Article By RoboForex.com
BTCUSD, “Bitcoin vs US Dollar”
In the H4 chart, the downtrend continues. After finishing the short-term correction and breaking the local low, BTCUSD has fallen towards the post-correctional extension area between the retracements of 138.2% and 161.8%. The closest downside target is at 7480.00. However, the main downside targets is the retracement of 261.8% at 5980.00. Taking into account the convergence that is being formed, one may expect a short-term pullback.
As we can see in the H1 chart, the pair is being corrected to the upside and has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2% and 50.0% at 8500.00 and 8765.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
In the H4 chart, the downtrend continues; ETHUSD has reached the post-correctional extension area between the retracements of 138.2% and 161.8%. The next downside target is the retracement of 261.8% at 463.50. However, the main targets of the downtrend may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 415.20 and 317.80 respectively.
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As we can see in the H1 chart, the pair is steadily falling towards 463.50.
RoboForex Analytical Department
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
