FxWirePro- Bull and bear case

Bitcoin (BTCUSD)-

BTCUSD breaks ascending triangle pattern and holds well above that level. It hits a multi-week high at $48235 and is currently trading around $47416.

 Bear case-

 Levels to watch- $45700 (resistance turned into support). Any convincing break below will drag the Bitcoin to the next level of $44500/$43500/$42500/$41700/$41000.Significant demand zones are around  $37000-34000. A breach below that level will pull the BTC to $30000/$24900.

Bull case-

Primary supply zone -$48300 (200-day MA).  The breach above confirms bullish trend continuation. A jump to the next level of $52000/$55000 is possible.            

 Secondary barrier- $60000. A violation above that barrier targets $69000.

 CCI (50) holds above the zero line in the 4-hour chart.

It is good to buy on dips around $45000 with SL around $43000 for TP of $52000.

Ethereum (ETHUSD)-

ETHUSD continues to trade higher for a third consecutive week and hits the highest level since  Jan 10th, 2022. It hits an intraday high of $3425 and is currently trading around $3401.

 Bear case-

Levels to watch- $3300. Any violation below will drag the ETH to near-term support of $3168/$3000/2940/$2865/$2800. Major demand zones are $2000-$2150. A breach below targets $1700.

 Bull case-

 Primary - Barrier- $3500. The jump above will mark the beginning of a minor bullish trend. Surge past will push the prices higher till $4000/$4500.

Secondary barrier- $5000. Breach that barrier targets $5500/$6000.

It is good to buy on dips for $3300 with SL around $3165 for TP of $4000.