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Sally Ho's Technical Analysis 22 April 2019

 
Sally Ho's Technical Analysis 22 April 2019
Ethereum / Breaking News / Bitcoin / Bitcoin Cash / Analytics

Bitcoin

Bitcoin (BTC/USD) appreciated early in the Asian session as the pair moved to the 5313.51 area after finding some demand around 5233.14. Notably, the pair continues to orbit the 5264.14 area, representing the 61.8% retracement of the 5488.00 – 4901.99 range, and has generally been Given around the 5349.80 area, representing the 76.4% retracement of the same range. Similarly, we have written extensively about the 5265.70 area that represents the 50% retracement of the 7402.50 – 3128.89 area.

The 50-bar MA (4-hourly) continues to approach price activity, calling into question whether BTC/USD can establish a technical base around this area. As we noted in our 21 April 2019 analysis, chartists are curious to see if BTC/USD again challenges the 5349.70 area, representing the 76.4% retracement of the 5488.00 – 4901.99 range. Above this area, the 5403.82 level represents the 61.8% retracement of the move from 6810.00 to 3128.89.

Price activity is nearest the 50-bar MA (4-hourly) at 5208.90 and the 100-bar MA (Hourly) at 5280.78.

Technical Support is expected around 5040.29/ 4877.05/ 4582.91 with Stops expected below.

Technical Resistance is expected around 5403.82/ 5769.98/ 5941.26 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

 

Ethereum

Ethereum (ETH/USD) reversed course after testing some technical Resistance during today’s Asian session and ran out of strength around the 170.81 area, right around the 50.0% retracement of the move from 185.62 to 156.00. After failing to push above this area, the pair came off and tested the 169.50 level, representing the 38.2% retracement of the 156.00 – 177.84 range.

As we have written about extensively, the 168.47 level represents the 61.8% retracement of the 222.78 – 80.60 range and traders are waiting to see where and when ETH/USD will gain a directional bias. Below this area, the 165.25 level represents the 38.2% retracement of the move from 302.20 to 80.60.

Price activity is nearest the 100-bar MA (4-hourly) at 169.13 and the 200-bar MA (Hourly) at 168.38.

Technical Support is expected around the 162.99/ 156.53/ 151.69 levels with Stops expected below.

Technical Resistance is expected around the 179.40/ 185.62/ 214.08 levels with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly below SlowD while MACD is Bullishly above MACDAverage.

 

Litecoin


Litecoin (LTC/USD)
reclaimed some lost ground through the early part of today’s Asian session following a significant sell-off during yesterday’s European session that saw traders plumb lows around the 73.54 area. Yesterday’s low represented the pair’s weakest print since 3 April. Minor Stops were elected above the 77.43 area, representing the 50% retracement of the move from 83.73 – 73.54, and Bids subsequently emerged around the 75.94 area, representing the 23.6% retracement of the same range.

LTC/USD continues to hug the technically-significant 76.39 area, coinciding with the 23.6% retracement of the move from 251.90 to 22.17. If the downside bias continues, the 72.16 area may be tested, representing the 61.8% retracement of the 103.06 – 22.17 range. The 200-bar MA (4-hourly) is also around that area and then chartists are curious to see what happens between the 69.44 – 65.60 area.

Price activity is nearest the 100-bar MA (4-hourly) at 82.81 and the 50-bar MA (Hourly) at 79.55.

Technical Support is expected around the 72.10/ 67.17/ 62.62 levels with Stops expected below.

Technical Resistance is expected around the 87.39/ 92.56/ 102.26 levels with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

 

Bitcoin Cash

BCH/USD (Bitcoin Cash/ US dollar)
gained ground early in today’s Asian session, trading as high as the 294.50 level after finding Bids around the 280.00 figure during yesterday’s North American session. During today’s rebound higher, some Stops were elected around the 292.68 level, representing the 38.2% retracement of the move from 313.20 to 280.00.  The pair’s move to 294.50 tested technical Resistance right around the 50% retracement of the 254.17 – 335.00 move.

Key upside targets include 315.92/ 330.57 and key downside targets include 284.15/ 272.69. Following yesterday’s move lower, the 296.60/ 300.52/ 305.36 levels also take on additional technical significance.

On the downside, chartists are looking to see if the pair can derive technical Support at key areas including the 284.15/ 277.77 levels.

Price activity is nearest the 100-bar MA (4-hourly) at 296.71 and the 50-bar MA (Hourly) at 297.02.

Technical Support is expected around the 277.46/ 265.55/ 254.17 levels with Stops below.

Technical Resistance is expected around the 332.55/ 349.99/ 366.11 levels with Stops above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

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