Fibonacci Retracements Analysis 06.03.2020 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, after correcting to the downside by 50.0% and forming a short-term convergence, BTCUSD is starting a new rising wave. The targets are the high at 10505.60 and then 61.8% at 11015.00.
The H1 chart shows more detailed structure of the current uptrend. The pair is steadily growing towards 38.2% fibo at 9212.00 and may later reach 50.0% and 61.8% fibo at 9460.00 and 9706.40 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, ETHUSD is consolidating around 38.2% fibo. Right now, the pair is trying to break the range to the upside and reach the high at 288.98 and then 76.0% fibo at 304.00. In the case of a further decline, the targets will be 50.0% and 61.8% fibo at 202.54 and 182.15 respectively.
The H1 chart says that the current consolidation is a correction of the previous descending wave, which has already reached 38.2%. The next targets are 50.0% and 61.8% fibo at 243.65 and 251.57 respectively. The resistance is the high at 209.28.