Today’s analysis will go through BTCUSD and ETHUSD 4HR charts, where both the pairs are struggling to break above key Fibonacci levels. A shift in momentum to the bears could be observed for a while now…

BTCUSD

Firstly, the BTCUSD 4H chart shows that the pair dropped from the descending trendline visible at the top of the image. This was shown in last week’s analysis, since then the pair has made a retracement to the 50% area where multiple rejections can be seen. Should there be a shift in momentum, and the bears take control, this pair could head down to the 6363-area shown in blue. This area would be the first Fibonacci extension target and lines up with a previous area of support as can be seen by the lower blue zone.

ETHUSD

Next, the ETHUSD 4HR chart shows a struggle at the point of retest of the broken ascending channel. It is failing to break above the 61.8% Fibonacci retracement area ,where the ellipse has been drawn, and a sharp drop from here to 170 area may very well be seen. This should be the final bearish push for this crypto until bulls take back control.

Thank you for reading and for your continued support; I hope you use the knowledge you gained from this analysis along with your great trading skills to take the market by storm! Don’t forget to follow us for more great content!

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