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

Bitcoin (BTCUSD)-

BTCUSD showed a minor pullback after hitting a low of $37193. The overall trend is under pressure due to the escalation of tension between Russia and Ukraine. It hits an intraday high of $39180 and is currently trading around $38970.

 Bear case-

 Levels to watch- $37000. Any convincing break below will drag the Bitcoin to the next level of $34000/$30000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary supply zone -$40869 (200-4H EMA). The breach above confirms minor bullishness. A jump to the next level is $43500/$46000.                

 Secondary barrier- $46000. Any violation above that barrier targets $50000/$52000/$60000/$69000.

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

It is good to buy on dips around $34000 with SL around $30000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD regained above $2500 from a low of $2445.  It hits a high of $2609 at the time of writing and is currently trading around $2572.40.

Bear case-

Levels to watch- $2475. Any close below will drag the ETH to near-term support of $2300/$2150.  Major demand zones are $1700. A breach below $1700 targets $1500/$1288.

Bull case-

Primary - Barrier- $2685. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $2850/$3050/$3200/$3553 (200-day MA).

Secondary barrier- $4000. Breach that barrier targets $4150/$4500/$4784.

It is good to buy on dips around $2500 with SL around $2150 for TP of $3550.