FxWirePro- Bull and bear case

Bitcoin (BTCUSD)-

BTCUSD consolidating in a narrow range of $42597 for the past 10 days. The escalation of conflict between Russia and Ukraine puts pressure on the pair at higher levels. It hits an intraday high of $41437 and is currently trading around $41309.

 Bear case-

 Levels to watch- $37000. Any convincing break below will drag the Bitcoin to the next level of $34000/$30000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary supply zone -$42600 (Mar 9th, 2022).  The breach above confirms minor bullishness. A jump to the next level of $46000 is possible.            

 Secondary barrier- $46000. A violation above that barrier targets $50000/$52000/$60000/$69000.

 CCI (50) holds 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 gained above $2900 and hits a high of $2921 at the time of writing. It is currently trading around $2903.

 Bear case-

Levels to watch- $2800. Any close below will drag the ETH to near-term support of $2670/$2600/$2445/$2300/$2150.  Major demand zones are $1700. A breach below $1700 targets $1500/$1288.

 Bull case-

 Primary - Barrier- $3030. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till  $3200/$3553 (200-day MA).

Secondary barrier- $4000. Breach that barrier targets $4150/$4500/$4784.

It is good to buy on dips above $2800 with SL around $2650 for TP of $3550.