BTC/USD 4H Chart: Triangle pattern
The BTC/USD pair is currently trading in a descending triangle pattern. The pair tested the upper boundary of the triangle-like formation pattern at 3500.0 during yesterday's trading session.
Given that the bitcoin cryptocurrency is trading in a descending triangle pattern, and the three SMAs is above the price level, it is likely that the pair will continue moving south until it reaches a support level at the 3300.9 area.
However, a support cluster formed by the lower boundary of the triangle pattern and the monthly S2 at 3370.5 could provide support for the pair within the coming sessions.
ETH/USD 4H Chart: Decline continues
The Ethereum cryptocurrency has continued to depreciate against the US Dollar. The 50–hour simple moving average has guided the pair toward the 105.40 area a few days ago.
As for the near future, it is likely that the ETH/USD exchange rate continues to fall during the following trading sessions. The potential downside targets will be near the weekly S1 at 89.60.
Although, the monthly support level at 105.40 could hinder bears from pushing the cryptocurrency lower today.
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.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.