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

Bitcoin (BTCUSD)-

BTCUSD  is trading higher for a third consecutive week as BlackRock offers crypto trading to its institutional clients. Bulls are trying to reverse the weak trend and it should surge past $50000 for a bullish trend continuation. It hits a high of $44330 at the time of writing and is currently trading around $44197.

 Bear case-

 Levels to watch- $40480 (21-day EMA). Any convincing break below will drag the Bitcoin to the next level of $38000/$36250/$30000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary – supply zone -$46000. The breach above confirms minor bullishness. A jump to the next level $49260 (200-day MA)/$50000/$52200.

Secondary barrier- $55000 (61.8% Fib). Any violation above that barrier targets $60000/$69000 (an all-time high).

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

It is good to buy on dips around $41000-250 with SL around $37000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD took support near 55-H EMA and showed a minor pullback.  It hits an intraday high of $3210 and is currently trading around $3194.

Bear case-

Levels to watch- $2950. Any close below will drag the ETH to near-term support of $2900/$2715/$2570/$2400.  Major demand zones are $1700. A breach below $1700 targets $1500/$1288.

Bull case-

Primary - Barrier- $3340 (200-day EMA). The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3550 (200-day MA)/$3670/$3800/$4000.

Secondary barrier- $4000. Breach that barrier targets $4150/$4500/$4784.

It is good to buy on dips around $3000 with SL around $2700 for TP of $4300.