Fibonacci Retracements Analysis 09.11.2018 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the short-term uptrend has reached the retracement of 50.0%. The next targets may be the retracements of 61.8% and 76.0% at 6571.00 and 6656.00 respectively. The current movement may be considered as a pullback towards the support level at 6342.00.
As we can see in the H1 chart, the divergence made the pair reverse and start a new correctional downtrend, which has already reached the retracement of 38.2%. The next downside target may be the retracements of 50.0% and 61.8% at 6371.70 and 6331.40 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, after testing the key high, ETHUSD has started a new correctional downtrend. The next upside targets are still inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 230.44 and 237.08 respectively. The support level is at 191.01.
In the H1 chart, the divergence made the pair start a new downtrend, which has already reached the retracement of 38.2%. In the future, this decline may continue towards the retracements of 50.0% and 61.8% at 207.08 and 203.24 respectively.
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.
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