Fibonacci Retracements Analysis 30.10.2020 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

In the H4 chart, after updating its two-year high, BTCUSD has tested the post-correctional extension area between 138.2% and 161.8% fibo at 13490.00 and 14115.00 respectively. At the same time, there is a divergence within the uptrend, which may indicate a possible pullback or reversal. The key downside target will be the fractal support at 9824.00.

The H1 chart shows the start of a new decline after the divergence on MACD. After reaching and testing 23.6% fibo, this descending movement may continue towards 38.2%, 50.0%, and 61.8% fibo at 12324.00, 11845.00, and 11365.00 respectively. The resistance is the high at 13867.00.

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the H4 chart, after completing the descending structure, ETHUSD has reached 61.8% fibo and may yet continue growing to reach 76.0% fibo at 444.55. However, there is a divergence on MACD, which may hint at a new descending structure with the key target at the low at 305.42. The mid-term bearish scenario implies further decline towards 50.0% and 61.8% fibo at 289.00 and 242.00 respectively.

In the H1 chart, the descending correction is approaching 38.2% fibo at 380.00. The next downside targets are 50.0% and 61.8% fibo at 367.20 and 354.30 respectively. The local resistance is the high at 421.47.

Article By RoboForex.com

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