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Fibonacci Retracements Analysis 31.07.2020 (BTC, ETH)

BTCUSD, “Bitcoin vs US Dollar”

As we can see in the daily chart, BTCUSD has slowed down its growth at 76.0% fibo (11480.00) and may start a new correction, which is confirmed by the divergence on MACD. The key correctional target may be the long-term 50.0% fibo at 8880.00. However, if the asset breaks 76.0% fibo at 11480.00, the instrument may continue trading upwards to reach the fractal high at 13857.20.

Fibonacci Retracements Analysis 31.07.2020 BTCUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows that after breaking the high at 10505.60, the rising impulse has reached the post-correctional extension area between 138.2% and 161.8% fibo at 10964.46 and 11325.01 respectively. one may assume that the correction may return the price to 10505.60.

Fibonacci Retracements Analysis 31.07.2020 BTCUSD_H4
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 breaking the high at 288.98, Ethereum is moving towards the post-correctional extension area between 138.2% and 161.8% fibo at 365.00 and 411.85 respectively. The current slowdown may indicate a possible pullback to return to 288.98. The key support is at 240.90, a breakout of which may result in a reversal.

Fibonacci Retracements Analysis 31.07.2020 ETHUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H4 chart, the divergence made the pair start a new correctional decline. The correctional targets may be 23.6%, 38.2%, and 50.0% fibo at 315.92, 299.69, and 286.36 respectively. The resistance is the local high at 342.60. if the price breaks this level, the asset may continue trading upwards to reach the post-correctional extension area between 138.2% and 161.8% fibo at 365.00 and 411.85 respectively.

Fibonacci Retracements Analysis 31.07.2020ETHUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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