Archive for Cryptocurrencies

Fibonacci Retracements Analysis 05.03.2021 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, after finishing the ascending correctional wave, the pair is falling again and this decline may transform into a proper bearish wave with the targets at 38.2% (37530.00), 50.0% (31165.00), and 61.8% (24764.52) fibo. The resistance is the high at 58374.00, a breakout of which will lead to a further uptrend towards 261.8% fibo at 63300.00.

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

The H1 chart shows that the ascending wave corrected the previous decline by 61.8% and was later followed by a divergence on MACD. At the moment, the asset is heading towards the low at 43017.20, a breakout of which may result in a further downtrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 39345.00 and 37080.00 respectively. The local resistance is at 52643.92.

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

ЭETHUSD, “Ethereum vs. US Dollar”

In the H4 chart, the situation hasn’t changed much as the pair is still correcting to the upside and has already reached 61.8% fibo. However, ETHUSD is highly likely to start a new decline towards the low at 1123.60, a breakout of which will lead to a further downtrend to reach 50.0% fibo at 1065.00 and then 61.8% fibo at 835.00.

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

As we can see in the H1 chart, after an attempt to re-test 61.8% fibo, there was a divergence on MACD, which indicates that the pair may resume falling towards the low in the nearest future instead of growing to reach 76.0% fibo at 1819.00.

ETHUSD_H1

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.

Bitcoin: this year I stand to make $200 million more than Elon Musk

By John Hawkins, University of Canberra 

– Elon Musk, the chief executive of Tesla, recently announced his company had bought US$1.5 billion (almost A$2 billion) of Bitcoin. The announcement led to a flurry of enthusiasm and a quick surge in price for the controversial cryptocurrency.

This price bump has been good news for Musk in the short term. At one point, Tesla’s Bitcoin investment had gained more than US$1 billion in value. But can the enthusiasm be sustained? I think there is a good chance that over the next year the price of Bitcoin will drop towards its fundamental value, which is nothing.

If Bitcoin were to lose half its present value — which is not unlikely, given its extremely volatile past behaviour — Tesla will lose around A$1 billion. As Elon Musk owns about a fifth of Tesla, he would then be down A$200 million. In contrast, I own no Bitcoin so I will lose nothing, which means I will have done A$200 million better than Musk.

Why Musk’s decision is a bad thing

Musk is not doing Tesla’s shareholders any favours. If they wanted to be exposed to the rise and fall of Bitcoin they could just buy some themselves. Now they have no choice; if they want to invest in Tesla electric vehicles, they are also vulnerable to the vagaries of Bitcoin.

The usual justification for making investments more diverse is that it can reduce risk. But buying the extremely volatile Bitcoin will make Tesla’s earnings even more uncertain.

Nor is Musk doing his fans any favours. As a “rock star CEO” with more than 40 million followers on Twitter, his musings are widely reported in other media.

By publicly endorsing Bitcoin, Musk may lead some of his fans to invest in this highly risky speculative asset. They may not be as well placed as a multibillionaire to absorb any losses on their investment. (To be fair, Musk has warned them not to invest their life savings.)

Nor is he doing the inhabitants of this planet any favours. The generation of Bitcoins (known as “mining”) uses vast amounts of energy to power specialised computers solving complex but useless mathematical problems.

Estimates vary as to how much energy they waste. Some studies suggest Bitcoin production uses more electricity than the whole of Argentina, Poland, Norway, or Switzerland. But even the lower estimates are that it results in more carbon emissions than Estonia. And if Bitcoin becomes more popular this will only increase.

What will the Bitcoin price do?

How likely is it that Bitcoin could lose half its value within a year? Well, it has form. After it peaked at A$24,000 in December 2017, it dropped to A$10,000 by February 2018. After recovering to A$16,000 in July 2019, it dropped to A$8,000 by March 2020.

Bitcoin may be the purest ever example of a speculative bubble. It follows in the footsteps of famous bubbles such as the South Sea bubble, the Dutch tulip mania, gold around 1980, the dotcom boom of 2000, and the US housing market before the global financial crisis of 2008.

But past bubbles have had more going for them. Houses provide shelter. Gold has industrial uses and jewellery can be made from it. The South Sea Company and millennial tech stocks at least promised streams of future dividends. Even tulips can be admired for their beauty.

Bitcoin offers no return at all unless you can resell it to a “greater fool”. It is a Seinfeld asset — a speculation based on nothing.

The limits of Bitcoin

Bitcoin’s backers often say its value stems from the fact that supply is limited. This is complicated by the fact dissident users have created “forks” in the past, leading to schismatic bitcoins such as Bitcoin Cash.

But even if we accept the limit at face value, there is no limit on the creation of other cryptocurrencies. There are literally thousands of them already, such as Litecoin, Tether and Dogecoin. In any case, just because something is in limited supply, that does not inherently make it valuable.

Another argument for Bitcoin says it could be an alternative to traditional currency for making payments. The first purchase made with Bitcoin was more than a decade ago: two pizzas, paid for with 10,000 bitcoins. (I hope the buyer enjoyed the pizzas, because the coins would now be worth US$500 million.)

Despite the hype, very few vendors accept Bitcoin and hardly anyone pays with it. A Sydney art gallery that accepts Bitcoin has never had anyone buy anything with it, while a bar that accepts it reports no customers using it for years. Even some crypto conferences refuse to accept Bitcoin. You can buy an “I accept Bitcoin” t-shirt on Amazon but you cannot pay for it using Bitcoin.

Amazon will sell you an ‘I Accept Bitcoin’ t-shirt – but you’ll have to give them some old-fashioned fiat money in return.
Amazon

This is unlikely to change materially. Tesla has hinted it may accept Bitcoin in future, but so far does not.

There are inherent limits to the ability of Bitcoin to provide payment services. The Bitcoin network can only handle 10 transactions per second, compared with the 1,000 per second allowed by Australia’s Fast Settlement Service. Transactions may be stuck in a queue for hours. If any electronic currency becomes a significant payment medium, it is likely to be a central bank digital currency which would be legal tender and able to be used for very large numbers of transactions.

Musk has plans to colonise Mars, so maybe he will declare Bitcoin the legal tender there. But until then it would be better for all of us if he kept it off Tesla’s balance sheet.The Conversation

About the Author:

John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Fibonacci Retracements Analysis 26.02.2021 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, after failing to reach 261.8% fibo at 63300.00, BTCUSD started plummeting due to divergence on MACD. The situation may indicate the start of a new mid-term or even long-term correction. The first descending impulse has already reached 23.6% fibo, while the next ones may continue towards 38.2%, 50.0%, and 61.8% fibo at 37530.00, 31165.00, and 24764.52 respectively. The resistance is the high at 58374.00.

BTCUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a descending correction, which has already broken 38.2% and is currently heading towards 50.0% and 61.8% fibo at 43810.00 and 40380.00 respectively.

BTCUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

ETHUSD, “Ethereum vs. US Dollar”

In the H4 chart, after testing the post-correctional extension area between 138.2% and 161.8% fibo at 1930.80 and 2247.65 respectively, ETHUSD started plunging due to divergence on MACD. The first descending impulse broke 38.2% fibo but failed to reach 50.0% fibo at 1065.00. the current situation may be described as a correction within a correction. Possibly, the pair may complete the internal correction and resume falling to reach 61.8% fibo at 835.00. The key resistance is the high at 2038.53.

ETHUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a more detailed structure of the current pullback after the descending impulse, which managed to reach 61.8% fibo but failed to get to 76.0% fibo at 1819.00. The next descending impulse may fall to break the low at 1123.60 and then reach 50.0% fibo at 1065.00.

ETHUSD_H1

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.

Bitcoin: Let’s Put 2 Heart-Pounding Price Drops into Perspective

Here’s what our “preferred” Elliott wave count said on Feb. 5, 2021

By Elliott Wave International

When financial historians discuss past manias, many of them point to the South Sea Company of the early 1700s as a classic example.

The enthusiasm to buy a piece of the action was so great that even Sir Isaac Newton became in investor.

He, along with many others, eventually lost big time when the South Sea Company Bubble burst.

And, in late January, it looked like the modern-day mania surrounding the cryptocurrency Bitcoin had burst too, at least according to one major financial magazine (Forbes, Jan. 27). Here’s the headline:

Bitcoin Has Crashed. Is This The End?

That was in response to Bitcoin’s swift slide from near $42,000 to below $30,000. Well, it turned out that this heart-pounding downturn in price was only temporary.

This was no surprise to Elliott Wave International’s cryptocurrency analyst Tony Carrion. Indeed, in his video in our monthly Global Market Perspective (a monthly publication which covers 50-plus markets worldwide), he showed this chart and said:

BTC-tc-020421-d

Our preferred [Elliott wave] count is that [Bitcoin] is advancing within the subwaves of a [larger up wave]. … The wave IV (circle green) correction played out for most of January. Wave evidence suggests that the correction ended on Jan. 22.

As you probably know, the cryptocurrency has since climbed as high as $58,000. That high price was hit in the morning of Feb. 22 and was followed by another heart-pounding price drop. As of this writing, the Bitcoin’s price has plummeted nearly 13%.

Is this another temporary correction — or, finally, the start of an all-out collapse?

Now is the time to learn what Elliott wave analysis suggests is next after this most recent price drop.

If you’d like to gain insights into Elliott wave analysis, you can do so by reading the Wall Street classic book, Elliott Wave Principle: Key to Market Behavior, by Frost & Prechter. Here’s a quote:

Despite the fact that many analysts do not treat it as such, the Wave Principle is by all means an objective study, or as Collins put it, “a disciplined form of technical analysis.” Bolton used to say that one of the hardest things he had to learn was to believe what he saw. If you do not believe what you see, you are likely to read into your analysis what you think should be there for some other reasons. At this point, your count becomes subjective and worthless.

Get more insights into the Wave Principle. You see, the online version of this Wall Street classic is available to you free after you join Club EWI, which is the world’s largest Elliott wave educational community. Club EWI membership is also free.

Get the ball rolling by following this link: Elliott Wave Principle: Key to Market Behavior – free and unlimited access.

This article was syndicated by Elliott Wave International and was originally published under the headline Bitcoin: Let’s Put 2 Heart-Pounding Price Drops into Perspective. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.

Boomers and retirees embracing Bitcoin and cryptocurrencies

By George Prior

– Baby boomers and Gen X are piling into Bitcoin and other cryptocurrencies, affirms the CEO of one of the world’s largest independent financial advisory and fintech organizations.

The observation from Nigel Green, the chief executive and founder of deVere Group comes from a global poll of clients aged over 55 found that 70% of those surveyed are already invested in digital currencies or are planning to do so this year.

Last weekend, Bitcoin hit $57,000, which gave it a market capitalization of more than $1 trillion. In addition, Ethereum, the second-largest cryptocurrency, surged past $2,000 for the first time, giving it at the time a market cap of $226 billion.

This week, the prices have dipped and the Bitcoin market is currently worth around $900 billion.

Mr Green says: “Despite this week’s drops, the Bitcoin price has still soared by almost 360% over the last 12 months, partly fuelled by endorsements made by Tesla billionaire Elon Musk, amongst others, and growing interest from institutional investors.

“This hugely impressive run has captured the attention of people around the world – and not just so-called ‘digital native’ younger generations, as is typically, and somewhat patronizingly, portrayed.

“Boomers and Gen X, it seems, are just as excited about digital currencies, with seven out of 10 already invested in crypto, or will do so in the near future, according to the poll.

“They too recognise that digital, borderless money is the way forward.”

He continues: “Whilst the recent massive social media hype and clickbait headlines are more of a catalyst for millennials and Gen Z to consider investing in the likes of Bitcoin, there are other drivers for older generations.

“The over-55 respondents to the survey frequently cited a key factor for their interest in crypto is the historic levels of money-printing as central banks around the world attempt to prop-up their economies following the fallout from the pandemic.

“They’re aware that if you are flooding the market with extra money, then in fact you are devaluing traditional currencies – and this, and the threat of inflation, are legitimate concerns, prompting them to seek out alternatives.

“In addition, Bitcoin’s reputation as ‘digital gold’ was also often highlighted.”

The world’s largest cryptocurrency by market cap is often referred to as ‘digital gold’ because like the precious metal it is a medium of exchange, a unit of account, non-sovereign, decentralised, scarce, and a store of value.

Mr Green adds: “Bitcoin will continue to dominate the crypto ecosystem, but even within this class, it is recommended to maintain a diversified portfolio to mitigate risks and to seize opportunities.”

Last week deVere Group added Cardano (ADA) to deVere Crypto to join other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP and Dogecoin.

The move followed Cardano doubling its market capitalization to $28 billion in around two weeks amid soaring interest, driven by the likes of rock star Gene Simmons from Kiss who has voiced his support for Cardano on Twitter after tweeting that he has purchased $300,000 of the cryptocurrency.

The deVere CEO concludes: “Baby boomers and Gen X, who own most of the world’s wealth, are embracing the cryptocurrency revolution.  This will serve to further bolster prices in the market in the longer-term.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

RoboMarkets closes trading CFDs on cryptocurrencies

Limassol, Cyprus – RoboMarkets, a company providing financial services to European clients, informs that it will no more provide trading services for crypto CFDs. This decision has been made in order to protect the company’s clients from high risks existing in the crypto market.

On March 24th, between 12:00 and 13:00 server time all positions in BTCUSD, BTCEUR, XRPUSD, DSHUSD, LTCUSD, LTCBTC, ETHUSD, ETHBTC, ETHEUR, EOSUSD will be closed by current quotations.

Denis Golomedov, CMO at RoboMarkets comments the decision: “We have claimed repeatedly that our priority is protection of clients’ interests. That is why we have decided to close crypto for our clients. This will help us make the clients’ assets safe from high risks entailed by operations with crypto instruments“.

On January 6th, 2021, the UK Financial Conduct Authority (FCA) officially banned selling to individual clients derivatives and exchange traded notes (ETNs) based on certain types of crypto assets.

We see that large regulators, such as the FCA, have already made steps to limit access of retail investors to cryptocurrencies and expect other European regulators to do the same in the nearest future. The crypto market is rather toxic and connected to high risks, quite often neglected by retail investors. The growth of the crypto market and the hype around this segment can lead to a serious disturbance among retail investors and brokers in 2021“, adds Denis Golomedov.

About RoboMarkets

RoboMarkets is an investment company with the CySEC license No. 191/13. RoboMarkets offers investment services in many European countries by providing traders, who work on financial markets, with access to its proprietary trading platforms. More detailed information about the company’s products and services can be found at robomarkets.com.

 

Fibonacci Retracements Analysis 19.02.2021 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, BTCUSD continues updating its all-time highs without even thinking of starting any pullbacks. After breaking the post-correctional extension area between 138.2% and 161.8% fibo at 47080.00 and 50213.00 respectively with confidence, the asset has fixed above it. The next upside target is 261.8% fibo at 63300.00. The support is at 42017.50. At the same time, there is a divergence on MACD, which may hint at a quick and deep pullback.

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

The H1 chart shows a local divergence but the pair may yet reach 55000.00 in the nearest future. however, if the price fails to break the high at 52645.02, the asset may start a new pullback towards 23.6%, 38.2%, 50.0%, and 61.8% fibo at 47130.00, 43700.00, 40950.00, and 38190.00 respectively.

BTCUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

ETHUSD, “Ethereum vs. US Dollar”

The H4 chart shows a stable uptrend, which, after breaking the fractal high at 1421.10, is heading towards the post-correctional extension area between 138.2% and 161.8% fibo at 1930.80 and 2247.65 respectively. However, there is a divergence on MACD, which may hint at a new correctional downtrend.

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

As we can see in the H1 chart, the pair is about to test the post-correctional extension area between 138.2% and 161.8% fibo at 1951.50 and 2000.16 respectively. The local support is the fractal low at 1666.75.

ETHUSD_H1

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.

Potential Bitcoin rival Cardana added to deVere Crypto exchange

By George Prior

Cardana, seen as an increasingly dominant rival to Bitcoin, has been added to one of the world’s largest financial advisory and fintech organization’s cryptocurrency app.

deVere Group added Cardana (ADA) to deVere Crypto to join other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP and Dogecoin.

The move comes as Cardana has doubled its market capitalisation to $28 billion in around two weeks amid soaring interest in the sector.  Bitcoin, the world’s largest digital currency hit more than $50,000 for the first time on Tuesday.

The deVere CEO, Nigel Green, a long-time proponent of cryptocurrencies, says: “Cardana is a rising star in the booming crypto sector and is now the fourth-largest cryptocurrency by market cap and is not far from the third-position.

“It has had a highly impressive run in recent weeks and there’s no reason why this will not continue.

“Of course, it remains in the shadow of the headline-grabbing Bitcoin, which is up 60% since the start of the year and has now smashed through $50,000.

“However, we have seen how quickly this market can shift. Cardana could, quite realistically, become an increasingly dominant rival to Bitcoin, Ethereum and Tether.”

He continues: “Global retail and institutional investor interest in cryptocurrencies – now widely regarded as the future of money – is increasing all the time.

“The total crypto market cap has now surpassed $1.5 trillion as the bull market continues its unprecedented performance.

“As such, it is imperative that we offer a broad suite of the most prominent digital assets so that they can have a diversified portfolio to mitigate risks and to seize opportunities.

“Therefore, we felt it was timely to include Cardana on to the exchange app which allows users to buy, sell and hold carefully scrutinised digital currencies.”

Last week, deVere Crypto also added Dogecoin after it was endorsed by Elon Musk, the boss of Tesla and the world’s richest person.

At the time Mr Green noted: “Crypto is a burgeoning asset class and it’s one that is set to play a larger and larger role within the global financial system.

“In today’s digitalised, globalised world, the demand for digital, global currencies in some form – is only set to grow.

“From now on, there will always be widely-used non-fiat money.”

The deVere CEO concludes: “The addition of Cardana underscores our commitment to continually reviewing and expanding our cryptocurrency offering in order to give users of the exchange access to the opportunities and rewards of digital currencies.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

Bitcoin to hit fresh highs – but standby for regulator-triggered price swings

By George Prior

– The Bitcoin price nears $50,000 and will continue to reach new highs in this first quarter of 2021 – but investors should also expect volatility due to increasing regulatory scrutiny.

This is the warning from Nigel Green, CEO and founder of deVere Group, one of the world’s largest independent financial advisory and fintech organizations.

It comes after the cryptocurrency hit more than $49,700 for the first time in history on Sunday.

Mr Green says: “Last week was a massive one for Bitcoin, reaching new all-time highs amid soaring interest from institutional investors.

“Morgan Stanley, the investment giant is reported to be considering investing in Bitcoin through its $150 billion investment arm; Elon Musk’s Tesla announced it had invested $1.5 billion in the digital currency and was getting ready to accept it as payment; BNY Mellon confirmed that it had created a digital assets unit to build a custody and admin platform for crypto assets; and Mastercard said it would give its merchants the option to accept cryptocurrencies later this year.

“In addition, Miami confirms it is considering paying workers and collecting taxes in cryptocurrency and the mayor of the city wants to hold Bitcoin in the city’s treasury.

“This all follows the likes of PayPal’s decision last year to allow customers to buy, sell and hold Bitcoin and as Wall Street giants like Goldman Sachs and JP Morgan issue RFIs (request for information) to explore Bitcoin and crypto asset custody.”

He continues: “There is a clear direction of travel: institutional investors are taking Bitcoin more and more seriously as a financial asset and a medium of exchange. They are increasing their exposure to it at a faster rate than ever before.

“This is pushing cryptocurrencies ever more into the mainstream financial system and, subsequently, driving the price skywards.”

The deVere chief goes on to say: “With the growing institutional demand combined with ultra-low interest rates, we can expect Bitcoin – which has already given a 55% return so far year to date after the 300% gain in 2020 – to reach new highs in this first quarter of 2021.

“However, with increasing dominance and value, comes increasing regulatory scrutiny.

“Bitcoin and other cryptocurrencies will come under the spotlight from watchdogs like never before and this can be expected to create volatility in the market.”

His warning comes as central banks and governments around the world ramp up their focus on digital currencies.

In the U.S. in recent days, Treasury Secretary Janet Yellen raised again the prospect of future cryptocurrency regulation and as the Securities and Exchange Commission (SEC) could reportedly investigate Elon Musk over Tesla’s $1.5 billion Bitcoin purchase.

Nigel Green concludes: “Institutional investors are increasingly appreciating that in this tech-driven, ultra low interest rate, low growth world, and where there is diminishing trust in traditional currencies, digital and borderless cryptocurrencies may be becoming a better fit.

“We can expect the price of Bitcoin to surge to fresh highs as a result.  But investors must be aware that regulatory pressures will cause price turbulence.”

About:

eVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

Fibonacci Retracements Analysis 12.02.2021 (BITCOIN, ETHEREUM)

Article By RoboForex.com

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, after failing to reach 38.2%, the descending correction transformed into a new rising wave, which, after breaking the previous high, has already entered the post-correctional extension area between 138.2% and 161.8% fibo at 47080.00 and 50213.00 respectively. At the same time, there is a divergence on MACD, which may hint at a new pullback to the downside.

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

The H1 chart shows a local divergence within the post-correctional extension area between 138.2% and 161.8% fibo at 47080.00 and 50213.00 respectively. The correctional downtrend may reach the previous high at 42017.50 or even 76.0% fibo at 38890.00.

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

ETHUSD, “Ethereum vs. US Dollar”

The H4 chart shows a stable uptrend, which may break the high at 1840.04 and then reach the post-correctional extension area between 138.2% and 161.8% fibo at 1930.90 and 2248.70 respectively. However, there is a divergence on MACD, which may hint at a new short-term correction to reach 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1424.17, 1168.68, 960.19, and 753.75 respectively.

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

As we can see in the H1 chart, the pair is correcting after completing the ascending wave and has already reached 23.6% fibo. Later, the price may continue falling towards 38.2% and 50.0% fibo at 1622.80 and 1555.60 respectively. At the same time, a breakout of the local low at 1207.60 may hint at a further mid-term downtrend.

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.