Crypto crash: market volatility is testing investor will but crypto-enthusiasts still see a future for the asset class
FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(AUDUSD and CADJPY) for the day
FxWirePro- Bull and bear case
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.
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.
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.
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.
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.
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.