Finance & Loans

Cryptocurrency News Today: Positive Mood for Bitcoin, ADA Surges

Bitcoin (BTC/USD) Analysis
Key Highlights

BTC gained above $43,000 due to a positive mood from equities. The pair has created higher highs and lower lows. It confirms a bullish trend and it should break above $46,000 for bullish confirmation.

On the daily chart, the pair is trading above Tenken-sen ($40,739), Kijun-sen ($41,174), and Ichimoku Kumo cloud ($39,400). It hits an intraday high of $43,492 and is currently trading around $43,100.

Major support is seen at $42,500, any violation below this level confirms intraday bearishness. A dip till $41,700/$41,000/$40,450/$39,000/$37,000 (Mar 7th low) is likely.

The immediate resistance is seen around $43,500, any surge past targets of $44,700/$46,000/$50,000 are possible.

A possible strategy could be long on dips $42,525-550 with SL around $41,000 for TP of $50,000.

ETH/USD Daily Outlook
Key Highlights

Ethereum outperformed Bitcoin in the past week on a software upgrade. It hit an intraday high of $3,081 and is currently trading around $3,040.

On the daily chart, the pair is trading above Tenken-sen ($2,781), Kijun-sen ($2,749), and Ichimoku Kumo cloud ($2,854).

Major support is seen at $2,940, any violation below this level confirms intraday bearishness. A dip till $2,880/$2,800/$2,740/ $2,670/$2,600 is possible.

The immediate resistance is around $3,060 (triangle break out), any close above targets of $3,300/$3,512 are possible.

RSI – Bullish

A possible option could be long above $3,060 with SL around $2,900 for TP of $3,500.

XRP/USD Outlook
Intraday trend – Bullish

Key support- $0.70, $0.50

Key Resistance- $0.865 (Mar 12th 2022)

XRP’s price is consolidating in a narrow range between $0.8650 and $0.81750 for the past three days. Any daily close above $0.8450 confirms a bullish continuation, it is currently trading around $0.83509. Short-term trend reversal only if it breaches $1.02 (23rd Dec high).

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

ADA/USD Outlook
Intraday trend – Bullish
Key support: $0.95,$0.80

Key Resistance: $1.30

ADA/USD trades higher for fourth consecutive days and surged more than 25%, any breach above $1.20 confirms further bullishness. It is currently trading around $1.1388, short-term trend reversal only if it breaks $1.57.

A possible option could be long around $1.078-80 with SL around $0.95 for a TP of $1.570.

Bitcoin Support /Resistance
Resistance

R1- $43,500, R2- $46,000, R3- $50,000
Support

S1- $41,000, S2- $39,000,S3- $37,000

Ethereum Support/Resistance
Resistance
R1- $3060, R2- $3200, R3- $3300

Support

S1- $2865, S2- $2800, S3- $2740

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