Patterns: BTC/USD, ETH/USD

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.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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