BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the divergence made BTCUSD reverse and start a new correctional downtrend, which has already reached the retracement of 23.6%. The next downside targets may be retracements of 38.2 and 50.0% at 8510.00 and 8125.00 respectively. At the same time, there is a possibility that the instrument may break the current high and continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 10160.00 and 10410.00 respectively.
The H1 chart shows more detailed structure of the current movement. The short-term uptrend is moving to reach the local high.
ETHUSD, “Ethereum vs. US Dollar”
In the H4 chart, the divergence made ETHUSD reverse and start a new descending correction, which has almost reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2% and 50.0% at 578.00 and 537.00 respectively. After breaking the high at 712.00, the instrument may continue growing the post-correctional extension area between the retracements of 138.2% and 161.8% at 755.50 and 783.00 respectively.
In the H1 chart, the short-term uptrend is moving towards the high at 712.00.
RoboForex Analytical Department