FxWirePro- Bull and bear case

BTCUSD continues to trade higher on upbeat market sentiment. US markets especially NASDAQ,  high positive correlation with Bitcoin surging more than 12% from a minor bottom11488. BTC hits an intraday high of $30880 and is currently trading around $30664.50.

 Bear case-

 Levels to watch- $28000. Any violation below confirms the bearish trend, a dip to $24000/$20000 is possible.

Bull case-

Primary supply zone -$31500. The breach above confirms bullish confirmation. A jump to the next level of  $32650/$34500/$35816 is possible.           

 Secondary barrier- $37000. A violation above that barrier targets $40000/$43000.

 CCI (50) -Bullish in the 4-hour chart.

It is good to sell on rallies around $30980-31000 with SL around $33000 for TP of $25000.

Ethereum (ETHUSD)-

ETHUSD recovered more than $200, following in the footsteps of  Bitcoin. It hits a high of $1913 at the time of writing and is currently trading around $1904.

 Bear case-

 Levels to watch- $1700. Any close below shows that the pair is in a downtrend. A dip to $1600 (200-WEMA is possible). Major demand zones are $1600. A breach below targets $1168.

 Bull case-

  Primary - Barrier- $2000. Any breach above confirms an intraday bullishness. A jump to $2170/$2300/$2500 is possible.

Secondary barrier- $2700. A breach above that barrier targets $2940/$300.

It is good to sell on rallies around $2000 with SL around $2170 for TP of $1200.