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

Bitcoin (BTCUSD)-

BTCUSD is trading higher after forming a temporary bottom around $39550.The pair has closed above $40000 for the third consecutive day. It hits a low of $44078 at the time of writing and is currently trading around $43799.

 Bear case-

 Levels to watch-  $39500. Any convincing break below will drag the Bitcoin to the next level of $37500/$33000/$30000.  Major demand zones are $30000. A breach below that level will pull the BTC to 2021 low $28600.

Bull case-

Primary - Barrier-$45000. Any breach above confirms short-term bullishness. A jump to the next level is $48380/$50000/$52000/$54500/$59000.

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

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

It is good to buy on dips around $39500-525 with SL around $36000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD took support near 61.8% fib and surged nearly $400. It is currently trading around $3353.

Bear case-

Levels to watch- $2900. Any close below will drag the ETH to near-term support of $2650.  Major demand zones are $2600. A breach below $2600 targets $2000/$1700.

Bull case-

Primary - Barrier- $3490 (200-day EMA). The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3670/$3800/$4000.

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

It is good to buy on dips around  $3280-330 with SL around $2900 for TP of $4050.