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

Bitcoin (BTCUSD)-

BTCUSD showed a minor pullback after a massive sell-off the previous week. It hits a low of $32950 and is currently trading around and is currently trading around $36133.

Bear case-

Levels to watch- $32000. Any convincing break below will drag the Bitcoin to the next level of $30000/$28000.  Major demand zones are $28000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary - Barrier-$38500. Any breach above confirms short-term bullishness. A jump to the next level is $40000/$43500/$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 weekly chart. RSI showing hidden divergence.

It is good to buy on dips around $32200-500 with SL around $28000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD recovered more than $300 after hitting a multi-week low of $2160. It is currently trading around $2429.

Bear case-

Levels to watch- $2150 Any close below will drag the ETH to near-term support of $2000/$1700.  Major demand zones are $1700. A breach below $2600 targets $1500/$1288.

Bull case-

Primary - Barrier- $2650. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3000/$3500/$3670/$3800/$4000.

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

It is good to buy on dips around  $2000 with SL around $1700 for TP of $4000.