Article By RoboForex.com
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, after finishing the ascending correctional wave, the pair is falling again and this decline may transform into a proper bearish wave with the targets at 38.2% (37530.00), 50.0% (31165.00), and 61.8% (24764.52) fibo. The resistance is the high at 58374.00, a breakout of which will lead to a further uptrend towards 261.8% fibo at 63300.00.
The H1 chart shows that the ascending wave corrected the previous decline by 61.8% and was later followed by a divergence on MACD. At the moment, the asset is heading towards the low at 43017.20, a breakout of which may result in a further downtrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 39345.00 and 37080.00 respectively. The local resistance is at 52643.92.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
ЭETHUSD, “Ethereum vs. US Dollar”
In the H4 chart, the situation hasn’t changed much as the pair is still correcting to the upside and has already reached 61.8% fibo. However, ETHUSD is highly likely to start a new decline towards the low at 1123.60, a breakout of which will lead to a further downtrend to reach 50.0% fibo at 1065.00 and then 61.8% fibo at 835.00.
As we can see in the H1 chart, after an attempt to re-test 61.8% fibo, there was a divergence on MACD, which indicates that the pair may resume falling towards the low in the nearest future instead of growing to reach 76.0% fibo at 1819.00.
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.
- The Dollar Index strengthened on Powell’s comments. The Bank of Mexico cut the rate to 10.25% Nov 15, 2024
- EURUSD Faces Decline as Fed Signals Firm Stance Nov 15, 2024
- Gold Falls for the Fifth Consecutive Trading Session Nov 14, 2024
- Profit-taking is observed on stock indices. The data on wages in Australia haven’t met expectations Nov 13, 2024
- USD/JPY at a Three-Month Peak: No One Opposes the US Dollar Nov 13, 2024
- Can Chinese Tech earnings offer relief for Chinese stock indexes? Nov 13, 2024
- Bitcoin hits an all-time high above $88,000. Oil remains under pressure Nov 12, 2024
- Brent Crude Stumbles as Market Sentiments Turn Cautious Nov 12, 2024
- Bitcoin hits new record high just shy of $82,000! Nov 11, 2024
- The Dow Jones broke the 44 000 mark, and the S&P 500 topped 6 000 for the first time. The deflationary scenario continues in China Nov 11, 2024
