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Fibonacci Retracements Analysis 24.04.2020 (BTC, ETH)

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, after a short-term pullback and a test of 50.0% fibo, the asset continues the ascending tendency. Another rising impulse has already broken the previous highs and is currently heading towards 61.8% and 76.0% fibo at 7987.75 and 8925.00 respectively. At the same time, the MACD indicator is forming a long-term divergence, which hints at possible reversal. The support is 38.2% fibo at 6440.00. A breakout of this level will be another signal in favor of the trend reversal.

BTCUSD, “Bitcoin vs US Dollar”
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the convergence made the pair complete the descending correction and start a new rising wave. At the moment, the price is testing the high it broke earlier. Later, the instrument may continue growing to reach the post-correctional extension area between 138.2% and 161.8% fibo at 7839.00 and 8071.00 respectively.

BTCUSD, “Bitcoin vs US Dollar”
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 finishing the pullback and updating the high, ETHUSD is forming a new rising impulse, which is currently re-testing 50.0% fibo. Considering the divergence on MACD, the next and probably the last upside target may be 61.8% fibo at 212.70. The support is 38.2% fibo at 165.90. A breakout of this level will be the key signal in favor of the trend reversal.

ETHUSD, “Ethereum vs. US Dollar”
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the price is testing 50.0% fibo. Taking into account the divergence on MACD, one shouldn’t expect the pair to fall towards the support so far, it’s better to wait until the instrument completes its growth.

ETHUSD, “Ethereum vs. US Dollar”
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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