Fibonacci Retracements Analysis 31.05.2019 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
In the H4 chart, after the price had reach the retracement of 38.2%, there was a divergence on MACD, which may indicate a new correction. The key support level is the retracement of 23.6% at 6450.00. After completing the correction and breaking the high at 9089.70, BTCUSD may started a new rising wave to reach the retracement of 50.0% at 10170.00.
In the H1 chart. BTCUSD is trading downwards to reach the retracement of 23.6% at 7810.00. The next downside targets may be the retracement of 38.2%, 50.0%, and 61.8% at 7020.00, 6370.00, and 5735.00.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, after ETHUSD had updated the previous high, there was a divergence on MACD, which may indicate a possible pullback or a trend reverse. By now, the price has already reached the retracement of 23.6% and may continue trading downwards. However, the mid-term rising tendency may yet continue. A new ascending impulse may be heading to break the high at 288.82 and reach the retracement of 38.2% at 367.00.
The H1 chart shows the targets of the current descending correction; the closest ones is the retracement of 38.2% at 234.70. The next targets may be the retracements of 50.0%, 61.8%, and 76.0% at 218.07, 201.00, and 180.95 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.
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.