Sally Ho's Technical Analysis 24th March

BTC/USD (Bitcoin/ US dollar)

Bitcoin (BTC/USD) experienced some relatively light weakness early in Sunday’s European session as the pair again tested the 3961.62 level, a key technical level that represents the 23.6% retracement of the 3655.00 – 4056.33 range.  The level’s technical significance was confirmed on Thursday after Bears triggered heavy Stops that saw BTC/USD decline as low as 3915.14.

The pair has been trading in a relatively tight range that stated to form late Thursday after plumbing the 3915.14 area.  The psychologically-important 4000.00 figure has coincided with an area of technical Resistance around the 3998.82 level, representing the 61.8% retracement of the 4037.47 – 3936.30 range.

Technical Support is expected around 3858.91/ 3763.33/ 3684.13/ 3620.14 with Stops expected below.

Technical Resistance is expected around 4062.82/ 4111.39/ 4188.79/ 4239.37 with Stops expected above.

Upside price objectives remain around the 4163/ 4358/ 4673 levels.

On 240-minute chart, Price activity is now trading below the 50-bar MA (3982.15). SlowD is Bearishly above SlowK while MACDAverage remains Bearishly above MACD.

On 60-minute chart, Price activity remains below the 50-bar MA (3979.67). SlowD is Bearishly above SlowK and MACDAverage is Bearishly above MACD.

ETH/USD (Ethereum/ US dollar)

Ethereum (ETH/USD) is looking for fresh trading conviction through Sunday’s European session with the weekend’s High around 137.50, just below the 137.65 area, representing the 76.4% retracement of the 139.33 – 132.21 range. Technicians are curious if the pair can build a base above the 134.99 level, representing the 50% retracement of the 122.75 – 147.23 range.  Stops were elected on Thursday during the quick decline that saw 132.10 level tested, the 61.8% retracement of the same range.

On 4-hourly charts, ETH/USD is trading between the 50-bar MA (136.69) and the 100-bar MA (135.40).

Technical Support is expected around the 132.87/ 130.05/ 128.53 levels with Stops expected below.

Technical Resistance is expected around the 141.45/ 143.05/ 144.19 levels with Stops expected above.

Downside price objectives remain around the 119.57 level.

On 240-minute chart, SlowK and SlowD have converged while MACD and MACDAverage have also converged.

On 60-minute chart, Price activity is nearest the 50-bar MA (136.09). SlowD is Bearishly above SlowK while MACDAverage is Bearishly above MACD.

LTC/USD (Litecoin/ US dollar)

Litecoin (LTC/USD) exhibited weakness early in Sunday’s European session as the pair again moved below the 50-bar MA (59.58) on a 4-hourly chart. The weekend’s High of 61.00 figure was just above the 76.4% retracement of the recent 62.22 – 56.80 range and chartists are eyeing the 58.87 and 58.08 levels as downside targets related to that range.

Last week’s mid-week volatility saw the 56.80 level tested, just below the 23.6% retracement of the 39.60 – 62.22 range. A break below this level would technically open up the 54.65/ 53.58 levels.

Technical Support is expected around the 57.54/ 54.48/ 48.33 levels with Stops expected below.

Technical Resistance is expected around the 66.80/ 72.16/ 75.06 levels with Stops expected above.

Upside price objectives remain 74 level.

On 240-minute chart, the 100-bar MA is now around 57.78.  SlowD is Bearishly diverging from SlowK while MACD and MACDAverage appear to be Bearishly converging.

On 60-minute chart, Price activity is trading between the 50-bar MA (59.57) and the 100-bar MA (59.34). SlowD is Bearishly trading above SlowK while MACDAverage is Bearishly trading above MACD.

BCH/USD (Bitcoin Cash/ US dollar) printed this weekend at its Highest levels since early January, extending its recent run as a leading driver of range expansion in the cryptocurrency complex. Traders lifted the pair to the 168.90 level, stopping short of a run at the 171.62 level, representing the 38.2% retracement of the 73.22 – 232.44 range.

Technical Support is expected around the 152.83/ 150.87/ 145.95 levels with Stops below.

Technical Resistance is expected around the 171.62/ 186.47/ 194.60 levels with Stops above.

Downside price objectives remain the 110 and 82 levels.

On 240-minute chart, Price activity is nearest the 50-bar MA (156.94). SlowK remains Bearishly below SlowD while MACD remains Bullishly above MACDAverage.

On 60-minute chart, Price activity is nearest the 50-bar MA (160.24). SlowD is Bearishly above SlowK while MACD remains Bearishly below MACDAverage.