Bitcoin (BTCUSD)-
BTCUSD surged more than $1000 yesterday after Russia announced it will accept bitcoin payments for the oil and gas trade. The upbeat market sentiment is supporting Bitcoin at lower levels. It hits an intraday high of $44400 and is currently trading around $43909.
Bear case-
Levels to watch- $43300. Any convincing break below will drag the Bitcoin to the next level of $42500/$41700/$41000/$39000/$37000.Significant demand zones are around $30000-$34000. A breach below that level will pull the BTC to $24900.
Bull case-
Primary supply zone -$46000. The breach above confirms minor bullishness. A jump to the next level of $50000/$52000/$55000 is possible.
Secondary barrier- $60000. A violation above that barrier targets $69000.
CCI (50) holds above the zero line in the 4-hour chart.
It is good to buy on dips around $43300 with SL around $42000 for TP of $52000.
Ethereum (ETHUSD)-
ETHUSD continues to outperform Bitcoin and hits a fresh one-month high. It hits an intraday high of $3149.70 and is currently trading around $3127.30.
Bear case-
Levels to watch- $3060. Any violation below will drag the ETH to near-term support of $3000/2940/$2865/$2800. Major demand zones are $2000-$2150. A breach below targets $1700.
Bull case-
Primary - Barrier- $3200. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3500 (200-day MA)/$4000.
Secondary barrier- $4000. Breach that barrier targets $4150/$4500/$4784.
It is good to buy on dips for $3100 with SL around $2980 for TP of $3500.
