FxWirePro- Bull and bear case

BTCUSD trades flat ahead of FED monetary policy. Markets eye US Fed's announcement on Quantitative tightening in the FOMC statement. Any reduction in US bond holding will drag the riskier assets like BTC further down. It hits an intraday high of $39153 and is currently trading around $38995.

 Bear case-

 Levels to watch- $37000. Any violation below will drag the pair to the next level to $34000/$30000.Significant demand zones are around $30000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary supply zone -$40000.  The breach above confirms minor bullishness. A jump to the next level of $40800/$41700/$43000 is possible.           

 Secondary barrier- $43000. A violation above that barrier targets $46000/$48300.

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

It is good to sell on rallies around $40280-300 with SL  around $43000 for TP of $30000.

Ethereum (ETHUSD)-

ETHUSD pared some of its gains made yesterday following the footsteps of BTC. It hits an intraday low of $2788 and is currently trading around $2795.

 Bear case-

 Levels to watch- $2700. Any violation below will drag the ETH to near-term support of $2600/$2490. Major demand zones are $2300-$2150. A breach below targets $1700.

 Bull case-

  Primary - Barrier- $2940. Any breach above confirms an intraday bullishness. A jump to $3045/$3180/$3275.

Secondary barrier- $3600. A breach above that barrier targets $4000/$4500.

It is good to sell on rallies around $3080-90 with SL around $3200 for TP of $2490.