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

Bitcoin (BTCUSD)-

BTCUSD declined after a minor pullback to $38741. It hits an intraday low of $36631 and is currently trading around $37176.

 Bear case-

 Levels to watch- $35000. Any convincing break below will drag the Bitcoin to the next level of$35000/ $30000/$28000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary - Barrier-$40000. The breach above confirms short-term bullishness. A jump to the next level is $41450/$43500/$45000/$48060/$50000/$52000/$54500/$59000.

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

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

It is good to buy on dips around $32200-500 with SL around $28000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD is consolidating between $2315 and $2642 for the past three days. It hits a low of $2489 at the time of writing and is currently trading around $2533.

Bear case-

Levels to watch- $230.0 Any close below will drag the ETH to near-term support of $2150/$2000/$1700.  Major demand zones are $1700. A breach below $2600 targets $1500/$1288.

Bull case-

Primary - Barrier- $2750. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3000/$3500/$3670/$3800/$4000.

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

It is good to buy on dips around  $2000 with SL around $1700 for TP of $4000.