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

Bitcoin (BTCUSD)-

BTCUSD breaks significant support $41967 low made on Dec 4th, 2021, and hits a low of $40512. The pair is trading weak for the third consecutive week. It is currently trading around $41785.

Bear case-

Levels to watch-  $39570. Any convincing break below will drag the Bitcoin to the next level of $37500/$33000/$30000.  Major demand zones are $30000. A breach below that level will pull the BTC to 2021 low $28600.

Bull case-

Primary - Barrier-$45000. Any breach above confirms short-term bullishness. A jump to the next level is $48060/$50000/$52000/$54500/$59000.

Secondary barrier- $60000. A jump above that barrier targets $69000 (an all-time high).

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

It is good to buy on dips around $39500-525 with SL around $36000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD trades below 200-day MA for third consecutive days and hits a low of $2987. It is currently trading around $3145.

Bear case-

Levels to watch- $3000. Any close below will drag the ETH to near-term support of $2859/$2650.  Major demand zones are $2600. A breach below $2600 targets $2000/$1700.

Bull case-

Primary - Barrier- $3300. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3500/$3670/$3800/$4000.

Secondary barrier- $4150. Breach that barrier targets $4500/$4784.

It is good to buy on dips around  $3000 with SL around $2600 for TP of $4050.