Bitcoin (BTCUSD)-
BTCUSD breaks significant resistance at $45800 and hits a multi-week high on upbeat market sentiment. It hits an intraday high of $47765 and is currently trading around $47271.
Bear case-
Levels to watch- $44500. Any convincing break below will drag the Bitcoin to the next level of $43500/$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 -$50000. The breach above confirms minor bullishness. A jump to the next level of $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 $45000 with SL around $43000 for TP of $52000.
Ethereum (ETHUSD)-
ETHUSD continues to outperform Bitcoin and jumped more than 33% in two weeks compared to 27% in BTC. It hits an intraday high of $3358 and is currently trading around $3344.
Bear case-
Levels to watch- $3150. 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- $3491. The jump above will mark the beginning of a minor bullish trend. Surge past will push the prices higher till $4000/$4500.
Secondary barrier- $5000. Breach that barrier targets $5500/$6000.
It is good to buy on dips for $3200 with SL around $3000 for TP of $4000.
