BTCUSD, “Bitcoin vs US Dollar”
As we can see in the daily chart, BTCUSD is trading at 61.8% fibo; this movement may be described as a short-term correction. After completing it, the pair may resume falling towards the target at 76.0% (5700.00). At the same time, there is a convergence on MACD, which may indicate a more significant correction after the price reaches the target. The key mid-term downside target is the low at 3121.90. The resistance is 50.0% fibo at 8490.00.
The H4 chart shows more detailed structure of the current local correction. By now, the pair has managed to reach 23.6% fibo; at the moment, the price is trading close to this level. The next rising impulse may later continue towards 38.2% and 50.0% fibo at 8050.00 and 8526.50 respectively. If the price breaks the local support at 6525.00, the correction will be over.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, the downtrend has reached 76.0% fibo; right now, ETHUSD is correcting. The resistance is 61.8% fibo at 189.00. After completing this short-term pullback, the instrument may continue falling towards the post-correctional extension area between 138.2 and 161.8% fibo at 134.50 and 123.70 respectively.
The H4 chart shows more detailed structure of the current correction, which has already reached 38.2% fibo. Right now, the price is trading towards the low at 132.02. However, in the future the instrument may yet resume growing to reach 50.0% fibo at 165.47.
