Fibonacci Retracements Analysis 20.12.2019 (BITCOIN, ETHEREUM)

December 20, 2019

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, the descending tendency continues. After updating the local low, BTCUSD has returned to 61.8% fibo. Considering the convergence on MACD, this movement may be described as a short-term correction. The resistance is 50.0% fibo at 8490.00. After completing the correction, the pair may resume falling towards the target at 76.0% (5700.00). The key mid-term downside target is the low at 3121.90.

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

The H4 chart shows more detailed structure of the current local correction. By now, the pair has managed to reach 23.6% fibo; at the moment, the price is trading close to this level. The next rising impulse may later continue towards 38.2% and 50.0% fibo at 7995.00 and 8480.00 respectively. If the price breaks the local support at 6430.30, the correction will be over.


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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, the downtrend has broken 76.0% fibo; right now, ETHUSD is heading towards this year’s low at 80.86 and must break a psychologically-crucial of 100.00 on its way. The resistance is 61.8% fibo at 189.00.

ETHUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows more detailed structure of the current correction, which is getting close to 100.00. At the same time, there is a convergence on MACD, which may indicate a new pullback soon.

ETHEREUM_H4

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.