Fibonacci Retracements Analysis 23.11.2018 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, BTCUSD is still trading inside the post-correctional extension area between the retracements of 138.2% and 161.8%. The key resistance is at 5751.00. If the price breaks the support at 4052.00, the instrument continue falling towards the psychologically-crucial level at 3000.00.
In the H1 chart, the pair is testing 4052.40. If the price breaks this level, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 3835.00 and 3691.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
In the H4 chart, the downtrend continues. Right now, ETHUSD is trading inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 178.24 and 68.62 respectively. However, there is convergence on MACD, which may indicate a possible short-term correction.
As we can see in the H1 chart, the convergence may force the pair to start a new pullback. The possible targets may be the retracements of 23.6%, 38.2%, and 50.0% at 131.35, 140.77, and 148.04 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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