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

Bitcoin (BTCUSD)-

BTCUSD is consolidating in a narrow range between $45800 and $34000 for the past four weeks. It pared some of its loss after US president Biden signed executive orders on Digital assets. The positive talks between Russia and Ukraine support the pair at lower levels. It hits an intraday high of $40209 and is currently trading around $39948.

 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 -$42737 (55-W EMA). The breach above confirms minor bullishness. A jump to the next level is $46000.                

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

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

It is good to buy on dips around $39000 with SL around $36000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD regained above $2600 and hits a high of $2670 at the time of writing and is currently trading around $2656.

Bear case-

Levels to watch- $2470. Any close below will drag the ETH to near-term support of $2445/$2300/$2150.  Major demand zones are $1700. A breach below $1700 targets $1500/$1288.

Bull case-

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

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

It is good to buy on dips around $2475-80 with SL around $2300 for TP of $3550.