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

Bitcoin (BTCUSD)-

BTCUSD breaks significant support $45000 and hits a low of $42413. The pair is holding below 200-day MA ($48059) for the past five days. It is currently trading around $46926.

Bear case-

Levels to watch- $41967 (Dec 4th low). Any convincing break below will drag the Bitcoin to the next level of $40000/$39570.  Major demand zones are $37600. A breach below $37000 will pull the BTC to 2021 low $28600.

Bull case-

Primary - Barrier-$45000. Any breach above confirms short-term bullishness. A jump to the next level is $48060/$50000/$52000/$54500/$59000.

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

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

It is good to sell on rallies around $45000 with SL around $48000 for TP of $39000/$37500.

Ethereum (ETHUSD)-

ETHUSD trades below 200-day MA and hits a low of $3299. It is currently trading around $3352.

Bear case-

Levels to watch- $3300. Any close below will drag the ETH to near-term support of $3000/$2650.  Major demand zones are 

$2600. A breach below $2600 targets $2000/$1700.

Bull case-

Primary - Barrier- $3550. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3670/$3800/$4000.

Secondary barrier- $4150. Breach that barrier targets $4500/$4784.

It is good to sell on rallies around $3580-60 with SL around $3800 for TP of $2600.