BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the correctional downtrend continues. The next possible target is the retracement of 76.0% at 3389.00. The key target and the obstruction for the current descending movement is the low at 3121.90. The resistance level is at 3974.00. If BTCUSD breaks it, the instrument may expand its mid-term correction towards the retracement of 38.2% at 4428.00.
In the H1 chart, the pair is being corrected sideways and has already reached the towards the retracement of 38.2%. The next possible targets are the retracements of 50.0% and 61.8% at 3780.00 and 3857.00 respectively. The support level is the low at 3450.00.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, after reaching the retracement of 50.0%, the descending correction has slowed down. The next possible targets are the retracements of 61.8% and 76.0% at 111.40 and 100.00 respectively. After breaking the local resistance 135.30, the price may continue the mid-term correctional uptrend towards the retracement of 61.8% at 168.60.
In the H1 chart, there was a convergence on MACD, making the pair reverse and start a new sideways correction, which has already reached the retracement of 38.2%. The next upside targets may be the retracements of 50.0% and 61.8% at 137.00 and 142.50 respectively. If the price breaks the local support at 113.50, the instrument may continue falling.
