Fibonacci Retracements Analysis 23.10.2020 (BITCOIN, ETHEREUM)

23.10.2020

BTCUSD, “Bitcoin vs US Dollar”

In the daily chart, BTCUSD is skyrocketing after updating its previous high. At the moment, the pair is moving to reach or even break the fractal high at 13857.20. However, there might be a divergence on MACD to indicate a short-term pullback or a reversal soon. To confirm a possible reversal, the asset must test and break the support at 61.8% fibo at 10060.00.

BTCUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H4 chart shows a more detailed structure of the current ascending wave after the correction, which may be heading to reach both the high at 13857.20 and the post-correctional extension area between 138.2% and 161.8% fibo at 13490.00 and 14115.00 respectively. The local support is the low at 9824.00.

BTCUSD_H4
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 daily chart, after completing the correction at 38.2% fibo, Ethereum is trying to form a new rising wave. However, one shouldn’t exclude a possibility of another descending impulse to reach 50.0% fibo at 289.50.

ETHUSD_D1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H4 chart, the ascending correction has reached 61.8% fibo and may later continue towards 76.0% fibo at 445.55, as well as the high at 488.68. The local support is the low at 305.42.

ETHUSD_H4
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.