BTCUSD tumbled as decrease in demand for riskier assets. The crash comes after the Micro strategy CFO said that the company should add more collateral if BTC prices hit $21500. It hits a low of $35579 and is currently trading around $36120.
Bear case-
Levels to watch- $34000. Any violation below will drag the pair to the next level to $30000/$28000.Significant demand zones are around $28000. A breach below that level will pull the BTC to $24900.
Bull case-
Primary supply zone -$38000. The breach above confirms minor bullishness. A jump to the next level of $40800/$41700/$43000 is possible.
Secondary barrier- $43000. A violation above that barrier targets $46000/$48300.
CCI (50) holds below the zero line in the 4-hour chart.
It is good to sell on rallies around $38000-200 with SL around $40800 for TP of $30000.
Ethereum (ETHUSD)-
ETHUSD is trading weak following the footsteps of BTC. It hits a low of $2693 at the time of writing. It is currently trading around $2795.
Bear case-
Levels to watch- $2650. Any violation below will drag the ETH to near-term support of $2600/$2490. Major demand zones are $2300-$2150. A breach below targets $1700.
Bull case-
Primary - Barrier- $2800. Any breach above confirms an intraday bullishness. A jump to $2885/2975/$3045 is possible.
Secondary barrier- $3179. A breach above that barrier targets $3600/$4000/$4500.
It is good to sell on rallies around $2835-40 with SL around $3000 for TP of $2300/$2150.