FxWirePro- Bull and bear case

Bitcoin (BTCUSD)-

BTCUSD breaks significant resistance at $45800 and hits a multi-week high on upbeat market sentiment. It hits an intraday high of $47765 and is currently trading around $47271.

 Bear case-

 Levels to watch- $44500. Any convincing break below will drag the Bitcoin to the next level of $43500/$42500/$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 -$50000.  The breach above confirms minor bullishness. A jump to the next level of $52000/$55000 is possible.            

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

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

It is good to buy on dips around $45000 with SL around $43000 for TP of $52000.

Ethereum (ETHUSD)-

ETHUSD continues to outperform Bitcoin and jumped more than 33% in two weeks compared to 27% in BTC. It hits an intraday high of $3358 and is currently trading around $3344.

 Bear case-

Levels to watch- $3150. Any violation below will drag the ETH to near-term support of $3000/2940/$2865/$2800. Major demand zones are $2000-$2150. A breach below targets $1700.

 Bull case-

 Primary - Barrier- $3491. The jump above will mark the beginning of a minor bullish trend. Surge past will push the prices higher till $4000/$4500.

Secondary barrier- $5000. Breach that barrier targets $5500/$6000.

It is good to buy on dips for $3200 with SL around $3000 for TP of $4000.