Fibonacci Retracements Analysis 07.02.2020 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
The H4 chart shows a steady rising tendency. BTCUSD is heading towards 50.0% fibo at 10142.00. At the same time, there is a divergence on MACD, which may indicate a possible pullback soon. The support is at 23.6% fibo (8184.75).
In the H1 chart, after finishing the pullback, the pair has entered the upside post-correctional extension area between 138.2 and 161.8% fibo at 9806.30 and 9930.20 respectively. The support is the local low at 9078.80.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, after updating the high, ETHUSD is trying to fix above 38.2%. The next upside target is 50.0% fibo at 239.50. At the same time, there is a divergence on MACD, which indicates a possible reverse.
In the H1 chart, the pair is growing towards 50.0% fibo at 239.50, while the MACD indicator is forming a local divergence.
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