FxWirePro- Bull and bear case

Bitcoin (BTCUSD)-

BTCUSD trades lower for seven consecutive days on risk aversion. The hopes of an aggressive rate hike are putting pressure on the pair at higher levels. It hits an intraday low of $40979 and is currently trading around $41219.

 Bear case-

 Levels to watch- $41000. Any convincing break below will drag the Bitcoin to the next level of $39800/$37000/$34000.Significant demand zones are around  $30000-$34000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary supply zone -$41700.  The breach above confirms minor bullishness. A jump to the next level of $42800/$43500/$46000 is possible.            

 Secondary barrier- $48300. A violation above that barrier targets $50000/$52000.

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

It is good to sell on rallies around $41700 with SL around $43000 for TP of $37000.

Ethereum (ETHUSD)-

ETHUSD shows a weak trend following the footsteps of Bitcoin. The pair lost more than 4% in the European session. It hits an intraday low of $3010 and is currently trading around $3051.

 Bear case-

Levels to watch- $3000. Any violation below will drag the ETH to near-term support of $2865/$2800. Major demand zones are $2300-$2150. A breach below targets $1700.

 Bull case-

 Primary - Barrier- $3170. The jump above will mark the beginning of a minor bullish trend. Surge past will push the prices higher to $3300/$3485/$3600.

Secondary barrier- $3600. Breach that barrier targets $4000/$4500.

It is good to sell on rallies around $3168-70 with SL around $3300 for TP of $2800.