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

Bitcoin (BTCUSD)-

BTCUSD showed a minor pullback but struggled to hold above 200- day EMA. It is still below the psychological support of $50000 and is currently trading around $48857.

Bear case-

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

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).

ADX- Bearish. The trend strength indicator points to weakness. RSI  has formed hidden Bullish divergence in the daily chart. It is good to buy on dips. 

It is good to go short (sell) on rallies around $50800-$51000 with SL around $52500 for TP of $46500/$43000.

Ethereum (ETHUSD)-

ETHUSD shows a mild weakness after hitting near 55-day EMA (4185). The pair declined slightly below $4000 and is currently trading around $4000.

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- $42500. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $4500/$4650/$4784.

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

It is good to sell on rallies around $4180-200 with SL around $4500 for TP of $3470.