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

Bitcoin (BTCUSD)-

BTCUSD rallied more than 10% yesterday as easing tension supports riskier assets.  The pair pared most of its gains made and held well below $40000. The downside risk continues as risk aversion pulls the crypto market down. Markets eye executive order on cryptocurrencies by Joe Biden. It hits an intraday low of $38796 and is currently trading around $39094.

 Bear case-

 Levels to watch- $37000. 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 -$42737 (55-W EMA). The breach above confirms minor bullishness. A jump to the next level is $46000.                

 Secondary barrier- $46000. Any violation above that barrier targets $50000/$52000/$60000/$69000.

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

It is good to buy on dips around $39000 with SL around $36000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD declined after hitting a high of $2774.  It hits a low of $2573 at the time of writing and is currently trading around $2589.

Bear case-

Levels to watch- $2570. Any close below will drag the ETH to near-term support of $2445/$2300/$2150.  Major demand zones are $1700. A breach below $1700 targets $1500/$1288.

Bull case-

Primary - Barrier- $2850. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3050/$3200/$3553 (200-day MA).

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

It is good to buy on dips around $2475-80 with SL around $2300 for TP of $3550.