Bitcoin (BTCUSD)-
BTCUSD declined once again after a minor jump of about $43000 due to a lack of follow-through buying. The pair has halted its one week of an uptrend as demand for riskier assets due to Russia and Ukraine conflict. It hits an intraday high of $43337 and is currently trading around $42537.
Bear case-
Levels to watch- $41000. Any convincing break below will drag the Bitcoin to the next level of $39000/$37000/$34000/$30000. Significant demand zones are around $28000-$30000. A breach below that level will pull the BTC to $24900.
Bull case-
Primary supply zone -$43500. The breach above confirms minor bullishness. A jump to the next level of $46000/$50000 is possible.
Secondary barrier- $50000. A violation above that barrier targets $52000/$60000/$69000.
CCI (50) holds above the zero line in the 4-hour chart.
It is good to buy on dips around $41500 with SL around $39000 for TP of $52000.
Ethereum (ETHUSD)-
ETHUSD pared some of its gains made yesterday. It hits an intraday low of $2920 and is currently trading around $2968.
Bear case-
Levels to watch- $2865. Any violation below will drag the ETH to near-term support of $2800/$2740/$2670/$2600/$2445/$2300/$2150. Major demand zones are $1700. A breach below $1700 targets $1500/$1288.
Bull case-
Primary - Barrier- $3060. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3200/$3506 (200-day MA).
Secondary barrier- $4000. Breach that barrier targets $4150/$4500/$4784.
It is good to buy on dips $2865 with SL around $2740 for TP of $350s0.
