Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Fibonacci Retracements Analysis Bitcoin, Ethereum

Published 02/10/2020, 11:41
Updated 09/07/2023, 11:32

BTC/USD
As we can see in the daily chart, BTC/USD is still testing 23.6% fibo after a divergence and the first descending wave. The pair tried to rebound from this level and start a new rising wave to reach the high at 12479.50 but failed. The key resistance now is at 76.0% fibo (11467.00). The next descending wave may be heading towards 38.2% and 50.0% fibo at 9212.00 and 8195.00 respectively.
btcusd_D1
The H4 chart shows the correction to the upside. After almost reaching 61.8% fibo at 11210.00 and then falling towards the low at 9824.00, the pair failed to test the later level but the next ascending structure also failed to update the high. As a result, the next descending impulse is expected to break the low and continue moving to the downside.
BTCUSD_H4
ETH/USD
As we can see in the H4 chart, Ethereum is moving rather similar to Bitcoin. The divergence made the pair complete the uptrend and start a new decline, which has reached 38.2% fibo. After testing this rea and breaking the low, the asset is expected to continue falling. The next downside targets may be 50.0% and 61.8% fibo at 289.20 and 242.05 respectively. The resistance is the high at 488.68.
ETHUSD_H4
In the H1 chart, the pair has almost reached 50.0% fibo at 341.40 after the local divergence. Later, the price may fall towards 61.8% and 76.0% fibo at 334.60 and 326.60 respectively, as well as the low at 312.81. The local resistance is the high at 370.00.
ETHUSD_H1

Latest comments

Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.