Patterns: BTC/USD, ETH/USD

BTC/USD tests $50K mark

Since the beginning of August, the Bitcoin cryptocurrency has edged higher by 30.94% against the US Dollar. The world's largest crypto by market cap breached the $50K level on August 23.

If the BTC/USD cryptocurrency exchange rate breaks the $50,000 resistance level, bullish traders could target the $60K mark during the following trading sessions.

However, if the resistance level holds, a decline towards the 50– day simple moving average near the 40,000 area could be expected. 

ETH/USD breached $3,400

Since August 3, the Ethereum cryptocurrency has surged by 37.25% against the US Dollar. The world's second-largest crypto by market cap tested the $3,400 mark on August 23.

Technical indicators suggest buying signals on the daily time-frame chart. Most likely, buyers could continue to drive the price higher during the following trading sessions.

However, if the resistance level near the $3,400 area holds, a decline towards the 50– day simple moving average at 2565.6 could be expected in the nearest future.