Fibonacci Retracements Analysis 27.03.2020 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, after reaching the post-correctional extension area between 138.2% and 161.8% fibo at 4878.75 and 3929.75 respectively, BTCUSD is still correcting upwards. By now, it has slowed down a bit at 38.2% fibo but after a short pause may continue growing towards 50.0% and 61.8% fibo at 7210.70 and 7987.75 respectively. The support is the low at 3929.75.
In the H1 chart, there is a divergence on MACD, which may indicate a new pullback. The targets may be 23.6%, 38.2%, and 50.0% at 6378.80, 6009.60, and 5706.50 respectively. The resistance is the high at 6983.00.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, after rebounding from the psychologically important level at 100.00, the pair is correcting. The first correctional wave has already reached 23.6% fibo; right now, the instrument is consolidating. The next correctional targets may be at 38.2% and 50.0% fibo at 166.13 and 189.40 respectively. The support is the low at 89.80.
The H1 chart shows more detailed structure of the current consolidation around 23.6% fibo.