Fibonacci Retracements Analysis 06.04.2018 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, BTCUSD is falling towards the short-term low at 5980.00. After breaking it, the price may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 3765.00 and 2350.00 respectively. However, at the same time one case see the convergence being formed, which may indicate a reverse and a new ascending correction.
In the H1 chart, the pair is trading downwards to reach the low at 6450.00. After breaking it, the instrument may continue trading towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 6045.00 and 5785.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
In the H4 chart, ETHUSD is moving downwards and has already reached the post-correctional extension area between the retracements of 138.2% and 161.8% at 412.50 and 315.00 respectively. After breaking these levels, the instrument may continue trading towards the retracement of 261.8% at 233.15. Also, the convergence is being formed.
In the H1 chart, the downtrend is moving towards 315.00.
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