Bitcoin (BTCUSD)-
BTCUSD breaks significant resistance to $31500 after Panama becomes Bitcoin-friendly. Tower bank, a large financial institution said that it has opened doors to Bitcoin and cryptocurrency investors. It hits an intraday high of $31876 and is currently trading around $30331.
Bear case-
Levels to watch- $27700. Any violation below will drag the pair to the next level to $25000/$21980.
Bull case-
Primary supply zone -$32500 (200-4H EMA). The breach above confirms minor bullishness. A jump to the next level of $37000/$40000/$41500 is possible.
Secondary barrier- $43000. A violation above that barrier targets $46000/$48300.
CCI (50) holds above the zero line in the 4-hour chart.
It is good to buy on dips around $29500-600 with SL around $27700 for TP of $37000/$40000.
Ethereum (ETHUSD)-
ETHUSD pared some of its gains made yesterday, following in the footsteps of BTC. It hits an intraday low of $1848 and is currently trading around $1857.80.
Bear case-
Levels to watch- $1700. Any violation below will drag the ETH to near-term support of $1600/$. Major demand zones are $1419. A breach below targets $1168.
Bull case-
Primary - Barrier- $2000. Any breach above confirms an intraday bullishness. A jump to $2170/$2300.
Secondary barrier- $2500. A breach above that barrier targets $2800/$3000.
It is good to sell on rallies around $2000 with SL around $2170 for TP of $1600.
