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Fibonacci Retracements Analysis 29.05.2020 (BTC, ETH)

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, BTCUSD is once again attempting to reach the high at 10072.20 to complete the correction. A breakout of the high is just a question of time because even the MACD lines are directed upwards, thus indicating further uptrend. The next upside target may be 76.0% fibo at 11450.00.

Fibonacci Retracements Analysis 29.05.2020 BITCOIN
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H4 chart, after re-testing 23.6% fibo, BTCUSD is forming a Triangle correctional pattern. Under such circumstances, the main scenario suggests that the price may break the channel’s upside border and then reach the high at 10072.10 or even the fractal at 10505.60. However, even in this case one shouldn’t exclude a possibility of a breakout of the pattern’s downside border. After that, the instrument may continue falling to reach 38.2%, 50.0%, and 61.8% fibo at 7727.00, 7002.00, and 6278.00 respectively.

Fibonacci Retracements Analysis 29.05.2020 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, after testing 50.0% fibo, ETHUSD is growing towards the high at 227.46. After reaching and breaking it, the asset may continue growing towards 76.0% fibo at 241.40 and then the fractal high at 288.98.

Fibonacci Retracements Analysis 29.05.2020 ETHEREUM
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H4 chart, after reaching 38.2% at 174.82, ETHUSD has failed to test it properly. At the moment, the pair is steadily moving towards the high at 227.46. The main scenario implies a breakout of this level. However, if the instrument rebounds from it, the price may re-test 38.2% fibo at 174.82 or even reach 50.0% fibo at 158.62.

Fibonacci Retracements Analysis 29.05.2020 ETHUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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