BTCUSD showed a massive sell-off yesterday and breaks significant support at $30000. The rise in inflation has forced major central banks to hike rates. The demand for riskier assets declines as market sentiment worsens. It hits a low of $25140 at the time of writing and is currently trading around $27605.
Bear case-
Levels to watch- $25000. Any violation below confirms the bearish trend, a dip to $20000 is possible.
Bull case-
Primary supply zone -$30775 (23% fib). The breach above confirms minor bullishness. A jump to the next level of $32400/$345000/$37000 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 sell on rallies around $28500-600 with SL around $31000 for TP of $20000.
Ethereum (ETHUSD)-
ETHUSD declined below $2000 following the footsteps of Bitcoin. It hits a low of $1701 and is currently trading around $1875.
Bear case-
Levels to watch- $1700. Any violation below will drag the ETH to near-term support of $1600 (200-WEMA). Major demand zones are $1600. A breach below targets $1168.
Bull case-
Primary - Barrier- $2150. Any breach above confirms an intraday bullishness. A jump to $2300/$2500 is possible.
Secondary barrier- $2700. A breach above that barrier targets $2940/$300.
It is good to sell on rallies around $1980-2000 with SL around $2200 for TP of $1600.
