BTC/USD (Bitcoin/ US dollar)
Bearish technicians extended their dominance with the pair Given just above the 3858.91 level, representing the 38.2% retracement of the 4188.79 (22 Feb) – 3655.00 (27 Feb) range. BTC retreated to 3796.71 through early in the European session with 3771.00 (8 Mar) technical Support possibly to be tested. Intraday Support emerged around 3796.61, less than $5.00 below technical Support around 3801.17, representing the 50% retracement of the appreciation from 3655.00 (27 Feb) to 3947.33 (9 Mar).
Technical Support is expected around 3763.33/ 3684.13/ 3620.14 with Stops expected below.
Technical Resistance is expected around 3977.30/ 3987.97/ 3997.63/ 4026.62/ 4062.82 with Stops expected above.
On 240-minute chart, the 200-bar MA is around 3746.43 and may yield Support. SlowK and SlowD have converged below 20.00, possibly signaling oversold conditions, while MACDAverage and MACD are diverging, possibly indicating more selling pressure.
On 60-minute chart, the 200-bar MA is around 3839.23 and Price activity is now below the 50-bar, 100-bar, and 200-bar MAs. SlowK Bullishly crossed above SlowD while MACDAverage and MACD may be converging.
ETH/USD (Ethereum/ US dollar)
Ethereum (ETH/USD) continued to depreciate through early in the European session, testing Support as low as the 127.19 level. Some Stops were elected below the 131.10 level, the 200-bar MA (240-min chart).
Bids are expected around the 126.82 level, representing the 76.4% retracement of the 122.75 (4 Mar) – 140.00 (6 March) range.
Technical Support is expected around the 125.16/ 123.25/ 121.76/ 116.50 levels with Stops expected below.
Technical Resistance is expected around the 132.90/ 134.91/139.13 levels with Stops expected above.
On 240-minute chart, Price activity remains below the 50-bar, 100-bar, and 200-bar MAs. SlowK Bullishly crossed above SlowD below 20.00 but MACDAverage is Bearishly diverging from MACD.
On 60-minute chart, Price activity tested Resistance around the 200-bar MA. SlowK Bullishly crossed above SlowD but MACDAverage and MACD are Bearishly diverging.