Fractal analysis for Bitcoin and Ethereum cryptocurrencies 02/19/21

Forecast for February 18:

Analytical review of the cryptocurrency on the H1 scale:

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For the Bitcoin instrument, the key levels on the H1 scale are: 58884, 55624, 54128, 51803, 49641, 48076, 45957 and 44308. Here, we follow the development of the ascending structure from February 7. We expect a continuation of the movement to the top after the breakdown of the level of 51803 and in this case the target is 54124. There is a short-term upward movement and consolidation in the corridor of 54128 to 55624. We consider the level 58884 as a potential value for the top after reaching which we expect a pullback to the bottom.

A short-term downward movement is expected in the corridor of 49641 to 48076 and the breakdown of the last value will lead to an in-depth correction. Here, the target is 45957, the range 45957 to 44308 is the key support for the top, before it we expect the initial conditions for the downward cycle to be formed.

The main trend is the upward structure of January 31, the local structure of February 7

Trading recommendations:

Buy: 51805 Take Profit: 54128

Buy: 55625 Take Profit: 58884

Sell: 49641 Take Profit: 48077

Sell: 48074 Take Profit: 45957

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For the Ethereum, the key levels on the H1 scale are: 2100, 2010, 1964, 1851, 1782 and 1715. Here, we follow the development of the ascending structure of February 7 as the main trend and currently expect a movement to the level of 1964, in the corridor of 1964 to 2010, a short-term upward movement, as well as consolidation. The breakdown of the 2010 level will allow us to count on a movement to the potential target of 2100, near this level we expect consolidation, as well as a pullback to the bottom.

A short-term downward movement is expected in the corridor of 1851 to 1782, the breakdown of the last value will lead to a deep correction, here the target is 1715, this level is a key support for the top.

The main trend is the upward structure from February 7

Trading recommendations:

Buy: 1964 Take Profit: 2010

Buy: 2012 Take Profit: 2100

Sell: 1851 Take Profit: 178

The material has been provided by InstaForex Company - www.instaforex.com

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