BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, BTCUSD is falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 6595.00 and 6145.00 respectively. However, at the same time one case see the convergence being formed, which may indicate a new ascending correction. The upside targets are the retracements of 23.6%, 38.2%, and 50.0% at 7450.00, 8250.00, and 8890.00 respectively.
The H1 chart shows more detailed structure of the current movement.
ETHUSD, “Ethereum vs. US Dollar”
In the H4 chart, ETHUSD is moving downwards and has already reached the post-correctional extension area between the retracements of 138.2% and 161.8% at 415.00 and 320.00 respectively. Also, the convergence is being formed ad it may indicate a possible reverse and a new correction to the upside towards the retracements of 23.6%, 38.2%, and 50.0% at 508.00, 598.00, and 671.00 respectively.
The H1 chart shows more detailed structure of the current descending movement.
RoboForex Analytical Department