BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the convergence made the pair reverse and start a new rising correction, which has already reached 23.6% fibo and may yet continue towards 38.2% and 50.05% fibo at 7995.00 and 8480.00 respectively. However, if the price breaks the local low at 6430.30, BTCUSD may continue falling to reach mid-term 76.0% fibo at 5700.00. The key mid-term downside target is still the low at 3121.90.
In the H1 chart, the pair is correcting after the divergence on MACD. The price has already reached 38.2% fibo; right now, it is trading close to this level. The next descending impulse may fall to reach 50.0% and 61.8% fibo at 7059.00 and 6910.00 respectively. The resistance is the high at 7687.30.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, the downtrend continues to reach a psychologically-crucial level of 100.00. At the same time, there is a convergence on MACD, which may indicate a new pullback towards the resistance (61.8% fibo at 189.00).
The H4 chart shows a short-term growth towards 23.6% fibo at 135.68 after the convergence. In case it breaks this level, the current rising movement may continue to reach 38.2% and 50.0% fibo at 147.70 and 157.57 respectively. However, if the pair breaks the low, it may test the support at 100.00.
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.