BTCUSD regained above$30000 on short covering. The overall trend is still weak as long as the resistance of $48300 holds. The collapse of USD Tether also puts pressure on the entire crypto market. It hits an intraday high of $30960 at the time of writing and is currently trading around $30313.
Bear case-
Levels to watch- $28000. Any violation below confirms the bearish trend, a dip to $24000/$20000 is possible.
Bull case-
Primary supply zone -$31000. 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 $30500-600 with SL around $32500for TP of $20000.
Ethereum (ETHUSD)-
ETHUSD surged above $2000 following in the footsteps of Bitcoin. It hits an intraday high of $2138 and is currently trading around $2086.
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.
