BTCUSD, “Bitcoin vs US Dollar”
In the H4 chart, BTCUSD is quickly getting closer towards the long-term retracement of 38.2% at 8510.00. At the moment, we ca see a short-term downtrend after the divergence, which has already reached the retracements of 50.0%. After finishing the correction, the pair may continue moving upwards. After breaking the current high at 8365.70, the instrument may reach the retracements of 38.2% and 50.0% at 8510.00 and 1017000 respectively.
The H1 chart shows more detailed structure of the correction. After reaching the retracement of 50.0%, the pair slowed down it decline. However, it may yet continue towards the retracements of 61.8% and 76.0% at 6245.00 and 5757.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, ETHUSD is forming another correction after reaching the long-term retracement of 23.6%. The correction has already reached the retracement of 38.2%. After finishing the correction, the instrument may start a new rising wave to break the high at 279.90.
In the H1 chart, ETHUSD is being corrected downwards. The next downside targets may be the retracements of 50.0% and 61.8% at 213.13 and 197.52 respectively.
