Bitcoin, Ethereum stuck in neutral

Bitcoin Analysis (BTC/USD)

Highlights

BTC price fell again after a small jump above $42,000. It is still in the consolidation phase between $45,850 and $34,324 with a bullish bias. The pair is trading inside the symmetrical triangle and the bullish sentiment will continue if it breaks $43,300 (exiting the triangle).

Technical analysis

Intraday trend – Bullish

On the daily chart, the pair is trading above Tenken-sen ($39,986), Kijun-sen ($39,828) and above the Ichimoku Kumo Cloud ($40,817). It peaked at $41,457 at the time of writing and is currently trading around $41,319.80.

Major support is seen at $40,500, any dip below this level confirms minor weakness. 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 $42,600 (high from March 9), any break above this level confirms a new uptrend. A jump to $45,356 (200-day EMA)/$50,000 is possible.

March 21 cryptocurrency chart: BTC, ETH, XRP, Bitcoin cash
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ROI – Neutral

One strategy would be 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 surged to $2,988 due to lack of follow through buying. It is currently trading around $2,882.98.

On the daily chart, the pair is trading above Tenken-sen ($2,740.95), Kijun-sen ($2,672) and below the Ichimoku Kumo Cloud ($3,026), confirming the neutral trend. .

Major support is estimated at $2,740. Any drop below this level confirms the downtrend. A decline to $2,670/$2,600/$2,500/$2,445/$2,300 (Feb 24 low)/$2,150 is likely.

A continuation of the uptrend may occur if Ethereum closes above $3,030. A jump to $3,300/$3,512 is possible.

ROI – Neutral

One option is to buy on declines 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 holding above the short-term (55-day EMA) and long-term (200-day EMA) on the 4-hour chart; any break above $0.860 would confirm a bullish continuation. It is currently trading around $0.8055, with a short-term trend reversal only if it breaks above $1.02 (December 23rd high).

One strategy would be to buy above $0.860 with SL around $0.80 for a TP of $1.02.

BCH/USD Outlook

Intraday trend – Bullish

Key support – $300, $259

Key Resistor – $345

BCH/USD price is holding above the short-term (55-day EMA) and long-term (200-day EMA) on the 4-hour chart; any rise above $345 would confirm a new uptrend. It is currently trading around $330.83; a short-term trend reversal only if it breaks $365.

One idea would be to buy on the $300 dips with SL around $258 for a TP of $365/$400.

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 on Newsweek Cryptocurrency Index:

bitcoin ethereum coin
A visual representation of digital cryptocurrency. Bitcoin remains in a consolidation phase.
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