16.02.202110:30 Forex Analysis & Reviews: Fractal analysis for cryptocurrencies Bitcoin and Ethereum on February 16, 2021

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Outlook on February 16:

Analytical review of cryptocurrency on the hourly chart:

The key levels for the Bitcoin instrument are 54128, 51803, 49641, 48614, 45957, 44308, and 42582. The price has formed a local upward structure from February 7 to continue the main trend. The continuation of the upward movement is expected after the price passes the noise range 48614 - 49641, in this case, the target is 51803, with consolidation near this level. The potential target for the upward trend is the level of 54128. Upon reaching this level, the price may rollback downward.

A short-term downward movement is expected in the range of 45957-44308. A breakdown of the last value will lead to a deep correction with the target at 42582, which will be a key support for the upward trend.

The main trend is the upward structure from January 31, local structure from February 7

Trading recommendations:

Buy: 49641 Take profit: 51803

Buy: 51805 Take profit: 54128

Sell: 45957 Take profit: 44310

Sell: 44306 Take profit: 42582

The key levels for the Ethereum instrument are 2051, 2002, 1891, 1851, 1715, 1672, 1604, and 1488. The price has formed the local initial conditions from February 7, for the subsequent development of the upward trend. The continuation of the upward movement is expected after the price passes the noise range 1851-1891, with the target of 2002. The potential target for the upward trend is the level of 2051. Upon reaching this level, the price may consolidate and pullback downward.

A short-term downward movement is expected in the range of 1715-1672. A breakdown of the last value will lead to a deep correction with the target at 1604, which will be a key support for the upward trend.

The main trend is the local upward structure of February 7

Trading recommendations:

Buy: 1891 Take profit: 2002

Buy: 2004 Take profit: 2050

Sell: 1715 Take profit: 1672

Sell: 1670 Take profit: 1605

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