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

Bitcoin (BTCUSD)-

BTCUSD surged sharply and held well above $40000. The pair dropped more than $10000 from a high of $45850 due to the escalation of geopolitical tension between Russia and Ukraine. Markets eye Russia and Ukraine talks to happen today for further direction. It hits a high of $44980 and is currently trading around $44120.

 Bear case-

 Levels to watch- $41500. Any convincing break below will drag the Bitcoin to the next level of $40000/$37000/$34000. 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 is $50000/$52000.                

 Secondary barrier- $55000. Any violation above that barrier targets $60000/$69000.

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

It is good to buy on dips around $43000 with SL around $3900 for TP of $50000.

Ethereum (ETHUSD)-

ETHUSD regained above form minor bottom $2558. It hits a high of $3045 at the time of writing and is currently trading around $3011.

Bear case-

Levels to watch- $2800. Any close below will drag the ETH to near-term support of $2500/$2300/$2150.  Major demand zones are $1700. A breach below $1700 targets $1500/$1288.

Bull case-

Primary - Barrier- $3245 (200-day EMA). The jump above will mark the beginning of an intraday bullish trend. Surge past will push the prices higher till $3325/$3573 (200-day MA).

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

It is good to buy on dips around $2900 with SL around $2700 for TP of $3550.