FxWirePro- Bull and bear case

Bitcoin (BTCUSD)-

BTCUSD gained above $43000 following the footsteps of equity markets. The upbeat market sentiment is supporting Bitcoin at lower levels. Markets watching Russia and Ukraine war updates for further direction. The Russian invasion of Ukraine has increased the demand for cryptocurrencies. It hits an intraday high of $43492 and is currently trading around $43071.

 Bear case-

 Levels to watch- $42600 (resistance turned into support). Any convincing break below will drag the Bitcoin to the next level of $41700//$41000/$39000/$37000.Significant demand zones are around  $30000-$34000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary supply zone -$43500.  The breach above confirms minor bullishness. A jump to the next level of $46000/$50000 is possible.            

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

 CCI (50) holds above the zero line in the 4-hour chart.

It is good to buy on dips around $42500 with SL around $41000 for TP of $52000.

Ethereum (ETHUSD)-

ETHUSD performed better than Bitcoin in the past week by rallying 16% compared to an 8.4% jump by Bitcoin. It hits an intraday low of $3081 and is currently trading around $3047.70.

 Bear case-

Levels to watch- $2930. Any violation below will drag the ETH to near-term support of $2865/$2800/$2740/$2670/$2600. Major demand zones are $2000-$2150. A breach below targets $1700.

 Bull case-

 Primary - Barrier- $3100. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till  $3200/$3500 (200-day MA).

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

It is good to buy on dips for $2980 with SL around $2865 for TP of $3500.