Fibonacci Retracements Analysis 15.05.2020 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the daily chart, after reaching 61.8% fibo and then forming a descending correctional impulse to test the support at 8880.00, BTCUSD has started a new growth, which may be considered as an attempt to test the high. Later, the asset is expected to resume falling and forming the correction, which may be followed another ascending structure towards 76.0% fibo at 11450.00.
The H4 chart show more detailed structure of the current correction after the divergence. We can see that the first descending impulse has already reached 23.6% fibo. If the pair fails to break the local high at 10072.20, the next descending wave may reach 38.2%, 50.0%, and 61.8% fibo at 7727.00, 7002.00, and 6278.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the daily chart, after breaking 61.8% fibo and attempting to reach 76.0% fibo at 241.40, ETHUSD is moving downwards. The first descending wave has failed to test the support at 165.90 but the next one may succeed. After completing the pullback, the asset may form one more ascending structure to break the high at 227.46 and then continue growing towards 76.0% fibo at 241.40 and then the fractal high at 288.98.
In the H4 chart, the divergence made the pair reverse and reach 23.6% fibo but not 38.2% fibo at 174.84 yet. The latter level may be reached only after the price forms a rising impulse. After that, the asset may continue falling towards 50.0% and 61.8% fibo at 158.62 and 142.42 respectively.