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

Bitcoin (BTCUSD)-

BTCUSD continues to trade weak for the second consecutive day due to geopolitical tension between Russia and Ukraine. The BTC accumulation by Whales stalled as markets eye US Fed decision for further direction. It hits a low of $40008 and is currently trading around $40754.

 Bear case-

 Levels to watch- $40000. Any convincing break below will drag the Bitcoin to the next level of $37800/$36000/$30000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary – supply zone -$42250. The breach above confirms minor bullishness. A jump to the next level is $43700/$44785/$46000.                

Secondary barrier- $46000. Any violation above that barrier targets $49150 (200- day MA)/$52000.

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

It is good to buy on dips around $40000 with SL around $37000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD took support near psychological support $2800 and showed a minor pullback. It hits a low of $2853 at the time of writing. It is currently trading around $2917.

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- $3000. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3325/$3550 (200-day MA)/$3670/$3800/$4000.

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

It is good to buy on dips around $2800 with SL around $2700 for TP of $4300.