050 with SL around $0.8600 for a TP of $1.02.
ADA/USD Outlook
Intraday trend- Neutral
Key support- $0.95, $0.80
Key Resistance- $1.30
ADAUSD trades lower following the footsteps of Bitcoin. Any breach above $1.3043 confirms further bullishness, it is currently trading around $1.11460. Short-term trend reversal only if it breaks $1.57.
A possible option could be long around $1 with SL around $0.79 for a TP of $1.570.
Bitcoin Support /Resistance
Resistance
R1- $46,000, R2- $48,300, R3- $50,000
Support
S1- $44,000, S2- $43,500, S3- $42,500
Ethereum Support / Resistance
Resistance
R1- $3,300, R2- $3,420, R3- $3,485
Support
S1- $3,200, S2- $3,150, S3- $3,000
Support
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.
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