Fibonacci Retracements Analysis for 11.12.2020 (Bitcoin, Ethereum)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

Technically speaking, on H4, the quotations are staying inside a post-correctional extension area of 138.2%-161.8% (17660.00-20000.00) Fibo. After a divergence, the quotations started falling and might reach the local low of 16222.00. A breakaway of this level might confirm a trend reversal downwards, aiming at 23.6% (16148,.0), 38.2% (13807.00), and 50.0% (11912.0). The resistance is at the high of 19917.50.

On H1, there is a descending wave developing after a local divergence. The quotations are trying to test 61.8% (17630.00) Fibo for the second time. A breakaway of this level will open a pathway to 76.0% (17111.50) and then – to the local low of 16222.00.

ETHUSD, “Ethereum vs US Dollar”

On D1, a decline is beginning after a local divergence, which can be interpreted as the reversal of the main trend. The aim of the possible downtrend are 23.6% (506.95), 38.2% (428.10), and 50.0% (364.15) Fibo. A breakaway of the high of 636.58 and securing above it will signal the end of the correction and further development of the uptrend.

On H1, a descending wave is developing to correct the preceding wave of growth. By now, the quotations have reached 61.8% Fibo, and the next impulse might head for 76.0% (518.57). A breakaway of the low of 481.10 might mean the reversal of the medium-term trend.

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.