Fibonacci Retracements Analysis 07.06.2019 (BITCOIN, ETHEREUM)

BTCUSD, “Bitcoin vs US Dollar”

In the H4 chart, after the price had reach the retracement of 38.2%, there was a divergence on MACD, which may the pair start a new decline. By now, the descending correction has already reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2%, 50.0%, and 61.8% 6890.00, 6220.00, and 5534.00 respectively. After completing the pullback, BTCUSD may start a new rising wave to reach the high at 9089.70.

In the H1 chart. BTCUSD is testing the retracement of 23.6%; the pair is trading sideways and this movement may be considered as a short-term ascending correction. The upside targets may be the retracement of 38.2%, 50.0%, and 61.8% at 7971.00, 8130.00, and 8298.00 respectively. If the price breaks the low at 7435.10, it may start a new descending wave.

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the H4 chart, after reaching the retracement of 23.6%, ETHUSD slowed down the correctional downtrend. However, the next downside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 216.90, 194.60, and 172.30 respectively. The resistance is the high at 288.82.

The H1 chart shows a short-term pullback after the pair finished the descending wave. By now, it has already reached retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 253.80 and 258.70 respectively. If the instrument breaks the support at 233.10, it may continue its mid-term downtrend.