Fibonacci Retracements Analysis 17.01.2020 (BITCOIN, ETHEREUM)

January 17, 2020

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, BTCUSD continues the correctional uptrend; it has already fixed above the mid-term resistance at 50.0% fibo (8500.00) and may continue towards 38.2% fibo at 9765.00. the current movement may be considered as a new rising impulse to reach the high. However, the price won’t probably start a long rising movement as long as the instrument hasn’t broken the current target level.

BTCUSD_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 ascending tendency. The pair is trading towards 38.2% fibo at 9262.00 and may later even reach 50.0% fibo at 10142.00. At the same time, there is a divergence on MACD, which may indicate a new pullback after the price reaches its target. The support is still the low at 6430.30.


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BITCOIN_H4
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 reaching 76.0% fibo, ETHUSD has correcting quite fast. After the convergence on MACD, the pair is moving to test 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. The pair is moving very close to 23.6% fibo at 174.30 and may continue growing towards 38.2% fibo at 210.20. The support is the low at 116.06.

ETHUSD_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.