BTC/USD 4H Chart: Rising wedge
The Bitcoin cryptocurrency has surged by 20.78% against the US Dollar since October 18. The 50– period simple moving average has guided the cryptocurrency pair during the past two weeks.
All things being equal, the exchange rate could continue to edge higher during the following trading sessions. A breakout through the upper boundary of a rising wedge pattern at 13768.6 could occur.
However, if the rising wedge pattern holds, bearish traders could pressure the BTC/USD cryptocurrency exchange rate lower during next week's trading sessions.
ETH/USD 4H Chart: Bears could prevail
The Etheruem cryptocurrency has declined by 9.12% against the US Dollar since October 22. The cryptocurrency breached the 50– and 100– period SMAs during this week trading sessions.
As for the near future, the exchange rate could continue to edge lower. A breakout through the lower line of an ascending channel pattern might occur during next week's trading sessions.
However, if the channel pattern holds, bullish traders could pressure the ETH/USD cryptocurrency exchange rate towards the 420.00 area during the following trading sessions.
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.