Article By RoboForex.com
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, BTCUSD has quickly formed the descending impulse to correct the previous uptrend by 76.0%. The next possible downside target is the low at 5890.00.
In the H1 chart, after finishing the descending impulse, the pair started a new rising correction, which has already reached the retracement of 23.6% and may continue trading towards the retracements of 38.2% and 50.0% at 6692.00 and 6829.00 respectively. The support level is the low at 6250.00.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, the downtrend continues. After breaking the support level at 250.59, ETHUSD has reached the post-correctional extension area between the retracements of 138.2% and 161.8% at 223.70 and 206.95 respectively. At the same time, one can see the convergence being formed.
In the H1 chart, the pair is being corrected upwards. After reaching the retracement of 23.6%, the instrument may continue trading to the upside. The possible targets may be the retracements of 38.2% and 50.0% at 240.50 and 250.59 respectively. The support level is the low at 206.95.