Article By RoboForex.com
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, BTCUSD is still trading downwards; it has already passed through towards the post-correctional extension area between the retracements of 138.2% and 161.8%. The next downside target may be the retracement of 261.8% at 5875, but only after the instrument breaks the local low at 6120.30.
As we can see in the H1 chart, the convergence made BTCUSD reverse and started a new ascending movement, which has already reached the retracement of 38.2%. The next upside target may be the retracements of 50.0% and 61.8% at 6930.00 and 7121.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see 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 457.80 and 429.70 respectively. At the same time, the convergence is being formed, but the downtrend may yet continue.
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In the H1 chart, the convergence made ETHUSD reverse and start a new ascending correction, which has already reached the retracement of 38.2% and may continue towards the retracements of 50.0% and 61.8% at 537.60 and 558.70 respectively.
Article By RoboForex.com
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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.