BTCUSD regained above $40000 as the Bitcoin hash rate hits an all-time high of 271.19 exahash per second (EH/S). It hits an intraday high of $40799 and is currently trading around $40547.
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 around $30000. A breach below that level will pull the BTC to $24900.
Bull case-
Primary supply zone -$41700. The breach above confirms minor bullishness. A jump to the next level of $43000 is possible.
Secondary barrier- $43000. A violation above that barrier targets $46000/$48300.
CCI (50) holds above the zero line in the 4-hour chart.
It is good to buy on dips around $40000 with SL around $37000 for TP of $50000.
Ethereum (ETHUSD)-
ETHUSD holds above $3000 after hitting a low of $2798 yesterday. It hits an intraday high of $3038 and is currently trading around $3007.
Bear case-
Levels to watch- $2940. Any violation below will drag the ETH to near-term support of $2880/$2800/$2600. Major demand zones are $2300-$2150. A breach below targets $1700.
Bull case-
Primary - Barrier- $3045. Any breach above confirms an intraday bullishness. A jump to $3180/$3275.
Secondary barrier- $3600. Breach that barrier targets $4000/$4500.
It is good to buy on dips around $2940 with SL around $2800 for TP of $3500.
