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Fibonacci Retracements Analysis 24.01.2020 (BTC, ETH)

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, the divergence made BTCUSD complete the correctional uptrend close to 38.2% fibo at 9262.00. At the moment, the pair is forming a pullback towards 23.6% fibo. After finishing the pullback, the instrument is expected to start a new rising impulse towards 50.0% fibo at 10142.00.

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

The H1 chart shows more detailed structure of the current descending correction. The pair is trading towards 38.2% fibo at 8133.60 and may later reach 50.0% fibo at 7808.00. At the same time, there is a convergence on MACD. The resistance is the local high at 9183.20.

BTCUSD
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 correctional uptrend has reached 23.6% fibo. Possibly, ETHUSD may start a short-term pullback and then form a new rising wave towards 38.2% and 50.0% at 210.75 and 239.65 respectively. the support is the low at 116.06.

ETHUSD
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 descending correction. The pair is moving very close to 38.2% fibo at 154.90 and may continue falling towards 50.0% fibo at 147.50. The resistance is the high at 178.99.

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


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