Fibonacci Retracements Analysis 01.02.2019 (BITCOIN, ETHEREUM)

February 1, 2019

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, the correctional downtrend has reached the retracement of 76.0% and may continue falling towards the low at 3121.90. However, there is a convergence on MACD, which may indicate a possible pullback towards the resistance level at 3678.00.

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

In the H1 chart, after finishing the short-term correctional uptrend, the pair is forming a new descending impulse. If the price breaks the low at 3342.70, the instrument may fall towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 3294.00 and 3262.00 respectively. The local resistance is the high at 3472.50.


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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, the downtrend has slowed down; the pair is trading between the retracements of 61.8% and 76.0% at 111.25 and 100.00 respectively. The key downside target is the low at 80.86. At the same time, there is a convergence on MACD, which may indicate a possible pullback in the short-term.

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

In the H1 chart, the pair is forming a new descending impulse with the closest target at 101.00. If the price breaks this level, the instrument may continue falling towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 97.55 and 95.38 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.