BTC USD, “Bitcoin vs US Dollar”
As we can see at the H4 chart, the BTC/USD pair has been already corrected by 61.8%. However, the correction may yet continue towards the retracement of 76.0% at 8891.26. If we take a look at short-term highs and lows, it’s clearly seen that the price is forming an uptrend with the closest target at 17323.00, which is the retracement of 76.0%. After breaking it, the instrument may grow to update the high at 19474.00. if the high is broken as well, the pair may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 22777.00 and 24845.00 respectively.
At the H1 chart, the pair is forming a wide ascending channel with the target at 17323.00 if the price breaks the support line of this channel, the correction may continue.
ETH USD, “Ethereum vs. US Dollar”
As we can see at the daily chart, the ETH/USD pair has been already corrected by 76.0%. the current movement may be considered as the uptrend towards the high at 861.00. if the price breaks it, the instrument may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 1000.00 and 1090.00 respectively.
At the H1 chart, the situation is similar and confirms the scenario described above. The support level is near the local low at 490.00.
RoboForex Analytical Department