FxWirePro- Bull and bear case

Bitcoin (BTCUSD)-

BTCUSD gained sharply on institutional buying. It hits an intraday high of $41912 and is currently trading around $41794.

 Bear case-

 Levels to watch- $40000. Any convincing break below will drag the Bitcoin to the next level of $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 -$42500.  The breach above confirms minor bullishness. A jump to the next level of $43500/$46000/$48300 is possible.            

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

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

It is good to buy on dips around $41200-250 with SL around $39000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD trades above $3100 following in the footsteps of Bitcoin. It hits an intraday high of $3137.80 and is currently trading around $3124.82.

 Bear case-

Levels to watch- $3040. Any violation below will drag the ETH to near-term support of $2940/$2880/$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 buy on dips around $3100 with SL around $2940 for TP of $3500.