Fibonacci Retracements Analysis 16.03.2018 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
In the H4 chart, the downtrend continues. After finishing the short-term correction and breaking the local low, BTCUSD has fallen towards the post-correctional extension area between the retracements of 138.2% and 161.8%. The closest downside target is at 7480.00. However, the main downside targets is the retracement of 261.8% at 5980.00. Taking into account the convergence that is being formed, one may expect a short-term pullback.
As we can see in the H1 chart, the pair is being corrected to the upside and has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2% and 50.0% at 8500.00 and 8765.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
In the H4 chart, the downtrend continues; ETHUSD has reached the post-correctional extension area between the retracements of 138.2% and 161.8%. The next downside target is the retracement of 261.8% at 463.50. However, the main targets of the downtrend may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 415.20 and 317.80 respectively.
As we can see in the H1 chart, the pair is steadily falling towards 463.50.
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