Fibonacci Retracements Analysis 02.11.2018 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the correctional trend has passed the retracement of 76.0%. The previous correctional descending impulse couldn’t break the key support at 6150.00. The current rising movement may be considered as a continuation of the correction with an expansion. The upside target is the retracement of 50.0% at 6474.45.
As we can see in the H1 chart, the pair has reached the retracement of 76.0%. The next upside target may be the resistance level at 6425.80. After finishing this ascending movement, the instrument is expected to fall towards the support level, which is the retracement of 38.2% at 6287.20.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, ETHUSD is being corrected between the low at 189.24 and the retracement of 50.0% at 204.43. If the instrument breaks the low, the price may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 177.75 and 170.66 respectively.
In the H1 chart, the uptrend is getting closer to the retracement of 76.0%.
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