Patterns: BTC/USD, ETH/USD
|BTC/USD 4H Chart: Tests resistance cluster at 3764.5
The Bitcoin cryptocurrency has declined about 13.04% against the US Dollar since last week Thursday. The pair began depreciating after hitting the $4100 mark on January 10.
The BTC/USD pair tested a resistance cluster formed by the combination of the weekly and the monthly PPs at 3792.0 during the previous trading session.
Most likely, it is expected that the blockchain continues its decline during the following trading sessions, and potentially targeting a support level at 3360.3.
However, a support line formed by the lower boundary of an ascending trendline at 3600.0 could provide support for the pair today.
ETH/USD 4H Chart: Remains near 200-hour SMA
The Ethereum cryptocurrency has been depreciating against the US Dollar since January 10. The pair has lost about 24.12% of its values during the last week.
The ETH/USD pair tested the 200-hour simple moving average at 122.4 during the morning hours of Wednesday's trading session.
If this support level formed by the 200-hour SMA holds, the blockchain will likely aim for the weekly R1 at 148.36 during the following trading session.
On the other hand, if the pair passes the SMA, the next target for bearish traders will be at the weekly S1 at 103.76.
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