Article By RoboForex.com
BTCUSD, “Bitcoin vs US Dollar”
In the H4 chart, BTCUSD has broken the post-correctional extension area between 138.2% and 161.8% fibo at 17660.00 and 20000.00 respectively. At the same time, there is a long-term divergence on MACD, which may indicate a possible pullback to the downside. In this case, the correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 19077.00, 16200.00, and 13853.00 respectively. The key long-term upside target will be 261.8% fibo at 29917.00, which is very close to the psychologically important level of 30000.00.
The H1 chart shows a pullback after an ascending impulse. The first correctional wave has already reached 23.6% fibo and may yet continue towards 38.2% and 50.0% fibo at 21948.90 and 21402.70 respectively. A breakout of the high at 23750.70 will be a signal in favor of further uptrend.
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ETHUSD, “Ethereum vs. US Dollar”
In the daily chart, after reaching and testing 38.2% fibo, ETHUSD is forming a long-term rising tendency. One should also note that the asset has broken the previous high at 636.58, which is an additional signal in favor of further growth to reach the next long-term target at 50.0% fibo (751.20). The key support is 23.6% fibo at 396.70.
As we can see in the H1 chart, a new rising wave is approaching the post-correctional extension area between 138.2% and 161.8% fibo at 677.60 and 711.39 respectively. The pair may enter this area only after completing a local correction and breaking the high at 676.65. As for the correction, its key targets may be 38.2% and 50.0% fibo at 620.40 and 603.10 respectively.
Article By RoboForex.com
Attention!
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.
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