Article By RoboForex.com
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, BTCUSD is steadily growing towards the long-term retracement of 38.2%. The previous correction was very quick, the same as the new rising impulse, which has already broken the high and reached the post-correctional extension area between the retracements of 138.2% and 161.8%. At the same time, there is a divergence on MACD, which may indicate a possible trend reverse. The support level is at 5643.80.
In the H1 chart, the uptrend is getting closer to reach the retracement of 38.2% at 6430.85. In the short-term, there price may start a pullback towards 6085.00.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, ETHUSD is forming another rising wave to test the long-term retracement of 23.6%. The main scenario implies that the instrument may break the high at 187.16 and then continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 202.57 and 212.05 respectively. The support level is the local low at 146.70.
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
In the H1 chart, after finishing the short-term correction, ETHUSD is trading upwards. The closest target is the local low at 180.68. If the price breaks it, the instrument may continue growing to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 178.16 and 191.18 respectively. The local support level is at 163.50.
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.
