Fibonacci Retracements Analysis 22.05.2020 (BITCOIN, ETHEREUM)
BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, some time ago, BTCUSD attempted to reach the high and tried to stay close to it for a while. However, bulls were not strong enough to continue pushing the asset upwards, and, as a result, the instrument started a new decline towards 23.6% fibo. In the nearest future, the price is expected to continue falling to reach 38.2%, 50.0%, and 61.8% fibo at 7727.00, 7002.00, and 627800 respectively.
The H1 chart shows more detailed structure of the current correctional wave. We can see that the wave is approaching 23.6% fibo.
ETHUSD, “Ethereum vs. US Dollar”
As we can see in the H4 chart, after re-testing 61.8% fibo and rebounding it, ETHUSD has failed to reach the high at 227.46; right now, it is moving downwards. After reaching 23.6% fibo, the descending wave may continue towards 38.2%, 50.0%, and 61.8% fibo at 174.82, 158.62, and 142.42 respectively.
In the H1 chart, the divergence made the pair fall and reach 23.6% once again.