Fibonacci Retracements Analysis 20.03.2020 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the daily chart, after reaching the post-correctional extension area between 138.2% and 161.8% fibo at 4780.75 and 3929.75 respectively, BTCUSD has started a new rising correction. After completing the pullback, the instrument may resume falling towards the long-term fractal low at 3121.90.
The H4 chart shows more detailed structure of the current correction. The pair has already reached 38.2% fibo and may yet continue growing towards 50.0% and 61.8% fibo at 7210.70 7987.75 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, after breaking the low at 116.06, the pair is rebounding from the psychologically important level at 100.00. At the same time, we should note that the current growth is just a rising correction. After finishing this pullback, ETHUSD may resume 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 9.25 respectively.
In the H4 chart, the pair is correcting; it has already reached 23.6% fibo. In the future, the price may reach 38.2% and 50.0% fibo at 166.13 and 189.40. The support is the low at 89.80.
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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