BTCUSD, “Bitcoin vs US Dollar”
In the daily chart, BTCUSD is forming another rising wave after finishing a pullback at 38.2% fibo (29750.00). At the moment, this wave is expected to face strong resistance from the high at 42017.50, which may result in a rebound and a new decline towards 50.0% and 61.8% fibo at 25925.00 and 22145.00 respectively. After completing the correction, the asset may break the high and continue its growth to reach the post-correctional extension area between 138.2% and 161.8% fibo at 46450.00 and 49240.00 respectively.
The H1 chart shows a new wave to the upside after the previous descending wave, which has already reached 76.0% fibo. The current reversal to the downside may transform into a proper descending wave towards the low at 30300.00. If the price breaks the low, the asset may continue falling to reach 38.2% and 50.0% fibo at 29750.00 and 25925.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
The daily chart shows a new rising wave towards the high at 1349.99, a breakout of which may lead to further growth to reach the all-time high at 1421.10. However, similar to Bitcoin, bearish pressure remains quite strong, that’s why the instrument may start a new correctional wave to break the low at 909.19 and then reach 50.0% and 61.8% fibo at 828.50 and 703.90 respectively.
As we can see in the H1 chart, the correctional uptrend has reached 76.0% fibo. A rebound from this level may lead to further decline towards the low at 909.19. However, one shouldn’t exclude a breakout of the high and further uptrend to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1516.40 and 1621.00 respectively.