BTCUSD, “Bitcoin vs US Dollar”
As we can see in the daily chart, the asset is correcting to the upside after completing the previous downtrend. By now, it has reached 61.8% fibo and may yet continue this rising tendency towards 76.0% fibo at 11450.00. However, the tendency may continue only after a slight pullback with the first target at 50.0% fibo at 8880.00.
In the H4 chart, the uptrend has already broken mid-term 76.0% fibo and may continue moving to break the fractal high at 10505.60. At the same time, the MACD indicator is forming a divergence, which hints at a possible pullback. The support is те far from 61.8% fibo at 8000.00.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, the divergence on MACD made the pair stop growing at 61.8% fibo and start a new correction to the downside. The downside correctional target is 38.2% fibo at 165.90. After completing the correction, ETHUSD may form one more ascending structure towards 76.0% fibo at 241.40 and then the high at 288.98.
The H1 chart shows more detailed structure of the current correction. After reaching 23.6% fibo, the price has formed an internal pullback. Later, after the pullback, the pair may start a new descending wave towards 38.2% fibo at 174.90. However, if the instrument breaks the resistance at 227.46, it may resume the mid-term uptrend.
