Bitcoin Consolidates, Ethereum Keeps Running

Bitcoin Analysis (BTC/USD)

Highlights

The price of BTC is in the consolidation phase between $45,850 and $34,324 with a bullish bias. The pair is trading inside a symmetrical triangle.

Technical analysis

Intraday trend – Bullish

On the daily chart, the pair is trading above Tenken-sen ($40,079), Kijun-sen (39,828) and below the Ichimoku Kumo cloud ($41,030). It peaked at $40,957 at the time of writing and is currently trading around $40,769.

Major support is estimated at $39,485. A drop below this level would confirm an intraday decline. In this case, a decline to $37,000 (7th March low)/$34,000/$32,950 (24th January low)/$30,000/$28,600 is likely.

Immediate resistance is around $41,700, and any break above this level would confirm a new uptrend. A jump to $42,600 (9 March high)/$45,356 (200-day EMA)/$50,000 is possible.

March 17 cryptocurrency chart: BTC, ETH, XRP, Binance
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ROI – bullish

One possible strategy is to buy on dips around $40,000 with SL around $37,000 for a TP of $50,000.

ETH/USD Daily Outlook

Highlights

ETH/USD continues to trade higher for the fourth day in a row. It peaked at $2,839 and is currently trading around $2,810.

On the daily chart, the pair is trading above Tenken-sen ($2,666), Kijun-sen ($2,672) and below the Ichimoku Kumo Cloud ($2,843), confirming the bullish trend.

Major support is seen at $2,660, any breach below this level confirms minor weakness. A drop to $2,500/$2,445/$2,300 (Feb 24 low)/$2,150 is possible.

An intraday trend reversal may occur if Ethereum closes above $2,850 (55-day EMA), a jump to $3,000/$3,300 is possible; a bullish continuation only above $3,525.

ROI – Neutral

One possible strategy is to buy on dips around $2,750-$60 with SL around $2,600 for a TP of $3,500.

XRP/USD Outlook

Intraday trend – Bullish

Key Support – $0.70, $0.50

Key resistance – $0.86 (March 12, 2022)

XRP price is holding above the short-term (55-day EMA) and long-term (200-day EMA) on the 4-hour chart. Any break above $0.860 confirms the bullish continuation.

It is currently trading around $0.78550, with a short-term trend reversal only if it breaks above $1.02 (December 23rd high).

A possible strategy is to buy above $0.860 with SL around $0.80 for a TP of $1.02.

BNB/USD Outlook

Intraday trend – Bullish

Key support – $350, $330

Key Resistor – $425

BNB/USD price is holding above the short-term (55-day EMA) and long-term (200-day EMA) on the 4-hour chart. Anything above $405 would confirm a new uptrend – it is currently trading around $387.50. Short-term trend reversal only if it breaks $425.

A possible strategy is to buy above $360 with SL around $330 for a TP of $425/$450.

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 – $2,850
R2 – $3,050
R3 – $3,300

Support

S1 – $2,600
S2 – $2,445
S3 – $2,300

See more on Newsweek Cryptocurrency Index:

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