BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the convergence made BTCUSD reverse and start a new correctional uptrend, which has already reached the retracement of 23.6%. The next upside targets may be retracements of 38.2%, 50.0%, and 61.8% at 8500.00, 9120.00, and 9748.00 respectively. The support level is the low at 6449.40.
The H1 chart shows more detailed structure of the current movement. The uptrend is moving to reach 8500.00 and 9120.00.
ETHUSD, “Ethereum vs. US Dollar”
In the H4 chart, the convergence made ETHUSD reverse and start a new ascending correction, which has almost reached the retracement of 23.6%. After breaking this level, the instrument may continue growing towards the retracements of 38.2% and 50.0% at 595.00 and 668.50 respectively. The support level is the low at 359.00.
In the H1 chart, the uptrend is moving towards 595.00.
RoboForex Analytical Department