BTCUSD showed a relief rally after a massive sell-off. The aggressive rate hike by the fed has decreased demand for riskier assets like Stocks, and Bitcoin. Markets eye US CPI for further direction. It hits a high of $32148 and is currently trading around $31585.
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 -$32500 (21-4H EMA). The breach above confirms minor bullishness. A jump to the next level of $34500/$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 regained the following in the footsteps of Bitcoin. It hits a low of $2458 and is currently trading around $2417.
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.
