Article By RoboForex.com
BTCUSD, “Bitcoin vs US Dollar”
In the H4 chart, after reaching 23.6% fibo, Bitcoin has rebounded from it. In the future, the pair may continue falling towards 38.2% and 50.0% fibo at 7907.00 and 7150.00 respectively. However, the correction that has been taking place for more than a month creates an impression that bulls are saving strengths before pushing the price towards the high at 10368.40 and then the fractal high at 10505.60..
As we can see in the H1 chart, the divergence on MACD has finished the local rising movement; tight now, the pair is forming a new descending impulse towards the low at 8814.20. after breaking it, the instrument may continue falling to reach the post-correctional extension area between 138.2% and 161.8% fibo at 8628.10 and 8514.10 respectively. The resistance is the high at 9301.40.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, Ethereum is still correcting to the downside and has already tested 23.6% fibo at 214.90. A local rebound may be just a correction to the upside. Later, the pair may continue trading downwards to reach 38.2% and 50.0% fibo at 191.00 and 171.60 respectively. The resistance remains at the high at 253.47.
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The H1 chart shows a more detailed structure of the current ascending correction, which has already reached 50l.0% fibo and may yet continue towards 61.8% fibo at 236.35. If the price breaks the low at 215.90, the instrument may complete the correction and resume the mid-term downtrend.
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.