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

Bitcoin (BTCUSD)-

BTCUSD continues to trade lower for fifth consecutive days and lost more than $5000. The pair is holding below 200- day MA. It hits an intraday low of $46725 and is currently trading around $48952.

Bear case-

Levels to watch- $45000. Any convincing break below will drag the Bitcoin to the next level of $41967 (Dec 4th low)/$40000.  Major demand zones are $39759, $37600. A breach below $37000 will pull the BTC to 2021 low $28600.

Bull case-

Primary - Barrier-$50000. Any daily close above confirms short-term bullishness. A jump to the next level is $52000/$54500/$59000.

Secondary barrier- $60000. A jump above that barrier targets $69000 (an all-time high).

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

It is good to sell on rallies around $47500-800 with SL around $50000 for TP of $41980.

Ethereum (ETHUSD)-

ETHUSD struggled to break above 55-4H MA and showed sell-off. It is currently trading around $3906.

Bear case-

Levels to watch- $3860. Any close below will drag the ETH to near-term support of $3750/$3650/$3470 (Dec 4th low)/$3303 (200- day MA).  Major demand zones are $3200. Breach below $3200 targets $3000/ $2650 (Sep 2021 low).

Bull case-

Primary - Barrier- $4025 (55-day EMA). The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $4150/$4500/$4650/$4784.

Secondary barrier- $4870. Breach that barrier targets $5000.

It is good to buy above $4025 with SL around $3800 for TP of $5000.