FxWirePro- The Bull and bear scenario for the top cryptocurrency (Bitcoin and ETH)
Bitcoin (BTCUSD)-
BTCUSD is trading weak for the past two days after hitting a high of $44337. It hits an intraday low of $41647 and is currently trading around $41783.
Bear case-
Levels to watch- $41500. Any convincing break below will drag the Bitcoin to the next level of $39500/$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 $48380/$50000/$52000/$54500/$59000.
Secondary barrier- $60000. Any breach above that barrier targets $69000 (an all-time high).
CCI (50) and Woodies CCI below 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 declined after hitting a high of $3413 and holding below 200-day MA. It is currently trading around $3159.
Bear case-
Levels to watch- $2900. 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- $3485 (200-day EMA). The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3670/$3800/$4000.
Secondary barrier- $4150. Breach that barrier targets $4500/$4784.
It is good to buy on dips around $3280-330 with SL around $2900 for TP of $4050.
