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

Bitcoin (BTCUSD)-

BTCUSD declined after a minor pullback above 200- 4H EMA. The pair is holding below $50000. Markets continue to trade flat on holiday mood. Major movement can be seen only after New year. It hits an intraday low of $48335 and is currently trading around $48952.

Bear case-

Levels to watch- $47500 (200-day MA). Any convincing break below will drag the Bitcoin to the next level of $45000/$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. Any daily close above confirms short-term bullishness. A jump to the next level is $54500/$59000.

Secondary barrier- $60000. A jump above that barrier targets $69000 (an all-time high).

CCI (50) and Woodies CCI- Below zero line in the 4-hour chart.

It is good to sell on rallies around $49800-$50000 with SL around $52200 for TP of $41980.

Ethereum (ETHUSD)-

ETHUSD struggled to break above 200-4H MA and showed sell-off. It is currently trading around $3906.

Bear case-

Levels to watch- $3800. Any close below will drag the ETH to near-term support of $3650/$3470 (Dec 4th low)/$3303 (200- day MA).  Major demand zones are $3200. Breach below $3200 targets $3000/ $2650 (Sep 2021 low).

Bull case-

Primary - Barrier- $4135 (200-day MA). 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 $4135 with SL around $3800 for TP of $5000.