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Fibonacci Retracements Analysis 07.06.2019 (BITCOIN, ETHEREUM)

7 june 2019 - Fx4News

BTCUSD, “Bitcoin vs US Dollar”

In the H4 chart, after the price had reach the retracement of 38.2%, there was a divergence on MACD, which may the pair start a new decline. By now, the descending correction has already reached the retracement of 23.6%. The next downside targets may be the retracements of 38.2%, 50.0%, and 61.8% 6890.00, 6220.00, and 5534.00 respectively. After completing the pullback, BTCUSD may start a new rising wave to reach the high at 9089.70.

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

In the H1 chart. BTCUSD is testing the retracement of 23.6%; the pair is trading sideways and this movement may be considered as a short-term ascending correction. The upside targets may be the retracement of 38.2%, 50.0%, and 61.8% at 7971.00, 8130.00, and 8298.00 respectively. If the price breaks the low at 7435.10, it may start a new descending wave.

BTCUSD
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 reaching the retracement of 23.6%, ETHUSD slowed down the correctional downtrend. However, the next downside targets may be the retracements of 38.2%, 50.0%, and 61.8% at 216.90, 194.60, and 172.30 respectively. The resistance is the high at 288.82.

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

The H1 chart shows a short-term pullback after the pair finished the descending wave. By now, it has already reached retracement of 38.2%. The next targets may be the retracements of 50.0% and 61.8% at 253.80 and 258.70 respectively. If the instrument breaks the support at 233.10, it may continue its mid-term downtrend.

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

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