BTC/USD 4H Chart: Decline likely to continue

The Bitcoin cryptocurrency has depreciated by 7.41% in value against the US Dollar since November 29. The currency pair continued to trade in the descending channel pattern during the past two weeks.

As for the near future, the BTC/USD exchange rate will most likely continue to trade in the descending channel pattern. The potential target for bearish traders would be at the psychological level at the 64.00 zones.

Furthermore, technical indicators demonstrate that the cryptocurrency exchange rate will continue trading south during the following trading sessions.

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ETH/USD 4H Chart: Could edge lower

The Ethereum cryptocurrency traded sideways against the US Dollar during last week's trading sessions. The currency pair has been trading between the range of 155.6/142.6 zones since December 1.

All things being equal, the 50– and 100– period simple moving averages could pressure the ETH/USD pair lower during the following trading sessions. The potential target will be near the 130.00 area.

However, the weekly S2 at 142.63 could provide support for the pair and drive the cryptocurrency exchange rate towards the 164.60 marks during next week's trading sessions.

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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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