Fibonacci Retracements Analysis 22.11.2019 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the daily chart, after a quick correctional impulse, BTCUSD is forming a new descending wave to break the local low at 7302.00. The next downside targets may be 61.8% and 76.0% fibo at 7220.50 and 5710.00 respectively. The key mid-term downside target is the low at 3121.90. the resistance is 38.2% fibo at 9760.00.
In the H4 chart, after breaking the low at 7302, the pair may continue falling towards the post-correctional extension area between 138.2 and 161.8% fibo at 6070.00 and 5319.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, the pair has completed the correction at 61.8% fibo. Right now, the price is trying to break the low at 152.28 and reach 76.0% fibo at 148.60. if it succeeds, the instrument may continue falling towards the post-correctional extension area between 138.2 and 161.8% fibo at 134.50 and 123.70 respectively.
The H1 chart may show that the pair won’t stop falling in the nearest future, but it’s only at first glimpse. In fact, the price is already slowing down while getting close to the low at 152.28.
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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