Bitcoin, Ethereum Outlook Turns Bearish

Bitcoin (BTC/USD) Analysis

Bitcoin halts bullish trend, markets eye U.S. non-farm payroll data for further direction.

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Key Highlights

BTC halted its bullish trend and lost more than 5 percent on subdued market sentiment. Markets are eyeing US Non-farm payroll data today for further direction. The pair regained above 200-day EMA in the European session.

Technical Analysis

Intraday trend – Bearish

On the daily chart, the pair is trading above Tenken-Sen ($45,278), Kijun-sen ($42,701), and Ichimoku Kumo cloud ($40,630). It hits an intraday low of $44,244 and is currently trading around $45,245.

Major support is seen at $44,000, any breach below this level confirms further weakness. A dip till $44,000 / $42,900 / $42,500 / $41,700 is likely.

The immediate resistance is around $46,000, any surge past targets $46,700 / $48,300. Major bullishness can happen only if it breaks $48,300, a jump to $52,000 / $50,000 is possible.

RSI – Bearish

A possible strategy could be long above $48,300 with SL around $46,000 for TP of $52,000 / $55,000.

ETH/USD Daily Outlook

Key Highlights

Ethereum’s price shows a profit booking from a multi-month high with no follow-through buying. It hits a low of $3,211 at the time of writing and is currently trading around $3,290.07.

On the daily chart, the pair is trading above Tenken-Sen ($3,202), Kijun-sen ($2,964), and Ichimoku Kumo cloud ($2,791).

Major support is seen at $3,200, any violation below this level confirms the start of a minor bearish trend. A dip till $3,150 / $3,000 / $2,940 / $2,880 / $2,800 is possible.

The immediate resistance is around $3,300, any break above will take the pair to $3,420 / $3,485.

RSI- Bearish

A possible option could be long on dips around $3200 with SL around $3,000 for TP of $4,000.