BTCUSD Trades flat after hitting multi-week high. It hits a low of $46572 and is currently trading around $47315.
Bear case-
Levels to watch- $46700. Any convincing break below will drag the Bitcoin to the next level of $45700/$44500/$43500/$42500/$41700/$41000.Significant demand zones are around $37000-34000. A breach below that level will pull the BTC to $30000/$24900.
Bull case-
Primary supply zone -$48300 (200-day MA). The breach above confirms bullish trend continuation. 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 $45800 with SL around $43000 for TP of $52000.
Ethereum (ETHUSD)-
ETHUSD showed a minor correction from a high of $3483. It hits an intraday high of $3420.96 and is currently trading around $3397.
Bear case-
Levels to watch- $3300. Any violation below will drag the ETH to near-term support of $3168/$3000/2940/$2865/$2800. Major demand zones are $2000-$2150. A breach below targets $1700.
Bull case-
Primary - Barrier- $3500. 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 $3300 with SL around $3165 for TP of $4000.
