Fibonacci Retracements Analysis 16.10.2020 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

In the H4 chart, there is a divergence on MACD, which may indicate further growth towards the high at 12479.50 but only after the price breaks the current high at 11723.00. However, the main scenario implies that the BTCUSD may continue falling with the short-term target at the low at 9824.00. After breaking this level, the next descending wave may be heading towards the mid-term 38.2% fibo at 9210.00.

The H1 chart shows a more detailed structure of the current correction. The first descending wave has reached 23.6% fibo and later may move towards 38.2%, 50.0%, and 61.8% fibo at 10998.00, 10775.00, and 10550.00 respectively.

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the H4 chart, Ethereum has tried to re-test 50.0% fibo at 397.10. as long as the price is moving above the fractal low at 305.42, one shouldn’t exclude a possibility of further growth towards 61.8% fibo at 418.65. However, if ETHUSD manages to form a stable downtrend and break the above-mentioned low, the instrument may continue falling to reach 50.0% fibo at 289.50. The resistance is the high at 488.68.

In the H1 chart, the pair is heading towards 50.0% fibo at 364.10 after a divergence. Later, the price may continue falling to reach 61.8% and 76.0% fibo at 356.80 and 348.88, as well as the low at 333.02. The local resistance is the high at 395.27.

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.