BTCUSD showed a minor pullback after El Salvador President announced that 32 central banks and 12 financial authorities from 44 countries to meet today to discuss BTC. The overall trend is still weak as long as the resistance of $48300 holds. It hits an intraday low of $29285 and is currently trading around $29600.
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 -$31600 (55-4 HEMA). 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 pared some of its gains made yesterday following in the footsteps of BTC. It hits a low of $1988 and is currently trading around $2013.
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- $2170. 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 $2048-50 with SL around $2200 for TP of $1600.
