Dmitriy Gurkovskiy | Aug 28, 2020 11:16
As we can see in the H4 chart, Bitcoin is correcting to the downside after finishing the mid-term wave and the divergence. The descending wave has reached 38.2% fibo at 11076.30 and may later continue towards 50.0% fibo at 10645.52. After finishing the correction, the next rising wave may be heading to break the high at 12479.50 and then continue trading upwards to reach the fractal high at 13857.00.
In the H1 chart, the convergence made the pair finish the descending wave at 38.2% fibo at 11076.30 and start a new correction to the upside, which, after reaching 23.6% fibo, has failed to break the low 11108.00. In the future, the price may continue trading upwards to reach 38.2% and 50.0% fibo at 11630.00 and 11794.00 respectively.
As we can see in the H4 chart, the divergence made the pair complete the uptrend and start a new decline, which has already broken 23.6% fibo. The next downside targets may be 38.2% and 50.0% fibo at 358.55 and 331.30 respectively. The resistance is the high at 446.75.
In the H1 chart, the local convergence made the price start a new rising wave, which, after breaking 23.6% fibo, has almost reached 38.2% fibo at 398.45. The key correctional target may be 50.0% fibo at 407.70. If the asset breaks the low at 368.63, the downtrend will continue.
Written By: Dmitriy Gurkovskiy
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