Fibonacci Retracements Analysis 17.05.2019 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
In the H4 chart, BTCUSD is quickly getting closer towards the long-term retracement of 38.2% at 8510.00. At the moment, we ca see a short-term downtrend after the divergence, which has already reached the retracements of 50.0%. After finishing the correction, the pair may continue moving upwards. After breaking the current high at 8365.70, the instrument may reach the retracements of 38.2% and 50.0% at 8510.00 and 1017000 respectively.
The H1 chart shows more detailed structure of the correction. After reaching the retracement of 50.0%, the pair slowed down it decline. However, it may yet continue towards the retracements of 61.8% and 76.0% at 6245.00 and 5757.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, ETHUSD is forming another correction after reaching the long-term retracement of 23.6%. The correction has already reached the retracement of 38.2%. After finishing the correction, the instrument may start a new rising wave to break the high at 279.90.
In the H1 chart, ETHUSD is being corrected downwards. The next downside targets may be the retracements of 50.0% and 61.8% at 213.13 and 197.52 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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