FxWirePro- Bull and bear case

Bitcoin (BTCUSD)-

BTCUSD surged sharply above $42000 on upbeat market sentiment. The pair breaks 55-day EMA after a long consolidation. It hits an intraday high of $42470 and is currently trading around $42234.

 Bear case-

 Levels to watch- $41500. Any convincing break below will drag the Bitcoin to the next level of $40000/$37000/$34000.Significant demand zones are around  $30000-$34000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary supply zone -$42500.  The breach above confirms minor bullishness. A jump to the next level of $43500/$46000/$48300 is possible.            

 Secondary barrier- $48300. A violation above that barrier targets $50000/$52000.

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

It is good to buy on dips around $41700-750 with SL around $40000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD trades higher for four consecutive days as shadow test forks reduce execution risks. It hits an intraday high of $3169 and is currently trading around $3132.82.

 Bear case-

Levels to watch- $3040. Any violation below will drag the ETH to near-term support of $2940/$2880/$2800. Major demand zones are $2300-$2150. A breach below targets $1700.

 Bull case-

 Primary - Barrier- $3170 (200- day MA). Any daily close above confirms a bullish continuation. A jump to $3300/$3485/$3600.

Secondary barrier- $3600. Breach that barrier targets $4000/$4500.

It is good to buy on dips around $3100 with SL around $2940 for TP of $3500.