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

Bitcoin (BTCUSD)-

BTCUSD halted its minor pullback to $51991 and declined below the psychological support of $50000. It is currently trading around $48147.

Bear case-

Levels to watch- $46600 (200- day MA). Any close below will drag the Bitcoin to the next level of $41967 (Dec 4th low)$40000.  Major demand zones are $39759,$37600. Breach below $37000 targets $28600 (2021 low).

Bull case-

Primary - Barrier- $52000. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $54300/$56200/$58500.

Secondary barrier- $59250-$60000. Breach that barrier targets $69000 (all-time high).

RSI (14)- 32.40. 70% of times BTC USD recovered from RSI level of 27-28. It has formed hidden Bullish divergence in the daily chart. It is good to buy on dips 

It is good to go long (buy) around $42500-600 with SL around $39500 for TP of $52000/$54500.

Ethereum (ETHUSD)-

ETHUSD Shows a mild weakness after a minor recovery to $4499. The pair is struggling to break below the $4000 level and is currently trading around $4064.

Bear case-

Levels to watch- $3800. Any close below will drag the ETH to near-term support $3470 (Dec 4th low)/$3217 (200- day MA).  Major demand zones are $3200/$3000. Breach below $3000 targets $2650 (Sep 2021 low).

Bull case-

Primary - Barrier- $4500. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $4650/$4784.

Secondary barrier- $4870. Breach that barrier targets $5000.

It is good to buy on dips around $3780-$3800 with SL around $3500 for TP of $4750.