Fibonacci Retracements Analysis 23.03.2018 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the convergence made BTCUSD reverse and start a new correction, which has already reached the retracement of 38.2%. The next upside targets are the retracements of 50.0% and 61.8% at 9495.00 and 9995.00 respectively. After completing the correction, the instrument may fall to break the current low at 7305.00 and then continue moving downwards to test the low 5980.00.
As we can see in the H1 chart, the pair is being corrected to the downside to reach the retracements of 50.0% and 61.8% at 8240.00 and 8020.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
In the H4 chart, the convergence made ETHUSD start a new correction, which has reached the retracement of 23.6%. The next upside targets are the retracements of 38.2%, 50.0%, and 61.8% at 625.00, 676.00, and 725.00 respectively. However, the main trend remains bearish as the instrument is expected to fall towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 414.27 and 318.43 respectively.
The H1 chart shows more detailed structure of the current correction.
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