Fibonacci Retracements Analysis 07.12.2018 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, BTCUSD has broken the previous low; right now, the long-term decline continues. The downside targets may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 3105.00 and 2875.00 respectively. The resistance level is the high at 4405.56.
In the H1 chart, the downtrend continues. However, there is a convergence on MACD, which indicate a new correction ti the upside after the instrument reaches the targets inside the post-correctional extension area between the retracements of 138.2% and 161.8%.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, ETHUSD has broken the previous low and reached the post-correctional extension area between the retracements of 138.2% and 161.8% at 87.50 and 81.00 respectively. In the future, the instrument may start a new pullback. The key resistance is the high at 125.51.
As we can see in the H1 chart, the convergence made the pair start a new pullback. The target may be the previous low at 98.04, which is now the resistance level.
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