Patterns: ETH/USD BTC/USD
|ETH/USD 4H Chart: Reveals new junior channel
The Ethereum cryptocurrency has revealed a new junior descending channel pattern against the US Dollar. The pair is currently trading near the upper boundary of the channel pattern at 138.0.
Given that the ETH/USD pair is near the upper band of the junior descending channel, a breakout could be expected within this session.
Although, a resistance cluster formed by the combination of the 50– and 100-hour SMAs at 138.0 could hinder the breakout.
Moreover, technical indicators flash sell signals on the 4(H) time frame chart.
BTC/USD 4H Chart: Likely to aim at 4062.2
During the past two weeks, the Bitcoin cryptocurrency has appreciated about 6.14% in values against the US Dollar.
The pair is currently stranded between SMAs, the 50-hour simple moving average is providing resistance at 3926.6, while the 100-hour SMA is providing support at 3889.5.
Technical indicators suggest that the BTC/USD pair could edge lower during the following sessions.
However, given that the pair has been trading in an uptrend channel, the potential upside target could be near the weekly R1 at 4062.2 in the short-term.
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