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

Bitcoin (BTCUSD)-

BTCUSD declined more than $3000 after hitting a high of $45850. BTC recovered more than 30% in two weeks as whales started to accumulate. The number of Bitcoin addresses rose by 1000 BTC to 8.096 million BTC versus 7.95 million on Jan 24, according to Coin metrics. It hits a low of $41740 and is currently trading around $42204.

 Bear case-

 Levels to watch- $40054 (21-day MA). 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. Minor resistances are $43200/$45000.        

Secondary barrier- $55000 (61.8% Fib). Any violation above that barrier targets $60000/$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 $40000 with SL around $37000 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD held below $3000 for the past three days and hits a low of $2830 at the time of writing. It is currently trading around $2869.

Bear case-

Levels to watch- $2800. Any close below will drag the ETH to near-term support of $2590/$2400/$2150.  Major demand zones are $1700. A breach below $1700 targets $1500/$1288.

Bull case-

Primary - Barrier- $3000. The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3325/$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 $2800 with SL around $2700 for TP of $4300.