Dmitriy Gurkovskiy | Jul 31, 2020 10:44
As we can see in the daily chart, BTCUSD has slowed down its growth at 76.0% fibo (11480.00) and may start a new correction, which is confirmed by the divergence on MACD. The key correctional target may be the long-term 50.0% fibo at 8880.00. However, if the asset breaks 76.0% fibo at 11480.00, the instrument may continue trading upwards to reach the fractal high at 13857.20.
The H4 chart shows that after breaking the high at 10505.60, the rising impulse has reached the post-correctional extension area between 138.2% and 161.8% fibo at 10964.46 and 11325.01 respectively. one may assume that the correction may return the price to 10505.60.
As we can see in the daily chart, after breaking the high at 288.98, Ethereum is moving towards the post-correctional extension area between 138.2% and 161.8% fibo at 365.00 and 411.85 respectively. The current slowdown may indicate a possible pullback to return to 288.98. The key support is at 240.90, a breakout of which may result in a reversal.
In the H4 chart, the divergence made the pair start a new correctional decline. The correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 315.92, 299.69, and 286.36 respectively. The resistance is the local high at 342.60. if the price breaks this level, the asset may continue trading upwards to reach the post-correctional extension area between 138.2% and 161.8% fibo at 365.00 and 411.85 respectively.
Written By: Dmitriy Gurkovskiy
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.