Fractal analysis of Bitcoin and Ethereum on February 8

Outlook on February 8:

Analytical review of cryptocurrencies on the hourly chart:

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In the one-hour chart, the key levels for Bitcoin are 40932, 39826, 39150, 37569, 36834, 35699 and 34808. The price of this cryptocurrency is in a correction and forms a potential for the downward trend. In this case, we expect it to make a short-term growth in the range of 37569 - 36834. Once the last value is broken, strong decline will follow, with the target set at 35699. The final downward target is the level of 34808. After reaching this level, the price may consolidate and pullback upwards.

A short-term growth, in turn, is expected in the range of 39150 - 39826. If the last value is broken, the formation of an upward trend will be likely. The target is 40932.

The main trend is the upward trend from January 31, correction stage

Trading recommendations:

Buy: 39150 Take Profit: 39826

Buy: 39828 Take Profit: 40930

Sell: 37569 Take Profit: 36835

Sell: 36832 Take Profit: 35700

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In the one-hour chart, the key levels for the Ethereum are 1759, 1725, 1672, 1631, 1521, 1458, 1407, 1354, 1314 and 1267. The price, which has formed a strong downward potential from February 5, is expected to continue moving downwards after the level of 1521 is broken. The target is set at 1458. After that, a short-term downward movement is possible in the range of 1458 - 1407. If the last value is broken, the price will further decline to 1354. Price consolidation is in the range of 1354 - 1314. The final downward is the level of 1267. Once this level is reached, the price may consolidate and pullback upwards.

Meanwhile, a short-term growth is expected in the range of 1631 - 1672. If the last value is broken, the upward trend will possibly continue. The potential target is 1725 and price consolidation is in the range of 1725 - 1759.

The main trend is the formation of a downward trend from February 5

Trading recommendations:

Buy: 1631 Take Profit: 1670

Buy: 1674 Take Profit: 1725

Sell: 1520 Take Profit: 1458

Sell : 1456 Take Profit: 1408

The material has been provided by InstaForex Company - www.instaforex.com

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