BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the quick descending impulse continued the long-term downtrend; the impulse has broken the previous low and the post-correctional extension area between the retracements of 138.2% and 161.8%. The next target may be the retracement of 261.8% at 4944.00. The local pullback may reach 5818.00.
As we can see in the H1 chart, the convergence made the pair reverse and start a new correctional uptrend, which has already reached the retracement of 38.2%. The next upside target may be the retracements of 50.0% and 61.8% at 5771.00 and 5875.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, after breaking the key low, ETHUSD continued trading downwards to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 169.60 and 160.50 respectively. The resistance level is at 184.38.
In the H1 chart, the pair is trading inside the correctional uptrend. The upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 181.25, 186.25, and 191.08 respectively.
