Fibonacci Retracements Analysis 04.10.2019 (BITCOIN, ETHEREUM)

October 4, 2019

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, the convergence made the pair complete a quick descending impulse and form a new correction. After reaching 23.6% fibo, the price started a pullback. Which may later be followed by further correction to the upside towards 38.2% and 50.0% fibo at 8747.00 and 9075.00 respectively. If the price breaks the low at 7675.00, BTCUSD will continue falling to reach the mid-term correctional target, 61.8% fibo at 7350.00.

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

In the H1 chart, the current pullback has reached 61.8% fibo. In this case, the price is expected to start a new rising wave towards the high at 8530.70.


Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.




Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter






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 H4 chart, ETHUSD has completed the ascending correction close to 50.0% fibo at 188.40. After breaking the low at 152.28, the instrument may start a new descending wave towards the post-correctional extension area between 138.2% and 161.8% fibo at 140.40 and 125.85 respectively.

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

In the H1 chart, the divergence on MACD made the pair start a new decline, which is getting close to 50.0% fibo at 169.00 and even 61.8% fibo at 165.08. If the price breaks the high at 185.78, the correction may yet continue.

ETHEREUM

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.