BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the divergence made BTCUSD reached start a new decline, which has already reached the retracement of 38.2%. The next downside target may be the retracements of 50.0%, 61.8%, and 76.0% at 4753.00, 4538.00, and 4286.00 respectively. The resistance level is the high at 5643.80.
In the H1 chart, after finishing another descending impulse, the pair started a new pullback, which has already reached the retracement of 61.8%. The next upside target may be the retracement of 76.0% at 5366.00. If the price breaks the low at 4924.20, the instrument may resume its decline.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, the divergence made ETHUSD start a new correctional downtrend, which has already reached the retracement of 38.2%. In the nearest future, the price may be corrected and then start another descending impulse. The possible downside targets may be the retracements of 50.0% and 61.8% at 134.07 and 121.53 respectively.
In the H1 chart, ETHUSD is being corrected upwards and has already reached the retracement of 23.6%. The next upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 158.24, 161.79, and 165.34 respectively. The support is the low at 146.70.
