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Fibonacci Retracements Analysis 10.07.2020 (BTC, ETH)

BTCUSD, “Bitcoin vs US Dollar”

The daily chart has been showing the same technical picture for over a month. After rebounding from the 23.6% fibo, Bitcoin has failed to reach the high at 10368.450. in the nearest future, the asset is expected to re-test 23.6% fibo and then resume falling towards 38.2%, 50.0%, and 61.8% fibo at 7907.00, 7150.00, and 6390.00 respectively.

Fibonacci Retracements Analysis 10.07.2020 BTCUSD_D1
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 rebounding from the mid-term 23.6% fibo, the pair has corrected its previous decline by 38.2% and may continue moving towards 50.0% fibo at 9590.00. However, the decline has already reached 50.0% fibo and may continue towards 61.8% and 76.0% fibo at 9064.00 and 8927.10 respectively and then the low at 8814.20.

Fibonacci Retracements Analysis 10.07.2020 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 is still moving between 23.6% fibo and the high at 214.90 and 253.47 respectively. If the price breaks the high, it may reach the fractal high at 288.98. However, if the asset breaks 23.6% fibo, it may continue trading downwards to reach 38.2% and 50.0% fibo at 191.00 and 171.60 respectively.

Fibonacci Retracements Analysis 10.07.2020 ETHUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the divergence on MACD made the pair start a new descending wave, which has already reached 38.2% fibo. Later, the market may continue falling towards 50.0%, 61.8%, and 76.0% fibo at 232.30, 228.50, and 223.80 respectively and then the low at 215.90. The resistance is the high at 248.89.

Fibonacci Retracements Analysis 10.07.2020 ETHUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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