Fibonacci Retracements Analysis 16.11.2018 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the quick descending impulse continued the long-term downtrend; the impulse has broken the previous low and the post-correctional extension area between the retracements of 138.2% and 161.8%. The next target may be the retracement of 261.8% at 4944.00. The local pullback may reach 5818.00.
As we can see in the H1 chart, the convergence made the pair reverse and start a new correctional uptrend, which has already reached the retracement of 38.2%. The next upside target may be the retracements of 50.0% and 61.8% at 5771.00 and 5875.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, after breaking the key low, ETHUSD continued trading downwards to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 169.60 and 160.50 respectively. The resistance level is at 184.38.
In the H1 chart, the pair is trading inside the correctional uptrend. The upside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 181.25, 186.25, and 191.08 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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