Fibonacci Retracements Analysis 25.09.2020 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, after finishing the descending correction at 61.8% fibo, Bitcoin is trying to form a new rising wave. The first ascending structure has already reached 50.0% fibo and may later continue towards 61.8% and 76.0% fibo at 11463.00 and 11845.00 respectively, as well as the high at 12479.50. However, one shouldn’t exclude a possibility of a decline towards the local low at 9824.00. in this case, the price may break the low and then continue trading downwards to reach 76.0% fibo at 9696.00. The key target of such decline may be the fractal low at 8814.20.

In the H1 chart, the local convergence made the pair reverse and reach 61.8% fibo. Later, the price may reach 76.0% fibo and the high at 10928.00 and 11180.00 respectively to confirm further mid-term uptrend. However, if the asset breaks 10129.50, the price may start a new mid-term descending wave.

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the H4 chart, the divergence made the pair complete the uptrend and start a new decline, which is testing 38.2% fibo. The next downside targets may be 50.0% and 61.8% fibo at 289.00 and 242.50 respectively. The resistance is the high at 488.68.

In the H1 chart, the pair has reached 50.0% fibo after the local convergence. After a short-term pullback, the price may reach 61.8% and 76.0% fibo at 363.05 and 374.70 respectively, as well as the high at 394.21. However, if the market breaks the low at 312.81, the instrument may reach the mid-term 50.0% fibo at 289.00.

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.