Fibonacci Retracements Analysis 01.03.2019 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the correction is slowing down. BTCUSD has reached the retracement of 61.8%. The next downside target may be the retracement of 76.0% at 3543.00. The key support is the low at 3121.90, while the resistance level is the high at 4188.40.
In the H1 chart, the convergence made the pair reverse and start a new pullback, which has already reached the retracement of 38.2%. The next targets are the retracements of 50.0% and 61.8% at 3921.20 and 3983.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, there was the divergence on MACD and after getting closer to the retracement of 61.8% at 125.20, the pair started a new pullback. In case the price resumes falling, the next target will be the retracement of 76.0% at 115.92. The key resistance level is at 166.04.
In the H1 chart, the short-term correction has already reached the retracement of 23.6%. The next targets are the retracements of 38.2% and 50.0% at 141.67 and 146.30 respectively.
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