Patterns: ETH/USD, BTC/USD
|ETH/USD 4H Chart: Breakout occurs
The ETH/USD currency pair has depreciated about 17.22% in value since last week's trading sessions. A breakout occurred through the lower boundary of a descending channel pattern during yesterday's trading session.
Given that a breakout has occurred, most likely, the Ethereum cryptocurrency could continue to trade south next week. The potential target for bearish traders will be near the monthly S1 at 237.03.
If the monthly S1 holds, a possible upside reversal could occur during the following trading sessions.
BTC/USD 4H Chart: Testing support cluster at 1129.5
The BTC/USD currency pair appreciated about 19.21% in value during last week's trading sessions. The pair was guided up by the 50– and 100-hour simple moving averages.
Currently, the Bitcoin cryptocurrency is testing a support cluster formed by the weekly and the monthly PPs at 1129.5.
If the support cluster holds, a surge towards the 14406.6 is likely to occur during next week's sessions.
However, if the exchange rate passes the cluster as mentioned above, the blockchain might continue to edge lower in the nearest future.
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