Fibonacci Retracements Analysis 08.11.2019 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the daily chart, BTCUSD is still correcting in the form of Triangle pattern. The previous impulse itself is the first part of the mid-term correction that started after the convergence. By now, the impulse has already reached 38.2% fibo. Later, the market may complete the current correction and resume growing towards the high at 10521.60, and 50.0% and 61.8% fibo at 10578.00 and 11345.00 respectively.
In the H1 chart, the current correction Triangle pattern is a descending one, which means that the decline may yet continue. By now, the pair has already reached 50.0% fibo. The next downside target may be 61.8% fibo at 8532.00. The resistance is the high at 10521.60.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, after reaching 50.0% fibo, ETHUSD is correcting upwards. If the price breaks the high at 198.94, the mid-term correction may continue towards 76.0% fibo at 207.04. However, if the price fails, the instrument may start a new descending wave towards 61.8% and 76.0% fibo at 170.60 and 164.00 respectively.
In the H1 chart, the instrument is forming a new short-term descending wave with the closest target at 61.8% fibo at 170.60.
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