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

Bitcoin (BTCUSD)-

BTCUSD lost more than $2000 after a pullback to $39068. The sell-off in US tech stocks is putting pressure on Bitcoin at higher levels. It hits a low of $36612 and is currently trading around $37123.

 Bear case-

 Levels to watch- $34752 (weekly support level). Any convincing break below will drag the Bitcoin to the next level of $30000/$28000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary – supply zone -$40000. The breach above confirms minor bullishness. A jump to the next level is $40795/ $41450/$44387/$48000.

Secondary barrier- $60000. Any violation 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 buy on dips around $37000 with SL around $34000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD surged more than 30% in the past ten days from a low of $2150. It hits a high of $2815 yesterday and is currently trading around $2679.

Bear case-

Levels to watch- $2675. Any close below will drag the ETH to near-term support of $2470/$2300/$2150/$2000/$1700.  Major demand zones are $1700. A breach below $2600 targets $1500/$1288.

Bull case-

Primary - Barrier- $2750. 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- $4000. Breach that barrier targets $4150/$4500/$4784.

It is good to buy on dips around $2580-60 with SL around $2470 for TP of $4000.