Crypto Outlook Bearish After Fed Comments

Bitcoin (BTC/USD) Analysis

Bitcoin falls on Hawkish Fed comments, other cryptos too follow suit

Key Highlights

BTC started to decline after hitting a one-week high. Hawkish comments from Fed Chairman dragged riskier assets like Bitcoin and stocks.

Technical Analysis

Intraday trend – Bearish

On the daily chart, the pair is trading below Tenken-Sen ($40,763), Kijun-sen ($43,390), and Ichimoku Kumo cloud ($40,637). Bitcoin hit an intraday high of $40,237 and is currently trading around $40,483.

Major support is seen at $39,500. Any violation below that level may take the pair to the April 18th low of $38,547 / $37,000 / $34,000.

The pair is facing a hurdle near the 38.2% fib at $43,391. Any surge past targets $43,500 / $44,000 / $46,200.

RSI – Weak

A possible strategy could be buy on dips around $40,000 with SL around $37,000 for TP of $50,000.

ETH/USD Daily Outlook

Key Highlights

Ethereum once again declined after a minor jump above 200-day EMA. It hits a low of $2,940 and is currently trading around $3,006.95.

On the 4hours chart, the pair is trading below Tenken-Sen ($3,059), Kijun-sen ($3,029.87), and Ichimoku Kumo cloud ($3,046).

Major support is seen at $2,940, any breach below can drag the pair to $2,880 / $2,800. A decline below $2,800 confirms the start of a minor bearish trend. A dip to $2,650 / $2,490 is possible.

The immediate resistance is around $3,170-$3,180. A daily close above can take the pair to $3,270 / $3,310 / $3,400.

RSI – Bullish

A possible option could be long on dips around $2,940 with SL around $2,865 for TP of $3,500.

XRP/USD Outlook

Intraday trend – Bearish

Key support – $0.70, $0.50

Key Resistance – $0.8000, $0.9150

XRP’s price trades weak for the third consecutive day. Any breach below $0.6800 can take the pair to $0.6000/$0.500, it is currently trading around $0.72634. Short-term trend reversal only if it breaches $0.9200.

A possible strategy could be sell on rallies around $0.7600 with SL around $0.805 for a TP of $0.6000.

BNB/USD Outlook

Intraday Trend- Neutral

Key Support- $390, $360

Key Resistance- $432

BNB/USD consolidates in a narrow range between $391.40 and $431 for the past ten days. Any daily close above $432 confirms a bullish continuation. A jump to $460/$500 is possible, it is currently trading at around $408.70. Short-term trend reversal only if it breaks $506.

A possible option could be long on dips around $400 with SL around $370 for a TP of $460/$500.

Bitcoin Support / Resistance

Resistance

R1- $41,700
R2- $43,000
R3- $46,200

Support

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

Ethereum Support / Resistance

Resistance

R1- $3,170
R2- $3,275
R3- $3,350

Support

S1- $2,940
S2- $2,880
S3- $2,800

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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.