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

Bitcoin (BTCUSD)-

BTCUSD is trading higher for the second consecutive days after a major sell-off. The war between Russia and Ukraine has decreased the demand for riskier assets like stocks and Bitcoin. Any positive developments between Russia and Ukraine will push BTC prices higher.  It hits a high of $39720 and is currently trading around $38594.

 Bear case-

 Levels to watch- $36800. Any convincing break below will drag the Bitcoin to the next level of $34000/$30000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary supply zone -$40200. The breach above confirms minor bullishness. A jump to the next level is $42100/$43700/$44785/$46000.                

 Secondary barrier- $46000. Any violation above that barrier targets $49450 (200- day MA)/$52000.

 CCI (50)below zero line 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 recovered from a fresh three-week low of $2300 on short covering.  It hits a high of $2760 yesterday and is currently trading around $2608.

Bear case-

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

Bull case-

Primary - Barrier- $2800. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3000/$3325/$3575 (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.