Article By RoboForex.com
Fibonacci Retracements Analysis 02.08.2019 (BITCOIN, ETHEREUM)
As we can see in the daily chart, BTCUSD is still testing 38.2% fibo. The nest downside targets may be 50.0% and 61.8% fibo at 8600.00 and 7370.00 respectively. The resistance is 23.6% fibo at 11375.00.
In the H4 chart, the pair is being corrected to the downside. The first correctional wave has almost reached 50.0% at 11145.00. The next wave may test this level and then grow towards 61.8% fibo at 11629.00. The support is the low at 9098.90.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, ETHUSD is still being corrected between 50.0% and 61.8% fibo. After completing the correction, the pair may fall towards 76.0% fibo at 163.50. The resistance is 38.2% fibo at 262.80.
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The H4 chart shows more detailed structure of the current correction. After testing 23.6% fibo for the second time, the pair may grow to reach 38.2% and 50.0% fibo at 239.45 and 254.30 respectively. If the price breaks the low at 190.41, the instrument may resume its mid-term decline.
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.