BTCUSD, “Bitcoin vs US Dollar”
In the daily chart, the situation has remained unchanged for quite a long time. After Bitcoin reached the mid-term 61.8% fibo, there was a divergence but the price failed to start a new downtrend. All attempts to grow are facing strong bearish pressure. The asset is still trading between the high (10368.40) and the first correctional target, which is 23.6% fibo at 8848.00. If the instrument breaks this level, it may continue falling towards the next targets – 38.2% and 50.0% fibo at 7907.00 and 7150.00 respectively.
As we can see in the H4 chart, after completing the local rising correction, the pair has finished the descending impulse towards 23.6% fibo at 8848.00.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, Ethereum moving close to 76.0% fibo. Earlier, the asset tried to resume moving downwards but failed to break the support at 61.8% fibo at 212.70. The bearish scenario remains more probably but once shouldn’t exclude the possibility of further growth towards the fractal high at 288.98.
The H4 chart shows a more detailed structure of the current descending wave after an attempt to test the high at 253.47. The downside target may be 23.6%, 38.2%, and 50.0% fibo at 214.90, 191.00, and 171.60 respectively.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.