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

Bitcoin (BTCUSD)-

BTCUSD consolidated in a narrow range between $51991 and $45750 for the past six days.  The pair showed a minor dip below 200-day MA around $46786 and is currently trading around $46926.

Bear case-

Levels to watch- $46780 (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- $50800. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $52000/$54550/$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 $47800-$48000 with SL around $51000 for TP of $43000/$41960.

Ethereum (ETHUSD)-

ETHUSD breaks significant support $4000 and hits a low of $3669.It is currently trading around $3767.

Bear case-

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

Bull case-

Primary - Barrier- $4250. 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 $3800-25 with SL around $4000 for TP of $3200.