Fibonacci Retracements Analysis 04.09.2020 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

On H4, the Bitcoin demonstrates the development of a steep declining wave after a short-term pullback. The bearish wave reached 61.8% Fibo and may proceed to 76.0% (9690.00). The main goal of such a movement may be the fractal low of 8814.00. The resistance is still at the peak of 12479.50.

On H1, the declining wave kept going down the Fibo levels gradually with short pullbacks. Currently, having reached 61.8% Fibo, the market is performing a pullback. Another goal of the decline is 76.0%; upon reaching this, a pullback may bring the quotations to 38.2%.

ETHUSD, “Ethereum vs. US Dollar”

On H4, the market is developing a downtrend after an uptrend and a divergence. The declining wave broke away 38.2% and is testing it. The next goals of the decline are 50.0% (351.90), 61.8% (319.80), and 76.0% (281.35). The resistance is at the high of 488.68.

On H1, the Ethereum, having reached 38.2% Fibo, is performing a short-term pullback. The next goal of the decline is 50.0% (351.90).

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.