Dukascopy Bank Team
Dukascopy Bank SA
BTC/USD 4H Chart: Possible breakout
Bitcoin cryptocurrency continued to edge lower against the US Dollar since last week. The pair has breached the $3500 mark during the previous week's trading session.
From a technical point of view, the cryptocurrency is likely to continue its downside risk. The potential target for the BTC/USD pair will be at the $2500 mark during the following trading sessions.
However, given that the blockchain is near a resistance level formed by the upper boundary of a descending channel pattern, a breakout could be expected within this session.
ETH/USD 4H Chart: Decline likely to continue
The ETH/USD pair has been trading in a medium-term descending channel pattern since the beginning of November.
The Ethereum cryptocurrency was trading near the upper boundary of the medium-term channel at 90.80 during the morning hours of Monday's session and could be set for a breakout.
If this breakout occurs, the blockchain will aim at a resistance level formed by the 100-hour simple moving average at 108.8.
However, technical indicators demonstrate that the surge might not be immediate.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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