Fibonacci Retracements Analysis 31.01.2020 (BITCOIN, ETHEREUM)

January 31, 2020

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, after reaching 38.2% fibo, BTCUSD is trying to get to 50.0% fibo. At the same time, there is a divergence on MACD, which may indicate a possible pullback soon. The support is at 23.6% fibo (8184.75).

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

In the H1 chart, after the pair had reached the upside post-correctional extension area between 138.2 and 161.8% fibo at 9552.55 and 9783.85 respectively, there was a divergence on MACD, which made it start a new pullback. The targets of this pullback may be 23.6%, 38.2%, and 50.0% fibo at 9248.00, 9051.40, 8893.30 respectively. The resistance is the local high at 9564.80.


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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 H4 chart, after updating the high, ETHUSD is trying to fix above 23.6%. the next upside target is 38.2% fibo at 210.20. At the same time, there is a divergence on MACD.

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

In the H1 chart, the pair is growing towards the local post-correctional extension area between 138.2 and 161.8% fibo at 188.05 and 193.65 respectively.

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.