Fibonacci Retracements Analysis 06.11.2020 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

In the daily chart, after updating its two-year high, BTCUSD continues the uptrend and has already tested 16000.00. The next upside targets are inside the post-correctional extension area between 138.2% and 161.8% fibo at 17626.00 and 20022.00 respectively. If the asset decides to start a new pullback, its target will be at 13857.20.

The H1 chart shows a divergence on MACD. In this case, the pair is expected to start a descending correction towards 23.6%, 38.2%, and 50.0% fibo at 14525.00, 13624.20, and 12897.50 respectively. The resistance is the high at 15977.50.

ETHUSD, “Ethereum vs. US Dollar”

Ethereum clearly wants to keep pace with Bitcoin but as long as the cryptocurrency is trading below the high at 488.68, the correction won’t be over. As we can see in the daily chart, after the first descending correctional wave reached 38.2% fibo, the second one has broken the low at 305.42 and may later reach 50.0% and 61.8% fibo at 289.60 and 242.00 respectively. However, if the asset breaks the high after all, the instrument may continue growing to reach the long-term 38.2% fibo at 592.36, as well as the post-correctional extension area between 138.2% and 161.8% fibo at 558.42 and 602.00 respectively.

In the H1 chart, the ascending correction is approaching 76.0% fibo at 444.66. Taking into account a divergence on MACD, in the nearest future, the asset may start a new decline towards 61.8% fibo at 418.47, which was broken earlier.

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.