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

Bitcoin (BTCUSD)-

BTCUSD gained above $44000 as demand for riskier assets returned.  The pair hit a low of $41575 after Russia and Ukraine tension escalated. It hits an intraday high of $44785 and is currently trading around $44214.

 Bear case-

 Levels to watch- $41800 (200-4H EMA). Any convincing break below will drag the Bitcoin to the next level of $40220/$38000/$36250/$30000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary – supply zone -$46000. The breach above confirms minor bullishness. A jump to the next level $49260 (200-day MA)/$50000/$52200. Minor resistances are $43200/$45000.        

Secondary barrier- $55000 (61.8% Fib). Any violation above that barrier targets $60000/$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 $42800-$43000 with SL around $40000 for TP of $53000.

Ethereum (ETHUSD)-

ETHUSD regained above $3000 after a minor decline to $2830. It hits a high of $3199 yesterday and is currently trading around $3141.

Bear case-

Levels to watch- $2800. Any close below will drag the ETH to near-term support of $2590/$2400/$2150.  Major demand zones are $1700. A breach below $1700 targets $1500/$1288.

Bull case-

Primary - Barrier- $3350 (200- day EMA). The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3585 (200-day MA)/$3670/$3800/$4000.

Secondary barrier- $4000. Breach that barrier targets $4150/$4500/$4784.

It is good to buy on dips around $3000 with SL around $2800 for TP of $4300.