BTC, ETH, XRP Daily report- 24th March, 2022

BTC outlook

Bitcoin has successfully broken above $42,000 level and is holding up well above $43,000. The trouble for price to continue up is evident from the 4H chart as it is heading towards a major resistance area; $45,200-$47,000 range. I feel this is where the sellers might step in and we could see some bearish pressure on price.

Also the chart is printing several Bearish Divergences on the 4H chart. We can expect more downside pressure although anything is possible so we should remain neutral here. Above $44,306 Bitcoin will be heading towards breaking outside the supply zone, but it’s still far away, and we should only be looking at price level by level currently.

BTC/USDT 4H chart

The 4H charts with Fibonacci Retracement also shows our support levels, if suddenly price does turn bearish. Currently we can discount any bearish bias because of the 20 & 50 MA below current prices and they should act as strong support. Also we are above the pink trendline and $42,000 level. So overall the structure looks pretty good.

On the 1H chart above, we can clearly see how Bitcoin broke out of a falling wedge, retested the wedge and then continued up with a bullish price momentum. Currently the price is below the 0.236 Fib (red line) at $44,306 and as expected is facing a price slowdown at that level. As traders we also need to watch out for international stock markets opening, reaction, news and performance as well as also look at the DXY (Dollar index) chart to gauge Bitcoin’s performance. BTC is currently correlated to the Stock market and that will keep impacting its price movement.

ETH Outlook

ETH/USDT 4H chart (CoinDCX)

On the 4H chart we can clearly see a super uptrend by Ethereum. Price has bounced from Major support (yellow line) and went on to break the blue sloping trend line and gained support by the 20 & 50 MA. Like mentioned in my previous ETH Outlook report, prices above $3,000 will be a psychological resistance for Ethereum and we may see sellers step in to take short term profits from this rally. For now, it’s best to follow the Fibonacci levels to calculate support and if things become ultra bullish, I will be sure to put that in my next report.

XRP Outlook

XRP/USDT is moving choppy here and I willremain neutral on this pair. Anything is possible and when it comes to a coin like XRP, any choppy movement can quickly result into a quick move on the upside/downside. My bias at this point on XRP is neutral because of the following two points:

  • The Inverse Head & Shoulder pattern is intact on the 4H time-frame, but no breakout as of yet
  • Price has broken out a falling wedge and successfully went up from there
  • The above two are bullish in nature, but Bitcoin is approaching an area of major resistance and any correction in Bitcoin can spoil the best structures of altcoins in the market

As you can see on the 1H chart the falling wedge was a success, but price did not really shoot up from there, but instead started a sideways choppy movement. Like I mentioned above, price action like this on XRP is not very confidence inspiring and the trade can go any direction. So it’s best to be with a neutral bias.

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Mohnish Isaac Kariappa

Mohnish Isaac Kariappa

I make use of advanced Technical Tools and On-Chain Data to make crypto easy to understand for everyone in the crypto community. #CoinDCXpathbreaker