BTCUSD, “Bitcoin vs US Dollar”
As we can see in the H4 chart, after failing to reach 261.8% fibo at 63300.00, BTCUSD started plummeting due to divergence on MACD. The situation may indicate the start of a new mid-term or even long-term correction. The first descending impulse has already reached 23.6% fibo, while the next ones may continue towards 38.2%, 50.0%, and 61.8% fibo at 37530.00, 31165.00, and 24764.52 respectively. The resistance is the high at 58374.00.
The H1 chart shows a descending correction, which has already broken 38.2% and is currently heading towards 50.0% and 61.8% fibo at 43810.00 and 40380.00 respectively.
ETHUSD, “Ethereum vs. US Dollar”
In the H4 chart, after testing the post-correctional extension area between 138.2% and 161.8% fibo at 1930.80 and 2247.65 respectively, ETHUSD started plunging due to divergence on MACD. The first descending impulse broke 38.2% fibo but failed to reach 50.0% fibo at 1065.00. the current situation may be described as a correction within a correction. Possibly, the pair may complete the internal correction and resume falling to reach 61.8% fibo at 835.00. The key resistance is the high at 2038.53.
The H1 chart shows a more detailed structure of the current pullback after the descending impulse, which managed to reach 61.8% fibo but failed to get to 76.0% fibo at 1819.00. The next descending impulse may fall to break the low at 1123.60 and then reach 50.0% fibo at 1065.00.
Before you enter foreign exchange and stock markets, you have to remember that trading currencies and other investment products is trading in nature and always involves a considerable risk. As a result of various financial fluctuations, you may not only significantly increase your capital, but also lose it completely. Therefore, our clients have to assure RoboForex that they understand all the possible consequences of such risks, they know all the specifics, rules and regulations governing the use of investment products, including corporate events, resulting in the change of underlying assets. Client understands that there are special risks and features that affect prices, exchange rates and investment products.
Recommended Content
Editors’ Picks
EUR/USD hovers around 1.0700 after German IFO data
EUR/USD stays in a consolidation phase at around 1.0700 in the European session on Wednesday. Upbeat IFO sentiment data from Germany helps the Euro hold its ground as market focus shifts to US Durable Goods Orders data.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold price trades with mild negative bias, manages to hold above $2,300 ahead of US data
Gold price (XAU/USD) edges lower during the early European session on Wednesday, albeit manages to hold its neck above the $2,300 mark and over a two-week low touched the previous day.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.