BTCUSD, “Bitcoin vs US Dollar”
Bitcoin is testing the key support level at 8490.00, while Ethereum is about to start another descending impulse. As we can see in the H4 chart, the divergence made BTCUSD stop rising at 50.0% fibo and start a new decline, which has already reached the long-term support at 8490.00. If the price breaks this level, it may continue falling towards the mid-term low at 6430.30. However, one shouldn’t ignore another possibility, according to which the pair may rebound from the support and form a new rising impulse towards 61.8% at 11010.00.
The H1 chart shows more detailed structure of the current decline after the divergence. After reaching 38.2% fibo, the pair has started a slight correction. The next downside targets are 50.0% and 61.8% fibo at 8468.00 and 7991.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, ETHUSD has formed a strong impulse to break a Triangle pattern downwards and reach 38.2%. Right now, the pair is trying to decide what to do next, either continue falling or grow to update the highs. If the market starts a new rising wave, its target will be the high at 288.98 and 76.0% fibo at 304.00. In the case of a further decline, the targets will be 50.0% and 61.8% fibo at 202.54 and 182.15 respectively.
The H1 chart shows a slight pullback after the descending wave. After completing the correction, the instrument may fall towards 50.0% and 61.8% fibo at 202.54 and 182.15 respectively. The resistance is the high at 288.98.