Fibonacci Retracements Analysis 08.03.2019 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the correction is slowing down. After reaching the retracement of 61.8%, BTCUSD is trying to form a new rising wave; the first upside target is the high at 4188.40. After breaking the high, the instrument may continue growing towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 4393.00 and 4519.00 respectively. The next downside target may be the retracement of 76.0% at 3543.00. The key support is the low at 3121.90.
In the H1 chart, the pair is being corrected upwards and has already reached the retracement of 38.2%. The next targets are the retracements of 50.0%, 61.8%, and 76.0% at 3921.00, 3986.00, and 4059.00 respectively. The local support is the low at 3652.60.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, after reaching the retracement of 61.8%, the pair started a new pullback to the upside. The target is the high at 166.04. In case the price resumes falling, the next target will be the retracement of 76.0% at 115.90.
In the H1 chart, ETHUSD is being corrected upwards and has already reached the retracement of 23.6%. The next targets are the retracements of 38.2% and 50.0% at 141.67 and 146.30 respectively.
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