Article By RoboForex.com
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the daily chart, after breaking a Triangle pattern to the upside and updating the high, BTCUSD has failed to break 61.8% fibo. At the moment, the pair is trading not far from the above-mentioned pattern again. The next upside target may be 76.0% fibo at 11450.00. However, the fact that the instrument is slowing down along with a divergence on MACD indicates a possible reversal and a new decline.
In the H4 chart, after reaching the high at 10505.60, BTCUSD has quickly rebounded. At the same time, we can see a divergence on MACD, which may indicate a possible trend reversal. The first signal to confirm this scenario will be a breakout of the support at 8925.50. After that, the instrument may continue falling to reach 23.6%, 38.2%, and 50.0% fibo at 8846.00, 7907.00, and 7153.20 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, after finishing a short-term correction around 61.8% fibo, ETHUSD has reached 76.0% fibo. Possibly, the pair may grow towards the fractal high at 288.98. At the same time, there might be a divergence on MACD to indicate a possible reversal. However, the key signal in favor of further decline will be a breakout of the support at 212.70..
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As we can see in the H4 chart, the local divergence made ETHUSD start a new correction to the downside. The correctional targets are 23.6%, 38.2%, and 50.0% fibo at 214.90, 191.00, and 171.60 respectively. However, if the instrument breaks the high at 253.47, the price may continue trading upwards.
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.
