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

Bitcoin (BTCUSD)-

BTCUSD is hovering near $41000 for the past two weeks. The pair is not showing any momentum and continues to consolidate in a narrow range. It hits a high of $42589 yesterday and is currently trading around $41866.

 Bear case-

 Levels to watch-  $39500 (Sep 21st low). 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-$43250. Any breach above confirms intraday bullishness. A jump to the next level is $45000/$48660 (200-day MA)/$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 has shown a minor pullback after hitting a low of 3051. It is currently trading around $3120.

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  $2900 with SL around $2600 for TP of $4050.