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

Bitcoin (BTCUSD)-

BTCUSD is consolidating after hitting a high of $49600. The pair is struggling to close above $50000 levels. The pair hits an intraday low of $48656 and is currently trading around $49071.

Bear case-

Levels to watch- $47000 (200-day MA). Any convincing break below will drag the Bitcoin to the next level of $45000/$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-$49825 (200-day EMA). Any close above confirms intraday bullishness. A jump to the next level $50550/$50800/$52000.

Secondary barrier- $54500 (100-day MA). A jump above that barrier targets $60000/$69000 (all-time high).

CCI (50) and Woodies CCI- Above zero line in the 4-hour chart.

It is good to buy on dips around $48600-700 with SL around $46700 for TP of $54500.

Ethereum (ETHUSD)-

ETHUSD showed a minor decline after a pullback to $4076. It is currently trading around $4026.

Bear case-

Levels to watch- $3900. Any close below will drag the ETH to near-term support of $3750/$3470 (Dec 4th low)/$3297 (200- day MA).  Major demand zones are $3200. Breach below $3200 targets $3000/ $2650 (Sep 2021 low).

Bull case-

Primary - Barrier- $4115 (55-day EMA). 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 above $4125 with SL around $3800 for TP of $5000.