BTCUSD

Last analysis detailed how BTCUSD was still under a downtrend suppression line the daily chart. A bearish signal can be observed as a series of shadow candles are visible near the trendline; this is a strong indicator that the price is about to dive.

On the 4H chart, the price is in a correction against the downleg of 7409.3–6128.6. The price reached as high as 6825 in Sept. 28 , however, it failed to make a higher high. Therefore, it can be concluded that this uptrend is in the danger of reversing now.

From a technical analysis, it would be suggested that, if the price goes up to 6820, a short position with a SL at 7000 and a TP at 6100 (indicated by the yellow arrow) would be the best course of action. Alternatively, should the price fail to test 6820 and directly breaks the through at 6350, a short position with a SL at 6700 and TP at 5800 (as indicated by the black arrow) would be recommended.

ETHUSD

ETHUSD is also in a long term downtrend, and failed to test the 280 resistance since the end of August. The 4H chart shows that the price formed a turning point in Sept. 25 but failed to rise above the peak of Sept. 21 at 254.90. This means this short term uptrend is very likely to end here.

Technically, if the price goes up to 250, then short with a SL at 282 and a TP at 186(as the yellow arrow shows). Alternatively, if the price is unable to test 250 and directly breaks the trough at 203, a short position is also recommended, with a SL at 225 and a TP at 180(as the black arrow shows).

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