Fibonacci Retracements Analysis 12.10.2018 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, after completing the descending impulse, BTCUSD is testing the low. If the instrument breaks it, the price may fall to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 5834.00 and 5664.00 respectively. The resistance level is at 6822.00.
In the H1 chart, the pair is being corrected upwards and heading towards the retracements of 38.2%, 50.0%, and 61.8% at 6266.26, 6321.02, and 6374.00 respectively. If the price breaks the low at 6091.10, the instrument will continue trading downwards.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, ETHUSD has broken the consolidation range in the form of the Triangle pattern to the downside. The short-term target is the low at 166.85. If the instrument breaks this level, the price may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 134.20 and 113.30 respectively. The resistance level is at 254.14.
In the H1 chart, the pair is being corrected and heading towards the retracements 38.2%, 50.0%, and 61.8% at 200.16, 204.65, and 209.35 respectively. If the price breaks the low at 184.38, the instrument will continue falling.
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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