BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the downtrend continues; it has already reached the retracement of 61.8%. The next downside target may be the retracement of 76.0% at 6449.40. However, one can see the convergence being formed which may indicate a new pullback after the instrument reaches the target.
As we can see in the H1 chart, the convergence made BTCUSD complete the downtrend and start a new correction to the downside, which has already reached the retracement of 23.6%. The next upside targets may be the retracements of 38.2% and 50.0% at 7770.00 and 79930.00 respectively. However, if the pair breaks the low at 7260.00, the price may trade towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 7122.00 and 0.7030.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, the downtrend continues; it has already reached the retracement of 61.8%. The next downside targets may be the retracement of 76.0% at 471.00 and the level of 359.00. The resistance is at 718.00.
In the H1 chart, the pair is being corrected to the upside to reach the retracement of 50.0% at 634.70. If the price breaks the low, the main downtrend will continue.
RoboForex Analytical Department