Fibonacci Retracements Analysis 13.03.2020 (BITCOIN, ETHEREUM)

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, Bitcoin is totally dominated by bears; the pair has completed such a strong descending impulse that it has reached all important downside targets along with the post-correctional extension area between 138.2% and 161.8% fibo at 4890.00 and 3925.00 respectively. At the moment, the instrument may start a pullback, but the next downside target may be the long-term fractal low at 3121.90.

In the H4 chart, the pair is correcting after reaching the post-correctional extension area between 138.2% and 161.8% fibo at 4890.00 and 3925.00 respectively. The price is growing towards 23.6% fibo at 5171.00 and may later reach 38.2% and 50.0% fibo at 5945.00 and 6568.00 respectively.

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the daily chart, the descending wave has tested the psychologically important support at 100.00. In the nearest future, ETHUSD may correct. However, after the correction, the pair may continue falling towards the long-term low at 80.86, as well as the post-correctional extension area between 138.2% and 161.8% fibo at 50.30 and 9.80 respectively.

In the H4 chart, the pair is correcting after reaching 89.98. The price is getting close to 23.6% fibo at 128.00 and may later reach 38.2% and 50.0% fibo at 152.17 and 170.82.