Fibonacci Retracements Analysis 22.05.2020 (BITCOIN, ETHEREUM)

22.05.2020

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.

BTCUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows more detailed structure of the current correctional wave. We can see that the wave is approaching 23.6% fibo.

BTCUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

ETHUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the divergence made the pair fall and reach 23.6% once again.

ETHEREUM_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.