Fibonacci Retracements Analysis 05.03.2021 (BITCOIN, ETHEREUM)

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.

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

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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.