Bitcoin (BTCUSD)-
BTCUSD showed a positive momentum and gained above $42000 after positive comments about crypto by US treasury Janet Yellen. Markets eye US crypto bill for further direction. The upbeat market mood on easing of tension between Russia and Ukraine has increased demand for riskier assets. It hits an intraday high of $42438 and is currently trading around $42150.
Bear case-
Levels to watch- $40000. Any convincing break below will drag the Bitcoin to the next level of $37000/$34000/$30000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.
Bull case-
Primary supply zone -$42525. The breach above confirms minor bullishness. A jump to the next level is $43500/$46000.
Secondary barrier- $46000. Any violation above that barrier targets $50000/$52000/$60000/$69000.
CCI (50) and Woodies (CCI) hold above the zero line in the 4-hour chart.
It is good to buy on dips around $40000 with SL around $37000 for TP of $50000.
Ethereum (ETHUSD)-
ETHUSD regained above $7500 from a low of $2445. It hits a high of $2774 at the time of writing and is currently trading around $2757.80.
Bear case-
Levels to watch- $2670. Any close below will drag the ETH to near-term support of $2575/$2445/$2300/$2150. Major demand zones are $1700. A breach below $1700 targets $1500/$1288.
Bull case-
Primary - Barrier- $2850. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3050/$3200/$3553 (200-day MA).
Secondary barrier- $4000. Breach that barrier targets $4150/$4500/$4784.
It is good to buy on dips around $2700 with SL around $2440 for TP of $3550.
