Fibonacci Retracements Analysis 11.01.2019 (BITCOIN, ETHEREUM)

January 11, 2019

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, BTCUSD has failed to form an ascending wave and expand the mid-term correction. At the same time, the descending impulse may be considered as a quick internal wave of the short0-term correction to the downside. The impulse has already reached the retracement of 61.8% and may continue towards the retracement of 76.0% at 3389.00. The key target of this impulse is the low at 3121.90. However, the price may yet break the high at 4234.50. In this case, the instrument may continue the correctional uptrend towards the retracement of 38.2% at 4428.00.

BTCUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 3359.40 and 3233.00 respectively. The local resistance is at 4108.80.


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BTCUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the H4 chart, there was a divergence o MACD, which made start a new correction to the downside. By now, it has already reached the retracement of 38.2%. The next possible targets are the retracements of 50.0%, 61.8%, and 76.0% at 120.70, 111.40, and 99.95 respectively. After breaking the resistance 160.44, the price may continue the mid-term correctional uptrend towards the retracement of 61.8% at 168.60.

ETHUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the instrument is falling towards the retracements of 50.0%, 61.8%, and 76.0% at 120.70, 111.40, and 99.95 respectively.

ETHUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.