Fibonacci Retracements Analysis 20.11.2020 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

The daily chart shows a quick and steady growth towards the al-time high. After breaking the fractal at 13857.20, BTCUSD is heading towards the post-correctional extension area between 138.2% and 161.8% fibo at 17660.00 and 20000.00 respectively. If the asset decides to start a new pullback, its target will be at 13857.20, which now acts as the support.

As we can see in the H1 chart, the pair is correcting after a local divergence on MACD and has already tested 38.2% fibo several times. However, judging by a consolidation channel, the price intends to break the high at 18495.50 and then continue moving upwards. Still, the asset may yet rebound from the local high and start a descending correction towards 50.0% and 61.8% fibo at 17142.5, and 16827.00 respectively.

ETHUSD, “Ethereum vs. US Dollar”

The daily chart shows a breakout of a test of the long-term fractal high at 488.68. If the price fixes above this level, it may continue the ascending tendency towards the post-correctional extension area between 138.2% and 161.8% fibo at 558.50 and 601.65 respectively with the long-term 38.2% fibo (592.36) inside it. The support is the fractal low at 305.42.

As we can see in the H1 chart, the ascending tendency continues but there is a divergence on MACD. In this case, the pair may start a new pullback to return to 76.0% fibo at 444.55.

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.