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

Bitcoin (BTCUSD)-

BTCUSD declined after a minor pullback above $40000. The Russia-Ukraine crisis has dragged riskier assets like Bitcoin and global markets lower. Markets eye Russia and Ukraine talks happening now for further direction.  It hits a high of $40330 and is currently trading around $38308.

 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 -$40350. The breach above confirms minor bullishness. A jump to the next level is $41000/$41750/$43500/$44785/$46000.                

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

 CCI (50) and Woodies (CCI) are trading below the zero line in the daily chart.

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

Ethereum (ETHUSD)-

ETHUSD dropped slightly after hitting 21- day MA $2885.  It hits a low of $2558 yesterday and is currently trading around $2627.50.

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- $2900. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3000/$3325/$3568 (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.