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FxWirePro- The Bull and bear scenario for the top cryptocurrency (Bitcoin and ETH)
BTCUSD showed a minor pullback after a massive sell-off the previous week. It hits a low of $32950 and is currently trading around and is currently trading around $36133.
Levels to watch- $32000. Any convincing break below will drag the Bitcoin to the next level of $30000/$28000. Major demand zones are $28000. A breach below that level will pull the BTC to $24900.
Primary - Barrier-$38500. Any breach above confirms short-term bullishness. A jump to the next level is $40000/$43500/$45000/$48060/$50000/$52000/$54500/$59000.
Secondary barrier- $60000. Any breach above that barrier targets $69000 (an all-time high).
CCI (50) below zero line and Woodies CCI- above zero line in the weekly chart. RSI showing hidden divergence.
It is good to buy on dips around $32200-500 with SL around $28000 for TP of $50000.
ETHUSD recovered more than $300 after hitting a multi-week low of $2160. It is currently trading around $2429.
Levels to watch- $2150 Any close below will drag the ETH to near-term support of $2000/$1700. Major demand zones are $1700. A breach below $2600 targets $1500/$1288.
Primary - Barrier- $2650. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3000/$3500/$3670/$3800/$4000.
Secondary barrier- $4150. Breach that barrier targets $4500/$4784.
It is good to buy on dips around $2000 with SL around $1700 for TP of $4000.