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Fibonacci Retracements Analysis 19.06.2020 (BTC, ETH)

BTCUSD, “Bitcoin vs US Dollar”

In the H4 chart, Bitcoin continues falling slowly after the divergence. The structure of the current movement suggests a weak bearish pressure and a possible rising impulse. However, it won’t happen until the price breaks the high at 103.68.40. Despite the fact that the current decline is very slow, the main scenario still implies that the instrument may continue trading downwards. The previous descending impulse attempted to reach 23.6% fibo at 8845.00, so the next one may reach 38.2% and 50.0% fibo at 7912.00 and 7152.00 respectively.

Fibonacci Retracements Analysis 19.06.2020 BTCUSD_H4
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 the pair entered the post-correctional extension area between 138.2% and 161.8% fibo at 9033.70 and 8870.00 respectively, there was a convergence on MACD, which resulted in a new rising correction that has already reached 61.8% fibo. Possibly, the asset may start a new impulse to the upside to reach 76.0% fibo at 9732.00. However, if the price breaks the low at 8905.00, it may resume the mid-term downtrend.

Fibonacci Retracements Analysis 19.06.2020 BTCUSD_H1
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, Ethereum continues correcting downwards after the divergence. The closest downside target is 23.6% fibo at 214.90, while the next ones are 38.2% and 50.0% fibo at 191.00 and 171.60 respectively. The resistance is the high at 253.47.

Fibonacci Retracements Analysis 19.06.2020 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 correction after the descending wave and the convergence. After breaking 61.8% fibo, the correctional uptrend has failed to reach 76.0% fibo at 238.05. The descending wave towards the low at 218.10 may result in another mid-term impulse to the downside.

Fibonacci Retracements Analysis 19.06.2020 ETHUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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