Bitcoin (BTCUSD)-
BTCUSD breaks significant support $41967 low made on Dec 4th, 2021, and hits a low of $40512. The pair is trading weak for the third consecutive week. It is currently trading around $41785.
Bear case-
Levels to watch- $39570. Any convincing break below will drag the Bitcoin to the next level of $37500/$33000/$30000. Major demand zones are $30000. A breach below that level will pull the BTC to 2021 low $28600.
Bull case-
Primary - Barrier-$45000. Any breach above confirms short-term bullishness. A jump to the next level is $48060/$50000/$52000/$54500/$59000.
Secondary barrier- $60000. A jump above that barrier targets $69000 (an all-time high).
CCI (50) below zero line and Woodies CCI- above zero line in the 4-hour chart.
It is good to buy on dips around $39500-525 with SL around $36000 for TP of $50000.
Ethereum (ETHUSD)-
ETHUSD trades below 200-day MA for third consecutive days and hits a low of $2987. It is currently trading around $3145.
Bear case-
Levels to watch- $3000. Any close below will drag the ETH to near-term support of $2859/$2650. Major demand zones are $2600. A breach below $2600 targets $2000/$1700.
Bull case-
Primary - Barrier- $3300. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3500/$3670/$3800/$4000.
Secondary barrier- $4150. Breach that barrier targets $4500/$4784.
It is good to buy on dips around $3000 with SL around $2600 for TP of $4050.
