FxWirePro- The Bull and bear scenario for the top cryptocurrency (Bitcoin and ETH)

Bitcoin (BTCUSD)-

BTCUSD consolidated in a narrow range between $50587 and $45750 for the past four days.  The pair is holding above 200-day MA and is currently trading around $48850.

Bear case-

Levels to watch- $46780 (200- day MA). Any daily close below will drag the Bitcoin to the next level of $41967 (Dec 4th low)/$40000.  Major demand zones are $39759, $37600. A breach below $37000 will pull the BTC to 2021 low $28600.

Bull case-

Primary - Barrier- $50800. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $52000/$54550/$56200/$58500.

Secondary barrier- $59250-$60000. Breach that barrier targets $69000 (all-time high).

ADX- Bearish. The trend strength indicator holding above 35 levels points to weakness. BTC is struggling to close below 200- day MA for two consecutive days. So good to buy on dips  

It is good to go buy on dips around 47000-050 with SL around $45500 for TP of $54000.

Ethereum (ETHUSD)-

ETHUSD regained sharply after hitting a low of 3669. It is holding above $4000 and is currently trading around $4043.

Bear case-

Levels to watch- $3660. Any close below will drag the ETH to near-term support of $3470 (Dec 4th low)/$3217 (200- day MA).  Major demand zones are $3200/$3000. Breach below $3000 targets $2650 (Sep 2021 low).

Bull case-

Primary - Barrier- $4200. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $4500/$4650/$4784.

Secondary barrier- $4870. Breach that barrier targets $5000.

It is good to buy on dips around 3900-20 with SL around $3670 for TP of $4800.