Bitcoin (BTCUSD)-
BTCUSD trades in a narrow range between $42591 and $37567 for the past six days. Markets eye US Fed monetary policy for further direction. It hits an intraday low of $38127 and is currently trading around $38682.
Bear case-
Levels to watch- $37000. Any convincing break below will drag the Bitcoin to the next level of $34000/$30000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.
Bull case-
Primary supply zone -$42600. The breach above confirms minor bullishness. A jump to the next level is $46000.
Secondary barrier- $46000. Any violation above that barrier targets $50000/$52000/$60000/$69000.
CCI (50) holds below the zero line in the 4-hour chart.
It is good to buy on dips around $37000 with SL around $34000 for TP of $50000.
Ethereum (ETHUSD)-
ETHUSD price signals weakness head of merge. It hits a low of $2509 at the time of writing and is currently trading around $2536.
Bear case-
Levels to watch- $2470. Any close below will drag the ETH to near-term support of $2445/$2300/$2150. Major demand zones are $1700. A breach below $1700 targets $1500/$1288.
Bull case-
Primary - Barrier- $2610. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $2700/$2775/ $3050/$3200/$3553 (200-day MA).
Secondary barrier- $4000. Breach that barrier targets $4150/$4500/$4784.
It is good to buy on dips around $2475-80 with SL around $2300 for TP of $3550.
