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

Bitcoin (BTCUSD)-

BTCUSD surged nearly 20% from the previous week's low of $32950. It hits an intraday high of $38692 and is currently trading around $38554.

 Bear case-

 Levels to watch- $35000. Any convincing break below will drag the Bitcoin to the next level of $30000/$28000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary - Barrier-$40000. The breach above confirms short-term bullishness. A jump to the next level is $41450/$43500/$45000/$48060/$50000/$52000/$54500/$59000.

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

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

It is good to buy on dips around $37000 with SL around $34000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD is trading higher for the fifth consecutive day and jumped more than $400. It hits a high of $2768 at the time of writing and is currently trading around $2744.

Bear case-

Levels to watch- $2475. Any close below will drag the ETH to near-term support of $2300/$2150/$2000/$1700.  Major demand zones are $1700. A breach below $2600 targets $1500/$1288.

Bull case-

Primary - Barrier- $2750. 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  $2580-60 with SL around $2470 for TP of $4000.