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

Bitcoin (BTCUSD)-

BTCUSD continues to trade weak for the fifth consecutive day and slips well below $40000. The escalation of tension between Russia and Ukraine has decreased the demand for riskier assets. According to on-chain data, 60% of BTC supply has not been moved in last year. It confirms that long-term investors are adding Bitcoin at lower levels. It hits a low of $37974 and is currently trading around $39120.

 Bear case-

 Levels to watch- $37800. Any convincing break below will drag the Bitcoin to the next level of $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 $49450 (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 $35000 with SL around $30000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD took support near 61.8% fib level and showed a minor pullback. It hits a low of $2575 yesterday and is currently trading around $2726.

Bear case-

Levels to watch- $2570. Any close below will drag the ETH to near-term support of $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 $2500-10 with SL around $2150 for TP of $4300.