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FxWirePro- The Bull and bear scenario for the top cryptocurrency (Bitcoin and ETH)
Bitcoin (BTCUSD)-
BTCUSD trades weak for the past one week and hovering near a major support zone of $40000. It hits a high of $43209 this week and is currently trading around $41198.
Bear case-
Levels to watch- $39500 (Sep 21st low). 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) and Woodies CCI below 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 has formed almost a double top near the 3400 level and showed a minor decline. It is currently trading around $3051.
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- $3485 (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 $3000 with SL around $2800 for TP of $4050.
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