Fibonacci Retracements Analysis 07.02.2020 (BITCOIN, ETHEREUM)

February 7, 2020

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

The H4 chart shows a steady rising tendency. BTCUSD is heading towards 50.0% fibo at 10142.00. 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 finishing the pullback, the pair has entered the upside post-correctional extension area between 138.2 and 161.8% fibo at 9806.30 and 9930.20 respectively. The support is the local low at 9078.80.


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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 38.2%. The next upside target is 50.0% fibo at 239.50. At the same time, there is a divergence on MACD, which indicates a possible reverse.

ETHEREUM
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 50.0% fibo at 239.50, while the MACD indicator is forming a local divergence.

ETHUSD

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.