Fibonacci Retracements Analysis 06.03.2020 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, after correcting to the downside by 50.0% and forming a short-term convergence, BTCUSD is starting a new rising wave. The targets are the high at 10505.60 and then 61.8% at 11015.00.
The H1 chart shows more detailed structure of the current uptrend. The pair is steadily growing towards 38.2% fibo at 9212.00 and may later reach 50.0% and 61.8% fibo at 9460.00 and 9706.40 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, ETHUSD is consolidating around 38.2% fibo. Right now, the pair is trying to break the range to the upside and reach the high at 288.98 and then 76.0% fibo at 304.00. In the case of a further decline, the targets will be 50.0% and 61.8% fibo at 202.54 and 182.15 respectively.
The H1 chart says that the current consolidation is a correction of the previous descending wave, which has already reached 38.2%. The next targets are 50.0% and 61.8% fibo at 243.65 and 251.57 respectively. The resistance is the high at 209.28.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.