BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the convergence made BTCUSD reverse and start a new correction to the upside, which has already reached the retracement of 23.6%. The next possible targets of this ascending correction are the retracements of 38.2% and 50.0% at 6807 and 7095 respectively. The support level is the low at 5890.
In the H1 chart, the pair is being corrected. After breaking the local high, the price may grow towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 6783 and 6883 respectively. Another possible scenario implies that the instrument may break the low at 5890 and continue the downtrend towards 5750.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, ETHUSD is being corrected upwards and has already reached the retracement of 23.6%. The next upside targets are the retracements of 38.2% and 50.0% at 340.00 and 368.00 respectively. The support level is the low at 250.59.
The H1 chart shows more detailed structure of the current ascending tendency.
