 - EconoTimes)
Bitcoin (BTCUSD)-
BTCUSD has formed a double bottom around $39500 and shown a minor pullback. The pair has regained above $40000 after a sell-off of nearly $30000. It hits a low of $39558 at the time of writing and is currently trading around $42140.
Bear case-
Levels to watch- $39500. 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-$43000. Any breach above confirms short-term bullishness. A jump to the next level is $45000/$48060/$50000/$52000/$54500/$59000.
Secondary barrier- $60000. Any breach 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 took support near 61.8% fib and surged more than $200. It is currently trading around $3110.
Bear case-
Levels to watch- $2890. Any close below will drag the ETH to near-term support of $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.
