Patterns: BTC/USD, ETH/USD

BTC/USD 4H Chart: Guided by 200-hour SMA

The 200-hour simple moving average is gradually guiding the Bitcoin cryptocurrency up against the US Dollar. The pair reached the 8224.4 area during yesterday's trading session.

As for the near future, it is likely that the BTC/USD pair will continue its movement in an uptrend line. The cryptocurrency could aim for a re-test of the $9000 mark during the following trading sessions.

However, a resistance level formed by the weekly R1 at 8561.87 could hinder the pair from aiming for the $9000 mark in the nearest future.




ETH/USD 4H Chart: Likely to edge lower

The ETH/USD pair has appreciated about 15.24% in value since last week's trading sessions. The cryptocurrency breached the 23.60% Fibonacci retracement level at 264.0.

Everything being equal, it is likely that the Ethereum cryptocurrency will edge lower during the following trading sessions. Bears could drag the pair towards the lower boundary of an ascending trendline at 239.7.

On the other hand, if the pair passes the 23.60% Fibonacci retracement level, the next target for bullish traders would be at the weekly R2 at 290.9.



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.