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Fibonacci Retracements Analysis 16.03.2018 (BITCOIN, ETHEREUM)

16 march 2018 - Fx4News

BTCUSD, “Bitcoin vs US Dollar”

In the H4 chart, the downtrend continues. After finishing the short-term correction and breaking the local low, BTCUSD has fallen towards the post-correctional extension area between the retracements of 138.2% and 161.8%. The closest downside target is at 7480.00. However, the main downside targets is the retracement of 261.8% at 5980.00. Taking into account the convergence that is being formed, one may expect a short-term pullback.

BTCUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H1 chart, the pair is being corrected to the upside and has already reached the retracement of 23.6%. The next targets may be the retracements of 38.2% and 50.0% at 8500.00 and 8765.00 respectively.

BTCUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

 

ETHUSD, “Ethereum vs. US Dollar”

In the H4 chart, the downtrend continues; ETHUSD has reached the post-correctional extension area between the retracements of 138.2% and 161.8%. The next downside target is the retracement of 261.8% at 463.50. However, the main targets of the downtrend may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 415.20 and 317.80 respectively.

ETHUSD1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

As we can see in the H1 chart, the pair is steadily falling towards 463.50.

ETHUSD2
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

 

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