BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, there haven’t been a lot of changes much after the divergence but they are about to come quite soon. After finishing a two-week ascending correction, BTCUSD has plummeted to update its local lows. Such a movement indicates a potential for further decline towards 23.6% and 38.2% fibo at 8846.00 and 7907.00 respectively. The resistance is the high at 10368.40.
In the H1 chart, after completing the correction, BTCUSD is trading towards the post-correctional extension area between 138.2% and 161.8% fibo at 8870.00 and 9033.70 respectively. The next target is 23.6% at 8846.00.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, the technical picture also hasn’t changed much over the previous week. ETHUSD is still trading not far from 76.0% fibo but there is a descending impulse towards the support at 61.8% fibo (212.70). If the price breaks this level, the mid-term trend may reverse. At the same time, it’s too early to exclude a possibility of further growth towards the fractal high at 288.98..
The H4 chart shows a more detailed structure of this descending impulse after the divergence. 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.