Fibonacci Retracements Analysis 18.10.2019 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, after reaching 38.2% fibo, BTCUSD has started a new decline towards the low at 7675.00. if the price breaks it, the instrument may not only fall to reach mid-term 61.8% fibo at 7350.00, but also enter the post-correctional extension area between 138.2% and 161.8% fibo at 7373.00 and 7134.00 respectively. The resistance is the high at 8809.00.
In the H1 chart, the pair is steadily trading downwards to reach the low 7675.00.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, the correctional uptrend has reached 61.8% fibo; after testing the resistance, the pair has started a new decline along it. The closest downside target is the local low at 152.28. After breaking it, this decline may be heading towards mid-term 76.0% fibo at 148.60.
In the H1 chart, the instrument is forming a stable downtrend.
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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.