Chart pattern- Bullish divergence (CCI)
BTCUSD regained slightly after a massive sell-off in the Crypto market. The rise in interest rates by Fed and other major central banks has decreased demand for riskier assets like stocks and Bitcoin. It hits a low of $29700 and is currently trading around $31773.
Bear case-
Levels to watch- $28000 (Major demand zone). Any violation below confirms the bearish trend, a dip to $20000 is possible.
Bull case-
Primary supply zone -$34200 (23.6% fib). The breach above confirms minor bullishness. A jump to the next level of $37000/$40800/$41700/$43000 is possible.
Secondary barrier- $43000. A violation above that barrier targets $46000/$48300.
CCI (50) holds below the zero line in the 4-hour chart.
It is good to buy on dips around $28600-700with SL around $24000 for TP of $43000.
Ethereum (ETHUSD)-
ETHUSD has formed double bottom around $2150 and showed a minor pullback. It hits a low of $2198 yesterday. It is currently trading around $2388.
Bear case-
Levels to watch- $2150. Any violation below will drag the ETH to near-term support of $2000. Major demand zones are $2000. A breach below targets $1600.
Bull case-
Primary - Barrier- $2490. Any breach above confirms an intraday bullishness. A jump to $2650/$2800/$3000 is possible.
Secondary barrier- $3180. A breach above that barrier targets $3600/$4000/$4500.
It is good to buy on dips around $2200 with SL around $2000 for TP of $3000.
