Fibonacci Retracements Analysis 03.04.2020 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, the correctional uptrend has reached 50.0% The next upside target may be at 61.8% fibo (7987.75) but the divergence on MACD indicates a possible reverse soon. After completing the correction, the instrument may resume falling to break the support – the low at 3929.75.
In the H1 chart, the convergence on MACD made the pair start a new rising wave. The short-term upside targets may be inside the post-correctional extension area between 138.2% and 161.8% fibo at 7410.00 and 7685.00 respectively. The support is the low at 5851.00.
ETHUSD, “Ethereum vs. US Dollar”
In the H4 chart, ETHUSD has broken the consolidation range to the upside; right now, it is moving towards 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 a short-term rising wave towards 38.2% fibo at 166.13.