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

Bitcoin (BTCUSD)-

BTCUSD halted its two –week of bearish trend and showed a minor pullback. The pair is still trading below the psychological resistance of $40000. Investors are closely monitoring Russia and Ukraine's geopolitical tension. Any de-escalation of tension will push the price higher above $40000.  It hits an intraday high of $39021 and is currently trading around $38915.

 Bear case-

 Levels to watch- $37800. Any convincing break below will drag the Bitcoin to the next level of $35730/$30000. Significant demand zones are $28000. A breach below that level will pull the BTC to $24900.

Bull case-

Primary supply zone -$40640. The breach above confirms minor bullishness. A jump to the next level is $42394/$43700/$44785/$46000.                

 Secondary barrier- $46000. Any violation above that barrier targets $49450 (200- day MA)/$52000.

 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 recovered from a three-week low of  $2500 on short covering.  It hits a high of $2726 at the time of writing and is currently trading around $2711.

Bear case-

Levels to watch- $2475. Any close below will drag the ETH to near-term support of $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 $2500-10 with SL around $2150 for TP of $4300.