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..
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.