Patterns: BTC/USD, ETH/USD
|BTC/USD 4H Chart: Tests resistance at 10924.3
During last week trading sessions, the Bitcoin cryptocurrency depreciated about 22.76% in value against the US Dollar.
The pair is currently testing a resistance cluster formed by the 200-hour simple moving average and the monthly pivot point at 10955.3.
If the resistance cluster holds, the BTC/USD pair could aim at the $8000 mark during next week's trading sessions.
However, if the BTC passes the resistance cluster as mentioned earlier, a surge towards the 12505.9 could be the target for bullish traders during the following trading sessions.
ETH/USD 4H Chart: Bounces off support
The Ethereum cryptocurrency has revealed a new descending channel pattern against the US Dollar. The currency pair tested the lower boundary of the channel pattern at 195.51 on July 16.
Given that the ETH/USD pair has bounced off the bottom border of the descending channel pattern, it is likely to the pair will aim at the upper band of the channel at 284.6 next week.
However, the 50– and 100-hour SMAs could provide resistance for the pair during the following trading sessions.
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