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

Bitcoin (BTCUSD)-

BTCUSD has formed a double bottom around $39500 and shown a minor pullback. The pair has regained above $40000 after a sell-off of nearly $30000. It hits a low of $39558 at the time of writing and is currently trading around $42140.

Bear case-

Levels to watch-  $39500. 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-$43000. Any breach above confirms short-term bullishness. A jump to the next level is $45000/$48060/$50000/$52000/$54500/$59000.

Secondary barrier- $60000. Any breach 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 took support near 61.8% fib and surged more than $200. It is currently trading around $3110.

Bear case-

Levels to watch- $2890. Any close below will drag the ETH to near-term support of $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.