05 Feb

Fibonacci Retracements Analysis 05.02.2021 (BITCOIN, ETHEREUM)

February 5, 2021

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, the asset is about to complete its correctional downtrend and start a new rising wave towards the high. A breakout of the current high at 42017.50 will result in a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 47080.00 and 50213.00 respectively. However, an alternative scenario suggests that BTCUSD may break the local low at 28812.50 and continue falling to reach 38.2%, 50.0%, and 61.8% fibo at 27480.00, 22970.00, and 18507.00 respectively again

BTCUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a new rising wave, which is approaching 76.0% fibo at 38870.00. It’s been the second time the asset is trying to reach this level and may result in a further uptrend towards the high at 42017.50. In the short-term, the pair may correct – a divergence on MACD is a good signal in favor of this scenario.

BITCOIN
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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ETHUSD, “Ethereum vs. US Dollar”

The H4 chart shows a new wave within the uptrend, which is probably the most stable uptrend in the currency market. Possibly, the asset may break the high at 1698.13 and then reach the post-correctional extension area between 138.2% and 161.8% fibo at 1930.90 and 2248.70 respectively. However, there is a divergence on MACD, which may hint at a new short-term correction to reach 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1315.85, 1080.95, 889.10, and 700.50 respectively.

ETHUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H1 chart, the pair is correcting after completing the ascending wave and has already reached 23.6% fibo. Later, the price may continue falling towards 38.2% and 50.0% fibo at 1535.25 and 1484.67 respectively. At the same time, a breakout of the local low at 1207.60 may hint at a further mid-term downtrend.

ETHEREUM

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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