On Wednesday, Bitcoin and the cryptocurrency market turned to the upside. Federal Reserve (FED), announced an increase in rates of 25 basis points. FED Chair Powell spoke at the news conference
We will be watching for inflation expectations and further inflation pressure. We are determined to make the necessary changes to ensure price stability. The U.S. is a strong economy and can handle tighter monetary policy.
Technical Analysis of the Top Cryptos
Bitcoin
Bitcoin trades in a wide range. However, recent bullish price movement has seen prices rise past the Tenken Sen ($39.880), Kijun Sen at $39.828 and below another cloud called Ichimoku Kumo (41,025). This indicates that investors need to look for possible buy zones.
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Bitcoin’s primary support level is $37,000 (low seen as of March 7th), and if the price falls below this level, it might revert into bear territory with possible drops down to $34,000/$32,950 (low of the January 24th )
The cryptocurrency will close at $41,700 today if it reaches that level. However, there might probably be another rise to around $42,600 (high on March 9th) / $45,356 (200-dаy EMA) / $50,000.
With the price of Bitcoin, it might be a good time to buy a dip at $40,000 with SL around $37,000 for TP of $50,000.
Ethereum
For the last week, Ethereum traded within an extremely tight range of 2,810 to $2,492 during trading.
The daily chart shows that the USD/ETH pair reached $2,809 but currently trades around this value. It is currently trading at a lower level than Tenken-sen ($2,627) and Kijun-sen (2,672) which confirms its minor weakness.
Ethereum’s price is supported by $2,445, which could be confirmed by a fall below it. So a dip until around February 24th’s low of $2,300 can be on deck for us here, with potentially more downsides still left ahead.
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The potential for an intraday trend reversal is present if Ethereum’s close today above $2,850.
The coin may then rise to as high as $2,900 or $3,000 The bullish trend could persist if the price surpasses $3,300 support.
With the price of Ethereum, it might be a good time to buy a dip at $2,500 with SL around $2,300 for TP of $3,300.
XRP
The price of XRP has been held higher than the short-term average (55 days EMA), and lower than long-term average (200 days EMA). The pattern observations would confirm further bearishness if it falls below $0.70. A trend reversal in the short term would only occur if it breaks $1.02 (23rd December high).
LUNA
The price of the LUNA token has been held at a lower level than its short-term counterpart (55 days EMA), and higher than it is long-term counterpart (200 day EMA). Further bearishness will be confirmed by pattern observances if the price breaches $105. A trend reversal in the short term would only occur if it exceeds $75.
Bitcoin and Ethereum Resistance Charts
| Cryptocurrency | Resistance | Assistance |
Bitcoin |
R1- $42,600 | S1- $37,000 |
| R2- $43,500 | S2- $34,000 | |
| R3- $46,000 | S3- $30,000 | |
Ethereum |
R1- $2,775 | S1- $2,445 |
| R2- $2,850 | S2- $2,300 | |
| R3- $3,160 | S3- $2,150 |
Pixabay's featured image and chart by tradingview.com