Fibonacci Retracements Analysis 16.08.2019 (BITCOIN, ETHEREUM)

August 16, 2019

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, after testing 23.6% fibo at 11350.00, BTCUSD failed to continue this rising impulse and started a new descending wave towards 50.0% and 61.8% fibo at 8600.00 and 7350.00 respectively.

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

In the H4 chart, the pair is about to complete the short-term pullback, which may be followed by a new descending impulse to reach 50.0% fibo at 8600.00. The resistance is at 11350.00.


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BITCOIN
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 daily chart, after testing 50.0% and 61.8% fibo, ETHUSD started forming a new descending impulse; the target is 76.0% fibo at 163.20. At the same time, there is a convergence, which may indicate a possible pullback. The resistance is 50.0% fibo at 231.50.

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

In the H4 chart, the instrument is quickly falling and getting closer to 76.0% fibo at 163.20.

ETHUSD

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.