BTC/USD & ETH/USD Technical Outlook in the Near-term
BTC & ETH Technical Highlights:
BTC/USD is extended as it comes up on the record high at 64895. Momentum is slowing a bit but that could change upon a new record. If, however, we see it turn down prior to the record high or just after notching a new record, we will want to use the trend-line from last month as a guide. A correction could develop, but overall the bias is for higher levels.
ETH/USD is at the top-side trend-line of a developing wedge dating to the record high in May. Ideally, we see one more pullback before breaking out as this would tighten the wedge pattern up a bit more. This pattern could lead a rather sizable rally at some point soon.
For the full details, check out the video above.
BTC/USD Daily Chart
ETH/USD Daily Chart
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.