BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the downtrend continues; at the same time, the convergence is being formed, which may indicate a possible pullback to the upside. The targets of this pullback may be the retracement of 23.6%, 38.2%, and 50.0% at 7737.30, 8155.30, and 8493.00 respectively. The support level is the low at 7051.00.
As we can see in the H1 chart, BTCUSD is growing towards 7737.30. At the same time, one can see the divergence being formed, which may indicate a new correction downside. The target may be the retracements of 50.0% at 7390.00.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, the convergence made ETHUSD finish the downtrend and start a new correction, which has already reached the retracement of 23.6% and right now is trading towards the one of 38.2% at 596.00. The next upside targets may be the retracement of 50.0% and 61.8% at 623.40 and 651.00. The support level is at 504.50.
The H1 chart shows more detailed structure of the current movement.
