BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, BTCUSD is still correcting downwards. By now, it has already broken 61.8% fibo and may continue falling to reach 76.0% fibo at 8080.50. However, if later the price continues its decline towards the low at 7302.00, this correction may transform into a new descending wave. So far, the main scenario implies that the market may complete the current correction and resume growing towards the high at 10521.60, and 50.0% and 61.8% fibo at 10572.00 and 11350.00 respectively.
In the H1 chart, there is a convergence on MACD while the pair is testing 61.8% fibo. Probably, it might be a turning period, but in order to reverse, the price must test the local resistance at 50.0% fibo (8912.00).
ETHUSD, “Ethereum vs. US Dollar”
The daily chart shows the sideways correction. The pair is trying to reach 23.6% fibo at 202.25, but hasn’t been able to do it so far. After reaching this level, ETHUSD may continue moving towards the next upside target at 38.2% fibo (233.00). However, if later the price breaks the low at 152.28, the mid-term correction may continue towards 76.0% fibo at 148.50 and then this year’s low at 80.86.
The H4 chart shows more detailed structure of the current correction after the rising impulse. The correction is taking the form Triangle pattern and has already reached 50.0% fibo. In case of further decline, the next targets will be 61.8% and 76.0% fibo at 170.55 and 164.00.