Article By RoboForex.com
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, BTCUSD has broken the long-term low at 5980.00 and reached a new one at 5750.00. In addition to that, the convergence made the pair start a new correction to the upside, which has reached the retracement of 23.6%, but a new short-term descending impulse is heading to break the low. In case it succeeds, the instrument may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 5535.00 and 5395.00 respectively.
The H1 chart shows more detailed structure of the current movement. If the pair deciders to cotinine the ascending correction, the targets may be the retracements of 38.2% and 50.0% at 6530.00 and 6770.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, the downtrend continues. After breaking the previous low, ETHUSD is trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 409.00 and 386.00 respectively. The resistance level is at 471.50.
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In the H1 chart, ETHUSD is being corrected downwards. The local resistance level is at 447.62.
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.
