BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, BTCUSD is still trading downwards; it has already passed through towards the post-correctional extension area between the retracements of 138.2% and 161.8%. The next downside target may be the retracement of 261.8% at 5875, but only after the instrument breaks the local low at 6120.30.
As we can see in the H1 chart, the convergence made BTCUSD reverse and started a new ascending movement, which has already reached the retracement of 38.2%. The next upside target may be the retracements of 50.0% and 61.8% at 6930.00 and 7121.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, ETHUSD is moving downwards and has already reached the post-correctional extension area between the retracements of 138.2% and 161.8% at 457.80 and 429.70 respectively. At the same time, the convergence is being formed, but the downtrend may yet continue.
In the H1 chart, the convergence made ETHUSD reverse and start a new ascending correction, which has already reached the retracement of 38.2% and may continue towards the retracements of 50.0% and 61.8% at 537.60 and 558.70 respectively.
