Today I will go through BTCUSD and ETHUSD 4H charts which have both been struggling this week with a lack of momentum…

BTCUSD

Firstly, we have the BTCUSD 4H chart showing that the pair has broken and retested a medium-term trendline at point [1], we also have support at point [3] from the ascending supportive trendline. I am expecting a move up to 6650–6700 in area [2], which is where the major daily descending trendline is. After this we will monitor the price action closely to see whether we get a break above or a bounce back to the downside of that major trendline.

ETHUSD

Next, we have the ETHUSD 4H chart showing the pair has broken a triangle structure shown by [1] and [2]. To be honest, this week the movement on this pair has been very slow and had sideways with hardly any direction; we may hopefully get the much anticipated bearish momentum over the weekend or at the beginning of next week. I expect the Fibonacci ABCD to play out as shown in orange with the D-target being 170.

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