BTCUSD, “Bitcoin vs US Dollar”
In the H4 chart, there was a divergence on MACD, which made BTCUSD plummet after entering the post-correctional extension area between 138.2% and 161.8% fibo at 17660.00 and 20000.00 respectively. such a movement may be considered as a new correction, which may be followed by further growth to update the high. By now, the correctional downtrend has reached 23.6% fibo and may yet continue towards 38.2% and 50.0% fibo at 15923.00 and 14820.00 respectively. The resistance is the high at 19509.10.
The H1 chart shows a short-term correction to the upside after a descending impulse, which has already reached 38.2% fibo and may yet continue towards 50.0% and 61.8% fibo at 17864.50 and 18255.00 respectively. A breakout of the low at 16222.00 will indicate the completion of the current correction, which may be followed by further decline.
ETHUSD, “Ethereum vs. US Dollar”
In the daily chart, a divergence on MACD made ETHUSD start a new correction after reaching the post-correctional extension area between 138.2% and 161.8% fibo at 558.50 and 601.65 respectively. After reaching 23.6% fibo, the pair rebounded from it to start a short-term correction, which may be followed by further decline towards 38.2%, 50.0%, and 61.8% fibo at 419.95, 356.90, and 293.90 respectively. The key resistance is the high at 623.44.
The H1 chart shows a short-term correction to the upside, which is heading towards 38.2%, 50.0% and 61.8% fibo at 535.52, 552.19, and 568.86 respectively. If the price breaks the support at the local low at 481.10, the downtrend will resume.
