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

Bitcoin (BTCUSD)-

BTCUSD formed almost a triple bottom near $45000 and showed a nice pullback. The pair hits an intraday high of $49232 and is currently trading around $49159.

Bear case-

Levels to watch- $45000. Any convincing 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-$49860 (200-day EMA). Any close above confirms intraday bullishness. A jump to the next level $50550/$50800/$52000.

Secondary barrier- $54500 (100-day MA). A jump above that barrier targets $60000/$69000 (all-time high).

CCI (50) and Woodies CCI- Above aero line in 4-hour chart.

It is good to buy on dips around $48600-700 with SL around $46700 for TP of $54500.

Ethereum (ETHUSD)-

ETHUSD is holding above $4000 after a long consolidation. It is currently trading around $4059.

Bear case-

Levels to watch- $3600. Any close below will drag the ETH to near-term support of $3470 (Dec 4th low)/$3280 (200- day MA).  Major demand zones are $3000. Breach below $3000 targets $2650 (Sep 2021 low).

Bull case-

Primary - Barrier- $4128 (55-day EMA). 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 buy above $4125 with SL around $3800 for TP of $5000.