BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, BTCUSD has quickly formed the descending impulse and started a new correction to the upside. However, the target of the long-term downtrend is 5890.00. If the price breaks this level, the instrument may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 5316.20 and 4962.20 respectively.
In the H1 chart, the convergence made the pair start a new rising correction, which has almost reached the retracement of 38.2% at 6598.40 and may continue trading towards the retracement of 50.0% at 6753.40. The support level is the low at 6102.20.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, the convergence made ETHUSD start a new uptrend, which has almost reached the retracement of 38.2%. The next upside targets may be the retracements of 50.0%, 61.8%, and 76.0% at 234.40, 250.60, and 269.70 respectively. The support level is the low at 166.85.
The H1 chart shows the more detailed structure of the current uptrend.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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