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Bitcoin and the crypto market trend to the upside on Wednesday. The Federal Reserve (FED) announced a raise rates by 25 basis points. The FED Chair Powell said at the news conference;
We are attentive to the risks of further upward pressure on inflation and inflation expectations. The committee is determined to take the measures necessary to restore price stability. The U.S. economy is very strong and well-positioned to handle tighter monetary policy.
Technical Analysis Of The Top Crypto
Bitcoin
Bitcoin is trading in a range but with recent bullish price action, with prices climbing above the Tenken-sen ($39,880), Kijun Sen level at $39,828 per coin, and below another cloud called Ichimoku Kumo ($41,025) that indicates where investors should look for potential buy zones.
Related Reading | Bitmain Rolls Out More Powerful And Energy-Efficient Bitcoin Mining Rig To Date
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 )
If the cryptocurrency close above $41,700 today. 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
Ethereum has oscillated within a tight trading range between 2,810 and $2,492 for the past week.
The ETH/USD pair has hit a high of $2,809 on the daily chart but is currently trading around that value. The pair is trading below Tenken-sen ($2,627), Kijun-sen ($2,672), and Ichimoku Kumo cloud ($2,870), confirming the minor weak trend.
The Ethereum price has major support at $2,445, and if it drops below this level might confirm the bearish trend. 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.
Related Reading | TA: Ethereum Back to Square One, Why ETH Could Surge Again
The potential for an intraday trend reversal is present if Ethereum’s close today above $2,850.
After that, it is possible the coin might jump to $2,900/$3,000. However, the bullish trend might continue if the price breaks $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 is held above short-term (55 days EMA) and below long-term (200 days EMA). If it breaches below $0.70, then further bearishness would be confirmed by the pattern observances. However, a short-term trend reversal would occur only if it breaches $1.02 (23rd Dec high).
LUNA
The price of the LUNA token is held below short-term (55 days EMA) and above long-term (200 days EMA). If it breaches above $105, then further bearishness would be confirmed by the pattern observances. However, a short-term trend reversal would occur only if it breaches $75.
Bitcoin, Ethereum Resistance, and Support Chart
| Cryptocurrency | Resistance | Support |
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 |
Featured image from Pixabay, chart from tradingview.com
