FxWirePro- Bull and bear case

BTCUSD showed a major sell-off as demand for riskier assets decreased. The rate hike by the major central bank puts pressure on Bitcoin. It hits an intraday low of $32637 and is currently trading around $32926.

 Bear case-

 Levels to watch- $32000. Any violation below will drag the pair to the next level to $30000/$28000.Significant demand zones are around $28000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary supply zone -$36000.  The breach above confirms minor bullishness. A jump to the next level of $37000/$40800/$41700/$43000 is possible.           

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

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

It is good to sell on rallies around $34900-35000 with SL  around $38000 for TP of $28000.

Ethereum (ETHUSD)-

ETHUSD is trading weak following the footsteps of BTC. It hits a low of $2358 at the time of writing. It is currently trading around $2375.

 Bear case-

 Levels to watch- $2300. Any violation below will drag the ETH to near-term support of $2150/$2000. Major demand zones are $2000. A breach below targets $1600.

 Bull case-

  Primary - Barrier- $2500. Any breach above confirms an intraday bullishness. A jump to $2650/$2800 is possible.

Secondary barrier- $3180. A breach above that barrier targets $3600/$4000/$4500.

It is good to sell on rallies around $2625-50 with SL around $2885 for TP of $2150.