Fibonacci Retracements Analysis 04.05.2018 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, BTCUSD has finished its short-term correction and started a new ascending impulse. Right now, the price is testing the previous high. After breaking it, the instrument may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 10172.00 and 10430.00 respectively. The support level is at 8986.30.
The H1 chart shows more detailed structure of the current movement. The price is trying to break the high.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, after breaking the high, ETHUSD continued moving inside the uptrend and has already reached the post-correctional extension area between the retracements of 138.2% and 161.8%. The next upside target may be the retracement 261.8% at 902.50. The support level is at 711.76.
In the H1 chart, the pair is being corrected inside the post-correctional extension area.
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