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

Bitcoin (BTCUSD)-

BTCUSD breaks significant support $39500 after a long consolidation. It hits a low of $38250 at the time of writing and is currently trading around $38997.

 Bear case-

 Levels to watch-  $38000. Any convincing break below will drag the Bitcoin to the next level of $37500/$33000/$30000. Significant demand zones are $30000. Violation below that level will pull the BTC to 2021 low $28600.

Bull case-

Primary - Barrier-$40000. A breach above confirms intraday bullishness. A jump to the next level is $43250/$45000/$48660 (200-day MA)/$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 $38600-325 with SL around $36000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD is holding below psychological support at $3000 for the past six hours. It hits an intraday low of $2806 and is currently trading around $2881.

Bear case-

Levels to watch- $2800. 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- $3000. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3300/$3485/$3800/$4000.

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

It is good to buy on dips around  $2825-30 with SL around $2600 for TP of $4050.