Article By RoboForex.com
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, after correcting towards the support not far from 38.2% fibo at 6440.00, BTCUSD is forming a new rising impulse. The key upside target may be mid-term 61.8% fibo at 7987.75. The support remains the same, but after breaking it, the instrument may continue trading downwards to reach the current low at 3925.70
In the H1 chart, the convergence made the pair complete the descending correction at 23.6% fibo and start a new rising wave towards the high at 7465.40. If later the price breaks this level, the instrument may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 7839.00 and 8071.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, after finishing the pullback, ETHUSD is forming a new rising impulse to attack the previous high and has already retested 38.2% fibo. The next upside targets may be 50.0% and 61.8% fibo at 189.40 and 212.70 respectively.
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, the decline almost reached 38.2% fibo at 147.40, but was stopped by the convergence on MACD. The current ascending impulse is approaching the high at 176.47. After breaking this level, the instrument may continue growing towards its mid-term targets.
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.
