Bitcoin (BTCUSD)-
BTCUSD is trading higher for a third consecutive week as BlackRock offers crypto trading to its institutional clients. Bulls are trying to reverse the weak trend and it should surge past $50000 for a bullish trend continuation. It hits a high of $44330 at the time of writing and is currently trading around $44197.
Bear case-
Levels to watch- $40480 (21-day EMA). Any convincing break below will drag the Bitcoin to the next level of $38000/$36250/$30000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.
Bull case-
Primary – supply zone -$46000. The breach above confirms minor bullishness. A jump to the next level $49260 (200-day MA)/$50000/$52200.
Secondary barrier- $55000 (61.8% Fib). Any violation above that barrier targets $60000/$69000 (an all-time high).
CCI (50) and Woodies CCI above zero line in the 4-hour chart.
It is good to buy on dips around $41000-250 with SL around $37000 for TP of $50000.
Ethereum (ETHUSD)-
ETHUSD took support near 55-H EMA and showed a minor pullback. It hits an intraday high of $3210 and is currently trading around $3194.
Bear case-
Levels to watch- $2950. Any close below will drag the ETH to near-term support of $2900/$2715/$2570/$2400. Major demand zones are $1700. A breach below $1700 targets $1500/$1288.
Bull case-
Primary - Barrier- $3340 (200-day EMA). The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3550 (200-day MA)/$3670/$3800/$4000.
Secondary barrier- $4000. Breach that barrier targets $4150/$4500/$4784.
It is good to buy on dips around $3000 with SL around $2700 for TP of $4300.
