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

Bitcoin (BTCUSD)-

BTCUSD  has closed below 200- day MA for the third consecutive day. The pair is trading neutral with bearish bias and consolidation happening in past one week between $50800 and $45784. It hits an intraday low of $45873 and is currently trading around $45942.

Bear case-

Levels to watch- $45000. Any convincing 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-$49880 (200-day EMA). Any breach above that level will take the pair to $50550/$50800/$52000.

Secondary barrier- $54600 (100-day MA). A jump above that barrier targets $60000/$69000 (all-time high).

ADX- Bearish. The trend strength indicator holding above 35 levels points to weakness.

The short-term trend is showing weakness. Better to avoid going long.

It is good to sell on rallies around $46800-$47000 with SL around $50000 for TP of $40000.

Ethereum (ETHUSD)-

ETHUSD  is holding below $4000 for the fifth consecutive day. It is currently trading around $3774.

Bear case-

Levels to watch- $3600. Any close below will drag the ETH to near-term support of $3470 (Dec 4th low)/$3280 (200- day MA).  Major demand zones are $3000. Breach below $3000 targets $2650 (Sep 2021 low).

Bull case-

Primary - Barrier- $4150. 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 sell on rallies around $3825-50 with SL around $4050 for TP of $3290.