Fibonacci Retracements Analysis 09.08.2019 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the daily chart, after reaching 38.2% fibo, BTCUSD is forming a new rising impulse. If the price returns to 23.6% fibo, it may continue growing to reach the high at 13857.20. The next descending wave will move towards 50.0% and 61.8% fibo at 8600.00 and 7350.00 respectively.
In the H4 chart, the pair is being corrected to the downside and has already reached 23.6% fibo. The next targets may be 38.2% and 50.0% fibo at 11097.00 and 10715.00 respectively. The resistance is the high at 12317.40.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, ETHUSD is still being corrected between 50.0% and 61.8% fibo. After completing the correction, the pair may fall towards 76.0% fibo at 163.20. The resistance is 38.2% fibo at 262.90.
The H4 chart shows more detailed structure of the current correction.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.