LUNA Purchase Helps Bitcoin Recovery

Bitcoin (BTC/USD) Analysis

Bitcoin regains as LUNA Foundation Guard adds another $100 million BTC to its wallet.

Key Highlights

BTC has risen above $40,000 after LUNA Foundation Guard bought over $100 million Bitcoin. The rise in US tech stocks is also supportive of BTC at lower levels.

Technical Analysis

Intraday trend – Bearish

On the daily chart, the pair is trading below Tenken-Sen ($43,209), Kijun-sen ($43,726), and Ichimoku Kumo cloud ($39,953). BTC/USD hit an intraday low of $41,504 and is currently trading around $41,208.

Major support is seen at $39,000, any breach below this level confirms further weakness. A dip to $37,000 / $34,000 is possible.

The immediate resistance is around $42,700, any surge past targets $43,500 / $44,000 / $46,000 / $48,235.

RSI- Bullish

A possible strategy could be sell on rallies around $42,700-800 with SL around $44,000 for TP of $39,980 / $37,000.

ETH/USD Daily Outlook

Key Highlights

Ethereum’s price is holding above $3,000 as Bitcoin rebounds; it hit a low of $2,950 and is currently trading around $3,111.

On the daily chart, the pair is trading below Tenken-Sen ($3,252), Kijun-sen ($3,200), and above Ichimoku Kumo cloud ($2,792).

Major support is seen at $2,940 (100-day MA), any daily close below this level confirms the start of a minor bearish trend. A dip till $2,860 / $2,800 is possible.

The immediate resistance is seen around $3,160, any break above will take the pair to $3,200 / $3,310.

RSI- Bearish

A possible option could be long above $3,160 with SL around $3,000 for TP of $4,000.

XRP/USD Outlook

Intraday trend- Bearish

Key support- $0.70, $0.50

Related articles

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

Key Resistance- $0.9125

XRP’s price recovered from a low of $0.680, any daily close below $0.680 confirms a minor bearish continuation. It is currently trading around $0.73139, short-term trend reversal only if it breaches $0.9200.

ADVERTISEMENT

A possible strategy could be sell on rallies around $0.7500 with SL around $0.800 for a TP of $0.6000.

ADA/USD Outlook

Intraday trend- Bearish

Key support- $0.95, $0.80

Key Resistance- $1.30

ADA/USD pauses its bearish trend and showed a minor pullback. Any breach above $1.035 confirms intraday bullishness. A jump to $1.20/$1.30 is possible; it is currently trading around $1.0080. Short-term trend reversal only if it breaks $1.57.

A possible option could be long around $0.95-0.96 with SL around $0.79 for a TP of $1.570/$2.

Bitcoin Support /Resistance

Resistance

R1- $42,700
R2- $43,500
R3- $44,000

Support

S1- $39,000
S2- $37,000
S3- $34,000

Ethereum Support/Resistance

Resistance

R1- $3,160
R2- $3,275
R3- $3,320

Support

S1- $2,940
S2- $2,860
S3- $2,800

See more at the Newsweek Cryptocurrency Index:

The content of this article is for informational purposes only and does not constitute financial or investment advice. It’s important to perform your own research and consider seeking advice from an independent financial professional before making any investment decisions.