BTCUSD, “Bitcoin vs US Dollar”
In the H4 chart, BTCUSD is forming another descending correctional wave. Earlier, the first wave reached 23.6% and was followed by a pullback to the upside. The current decline has already updated the local low and may reach 38.2% at 27480.00. if the price breaks this level, the asset may continue falling towards 50.0% and 61.8% fibo at 22970.00 and 18507.00 respectively. After completing the correction, the asset may resume growing and break the high at 42017.50.
The H1 chart shows a short-term correctional uptrend after a breakout of the local low, which is heading towards the local resistance at 33017.00. The key resistance is at 40099.99, a breakout of which may complete the correction. After that, the instrument may start a new decline to reach the post-correctional extension area between 138.2% and 161.8% fibo at 26575.00 and 24244.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
The H4 chart shows the first descending correctional wave after a divergence on MACD, which has already reached 23.6% fibo; right now, the asset is starting a new pullback. Later, after finishing the pullback, ETHUSD may resume falling to reach 38.2%, 50.0%, and 61.8% fibo at 920.90, 761.39, and 600.29 respectively. The resistance is the new all-time high at 1439.84.
As we can see in the H1 chart, the pair is correcting after completing the descending wave and has already reached 38.2% fibo. Later, the price may continue growing towards 50.0% and 61.8% fibo at 1215.41 and 1255.87 respectively. A breakout of the local low may hint at a further mid-term downtrend.
