Article By RoboForex.com
Fibonacci Retracements Analysis 21.02.2020 (BITCOIN, ETHEREUM)
As we can see in the H4 chart, the divergence made BTCUSD stop rising at 50.0% fibo and start a new decline towards the support, which is close to 38.2% fibo at 9263.40. After completing the correction, the instrument may start a new rising impulse towards 61.8% and 76.0% fibo at 11010.00 and 12074.00 respectively.
The H1 chart shows more detailed structure of the current decline after the divergence. The pair has already corrected to the downside by 50.0%. The next targets are 61.8% and 76.0% fibo at 9090.00 and 8765.00 respectively. The resistance is the high at 10505.60.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, after reaching 61.8% fibo, ETHUSD is forming a triangle correction. After completing it, the instrument may grow towards 76.0% fibo at 304.00. The support is 38.2% fibo at 210.34.
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The H1 chart shows that the first descending impulse after the divergence has reached 38.2% fibo. If the pair breaks the downside border of a Triangle pattern, the instrument may fall towards 50.0% and 61.8% fibo at 222.22 and 206.61 respectively. The resistance is the high at 288.98.
Article By RoboForex.com
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
