BTCUSD: RSI has been unable to pop above the bear extreme range. The pair is hovering around the right shoulder of the inverse head & shoulder that has formed on the daily chart. Trading close below 8350 will confirm the pattern failure. The currency pair is trading inside a falling channel, having lower boundary at 3150 levels. These targets may be met if the pair closes below the mentioned levels.
ETHUSD: The same pattern is witnessed in the ETHUSD pair. The contract is trading inside a falling channel. The momentum – RSI is very weak to and has failed to raise its head above the bearish resistance zone. 895 levels are key resistance and 980 are critical ones. The pair is consolidating sideways and it is expected to move to 213 once this sideways consolidation breaks.
– Bharat Jhunjhunwala CMT, MFTA, CFTe, MSTA