Bitcoin Surpasses $40,000 Ahead of Fed Decision: Crypto News Today

Welcome to Newsweek’s cryptocurrency news: in this daily update, we’ll be looking at the movement and outlook of major cryptocurrencies including Bitcoin with a technical analysis.

The Newsweek Cryptocurrency Index provides information on 11 currencies with individual power comparisons.

Bitcoin (BTC/USD Outlook)

Key Highlights

Bitcoin surpassed $40,000 ahead of Wednesday’s Fed financial policy meeting. The U.S. central bank is expected to increase rates by 25 basis points, and markets are closely watching Fed Chairman Jerome Powell for further direction.

The fourth round of talks between Russia Ukraine did not result in any conclusion.

Technical Evaluation

Intraday pattern – Bullish

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In the daily chart, the pair has been trading above Tenken-sen, Kijun-sen, and Ichimoku Kumo clouds ($41,025), confirming a minor bullish pattern. It reached a high of $41,673 at the time of writing, and is currently trading around $40,536.

The main support is at $37,000 (7th March low). Any drop beneath this stage would revert to the earlier bearish situations, with a potential dip to ranges of $34,000/$32,950 (Jan twenty fourth low)/$30,000/$28,600.

Intraday pattern reversal might occur if Bitcoin closes above $41,700. It is possible to bounce up to $42,600 (9th March excessive)/$45356 (200 day EMA)/$50,000.

RSI_ impartial

You can buy dips around $40,000 and SL at $37,000 to get TP of $50,000.

Day-by-day outlook for ETH/USD

Key Highlights

The previous week, ETH/USD was trading in a narrow range between $2,774 to $2,492.

The pair is trading below Tenken-sen (2,627), Kijunsen (2,672) and Ichimoku Kumo Cloud ($2,870) on the daily chart, confirming a minor weak pattern. It reached a high of $2,734 at the time of writing, and is currently trading around $2,653.

Any drop below $2,445 will confirm the bearish trend. A drop to $2,300 (Feb 24th low)/$2150 may be in the cards.

If Ethereum closes at or above $2,775, an intraday pattern reverse could occur. It is possible to bounce up to $2,850/$3,000, but a bullish continuation only above $3,300.

Impartial

Purchase dips at $2,500 and SL at $2,300 to get a total of $3300.

Day-by-day Outlook for XRP/USD

Trend intraday- Bearish

Key Support – $0.70 and $0.50

Key Resistance- $0.86 (12th March 2022).

XRP’s value is above the short-term (55 day EMA) but below the long-term (220 day EMA). Any breach below $0.70 would confirm additional bearishness. It is currently trading around $0.76651. If it breaks $1.02 (third Dec high), a short-term pattern reverse would occur.

You could promote below $0.70, with SL around $0.80 and TP at $0.50.

LUNA/USD Day-by-day Outlook

Intraday Trend- Bullish

Key Support – $89 or $75

Key Resistance- $105

The 4-hour chart shows that the LUNA/USD value is below short-term (55 day EMA), but above long-term (220-day EMA). A break above $105 could confirm additional bullishness. Currently, it’s trading around $88.35. If it falls below $75, a short-term pattern change is possible.

You can buy dips around $85 and SL rounds $75 to get a TP of $130.


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