BTCUSD And ETHUSD Both Looking Up

Peter Adamson

Bitcoin is moving sideways around 38,2% Fibonacci retracement after that nice move up last month, so it’s wave 4 that can be either a three-wave pullback down to 8400 level or even a triangle, if price will stay slow and trapped in a range. Both are corrective patterns, continuation patterns that can send price back above 9750 level.

BTCUSD 4 hour Chart

BTCUSD 4 hour Chart

On ETHUSD we are currently tracking an unfinished five-wave cycle, so there can be room for more upside within wave 5, but only after wave 4 fully unfolds here around 38,2% Fibonacci retracement, which can be a three-wave flat correction down to 573 support level.

ETHUSD 4 Hour Chart

ETHUSD 4 Hour Chart

Source: forexdailywisdom.com

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