Fibonacci Retracements Analysis 11.10.2019 (BITCOIN, ETHEREUM)

October 11, 2019

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, after breaking the local high at 8530.70, the rising correction has reached 38.2% fibo. The next upside targets may be 50.0% and 61.8% fibo at 9075.00 and 9405.00 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.

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

In the H1 chart, the divergence made the pair start a new short-term pullback, which is getting close to 38.2% fibo at 8410.80. Later, this decline may continue towards 50.0% and 61.8% fibo at 8290.30 and 8167.50 respectively. The resistance is at 8809.00.


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BTCUSD
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 correctional uptrend has reached 61.8% fibo, which is the resistance of the long-term descending channel. In this case, the ETHUSD is expected to start a new decline. After breaking the low at 152.28, this decline may be heading towards 76.0% fibo at 148.60 and then 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 short-term decline, which is getting close to 38.2% fibo at 186.00. Later, the decline may continue towards 50.0% and 61.8% fibo at 182.50 and 178.95 respectively. The resistance is at 197.37.

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.