Fibonacci Retracements Analysis 07.08.2020 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, BTCUSD has slowed down its growth at 76.0% fibo; right now, it is correcting downwards after completing an ascending impulse. The next upside target may be the fractal high at 13857.00. it may be assumed that after reaching this target, the instrument will start another correction. The support is 61.8% fibo at 10500.00.

The H4 chart shows a more detailed structure of the current correction. There was a divergence on MACD, which made the pair start a new descending impulse that tried to break 50.0% fibo but failed. At the moment, the current rising wave, after reaching the high at 12137.00, has failed to test or break it. Later, the market may resume trading downwards to reach 50.0% and 61.8% fibo at 10477.00 and 10085.00 respectively.

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the daily chart, after breaking 38.2% fibo, Ethereum is correcting to the downside. The next upside target may be at 50.0% fibo at 455.05. One may assume that after reaching the target the asset may start a new correction. The key support is at 257.35.

In the H4 chart, earlier, the divergence made the pair start a new descending impulse, which managed to break 38.2% fibo. After that, there was another rising wave, which has stopped close to the high at 415.26. Later, the asset may continue trading downwards to reach 50.0% and 61.8% fibo at 315.50 and 292.20 respectively.

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.