BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the divergence made BTCUSD complete the uptrend and start a new correction to the downside, which has already reached the retracement of 38.2% at 8605.60. The next downside targets may be the retracements of 50.0% and 61.8% at 8198.00 and 7779.50 respectively. The resistance level is the high at 9944.00.
The H1 chart shows more detailed structure of the current movement.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, the divergence made ETHUSD reverse and start a new descending correction, which has already reached the retracement of 23.6%. The next downside targets may be the retracements 38.2%, 50.0%, and 61.8% at 650.70, 595.00 and 540.90 respectively.
In the H1 chart, the pair is being corrected to the downside to reach the retracement of 38.2% at 650.70.
RoboForex Analytical Department