Patterns: ETH/USD, BTC/USD
|ETH/USD 4H Chart: Likely to maintain ascending channel
The ETH/USD currency pair has appreciated about 22.40% in value since the end of April. The pair tested a resistance level formed by the weekly R2 at 183.7 on May 6.
After hitting the resistance line, the cryptocurrency began to decline. However, this decline was stopped by the 200-hour simple moving average at 170.5.
As for the near future, it is likely that the blockchain will continue its upside momentum. The potential targets will be near the upper boundary of an ascending channel pattern at 187.30.
Though, a resistance level formed by the weekly R2 at 183.7 could hinder such bullish momentum.
BTC/USD 4H Chart: Preparing for long-term surge
The Bitcoin cryptocurrency has appreciated about 23.74% in value against the US Dollar. The currency pair tested the $6400 mark during the Asian trading session on Friday.
Most likely, the BTC/USD exchange rate will continue its bullish momentum during the following trading sessions. The blockchain could aim for the $7000 mark during next week's sessions.
Furthermore, technical indicators demonstrate that the pair is prepared for a long-term surge.
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