Fibonacci Retracements Analysis 05.02.2021 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the asset is about to complete its correctional downtrend and start a new rising wave towards the high. A breakout of the current high at 42017.50 will result in a further uptrend towards the post-correctional extension area between 138.2% and 161.8% fibo at 47080.00 and 50213.00 respectively. However, an alternative scenario suggests that BTCUSD may break the local low at 28812.50 and continue falling to reach 38.2%, 50.0%, and 61.8% fibo at 27480.00, 22970.00, and 18507.00 respectively again
The H1 chart shows a new rising wave, which is approaching 76.0% fibo at 38870.00. It’s been the second time the asset is trying to reach this level and may result in a further uptrend towards the high at 42017.50. In the short-term, the pair may correct – a divergence on MACD is a good signal in favor of this scenario.
ETHUSD, “Ethereum vs. US Dollar”
The H4 chart shows a new wave within the uptrend, which is probably the most stable uptrend in the currency market. Possibly, the asset may break the high at 1698.13 and then reach the post-correctional extension area between 138.2% and 161.8% fibo at 1930.90 and 2248.70 respectively. However, there is a divergence on MACD, which may hint at a new short-term correction to reach 23.6%, 38.2%, 50.0%, and 61.8% fibo at 1315.85, 1080.95, 889.10, and 700.50 respectively.
As we can see in the H1 chart, the pair is correcting after completing the ascending wave and has already reached 23.6% fibo. Later, the price may continue falling towards 38.2% and 50.0% fibo at 1535.25 and 1484.67 respectively. At the same time, a breakout of the local low at 1207.60 may hint at a further mid-term downtrend.