Fibonacci Retracements Analysis 04.12.2020 (BTCUSD, ETHUSD)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

On H4, the quotations rest in the post-correctional extension area of 138.2-161.8% (17660.00-20000.00) Fibo. After a swift impulse of decline, a new wave renewed the high of 19509.10 and is trying to reach and overcome a psychologically important level of 20,000. Upon breaking through this one, the quotations might rise to the local post-correctional extension area of 138.2-161.8% (20755.00-21535.50). The main support is on the fractal low of 16222.00.

On H1, there is a wave of growth developing after a correctional decline to 50.0% Fibo. A breakaway of the current high of 19917.50 will open a pathway not only to 20,000 but also to the next post-correctional extension area of 138.2-161.8% (20755.00-21535.50).

ETHUSD, “Ethereum vs. US Dollar”

On D1, the uptrend has reached the long-term level of 38.2% Fibo and might rise further to 50.0% (751.20). Locally speaking, the current wave of growth is correcting. A breakaway of and securing of the quotations under the high of 636.58 will signal the end of the correction and further development of the uptrend. The support is at the fractal level of 481.10.

On H1, a correction after an impulse of growth and a divergence can be seen in detail. The impulse of decline has reached 38.2% Fibo and another such impulse to 50.0% (558.90) is not excluded. A breakaway of the high at 636.58 will open a pathway to the post-correctional extension area of 138.2-161.8% (677.60-711.39).

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.