Fibonacci Retracements Analysis 15.01.2021 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

In the daily chart, BTCUSD is forming another rising wave after finishing a pullback at 38.2% fibo (29750.00). At the moment, this wave is expected to face strong resistance from the high at 42017.50, which may result in a rebound and a new decline towards 50.0% and 61.8% fibo at 25925.00 and 22145.00 respectively. After completing the correction, the asset may break the high and continue its growth to reach the post-correctional extension area between 138.2% and 161.8% fibo at 46450.00 and 49240.00 respectively.

The H1 chart shows a new wave to the upside after the previous descending wave, which has already reached 76.0% fibo. The current reversal to the downside may transform into a proper descending wave towards the low at 30300.00. If the price breaks the low, the asset may continue falling to reach 38.2% and 50.0% fibo at 29750.00 and 25925.00 respectively.

ETHUSD, “Ethereum vs. US Dollar”

The daily chart shows a new rising wave towards the high at 1349.99, a breakout of which may lead to further growth to reach the all-time high at 1421.10. However, similar to Bitcoin, bearish pressure remains quite strong, that’s why the instrument may start a new correctional wave to break the low at 909.19 and then reach 50.0% and 61.8% fibo at 828.50 and 703.90 respectively.

As we can see in the H1 chart, the correctional uptrend has reached 76.0% fibo. A rebound from this level may lead to further decline towards the low at 909.19. However, one shouldn’t exclude a breakout of the high and further uptrend to reach the post-correctional extension area between 138.2% and 161.8% fibo at 1516.40 and 1621.00 respectively.

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.