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Sally Ho's Technical Analysis 24 April 2019

Sally Ho's Technical Analysis 24 April 2019

Bitcoin

Bitcoin (BTC/USD) gave back some of yesterday’s strong gains during today’s Asian session, trading as low as the 5483.07 level, a key technical area that is right around the 38.2% retracement of the recent move from 5213.34 to 5650.01. The pair traded as high as the 5650.01 level yesterday, the pair’s strongest print since 18 November 2018.

During the Asian session, BTC/USD moved back to the 5566.54 area, representing the 50% retracement of yesterday’s high through today’s intraday low. Upside targets related to this range include 5586.24/ 5610.61

Chartists are waiting to see how the pair trades around the 5483.20 and 5431.68 areas, key retracement areas related to the recent move from 5213.34 to 5650.01. Yesterday’s move higher again spotlights upside targets including 5805.45/ 5941.26/ 6393.83.

Price activity is nearest the 50-bar MA (4-hourly) at 5293.36 and the 50-bar MA (Hourly) at 5442.55.

Technical Support is expected around 5349.70/ 5264.14/ 5195.00 with Stops expected below.

Technical Resistance is expected around 5769.98/ 5941.26/ 6393.93 with Stops expected above.

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

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

 

Ethereum

Ethereum (ETH/USD) gave back yesterday’s gains as the pair depreciated to the 166.93 level during today’s Asian session, just below the 38.2% retracement of the recent move from 185.62 to 156.00. Notably, there have been four successive 4-hourly bars with lower highs and lower lows, evidencing the current Bearish intraday sentiment. The pair’s inability to remain above the 168.47 area, representing the 61.8% retracement of the 222.78 – 80.60 range, is negative.

During the quick move higher yesterday, Stops were elected above the 175.12 area, representing the 76.4% retracement of the move from 177.84 to 166.33, and the pair traded as high as the 176.94 area before quickly coming off. The inability of ETH/USD to sustain upward traction calls into question its short-term bias, with Bears again eyeing the 165.25 level, representing the 38.2% retracement of the move from 302.20 to 80.60.

Price activity is nearest the 50-bar MA (4-hourly) at 170.27 and the 200-bar MA (Hourly) at 170.20.

Technical Support is expected around the 165.25/ 162.99/ 156.53 levels with Stops expected below.

Technical Resistance is expected around the 178.63/ 185.62/ 189.23 levels with Stops expected above.

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

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

Litecoin


Litecoin (LTC/USD)
extended the sell-off that started during yesterday’s European session, trading as low as the 70.26 area during today’s Asian session and representing the pair’s weakest print since 2 April. During yesterday’s rapid but short-lived surge higher, traders took the pair to the 79.77 area, a key level right around the 61.8% retracement of the 83.73 – 73.54 range.

Sentiment quickly turned Bearish for LTC/USD given its inability to gain traction above the 50-bar MA (4-hourly) which proved to be toppish around the 79.84 area yesterday. This prevented the pair from testing additional upside price targets around the 81.13/ 83.36/ 84.81 levels. Price activity is nearest the 50-bar MA (4-hourly) at 79.84 and the 100-bar MA (Hourly) at 79.39.

Technicians note that Stops were elected today below the 72.87 and 71.24 areas, representing some downward price objective extension levels. Some chartists are anticipating additional depreciation down to the 69.23/ 65.99 areas.

Technical Support is expected around the 62.62/ 58.28/ 55.35 levels with Stops expected below.

Technical Resistance is expected around the 78.64/ 81.13/ 87.39 levels with Stops expected above.

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

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

 

Bitcoin Cash

BCH/USD (Bitcoin Cash/ US dollar)
weakened during today’s Asian session, coming off to the 278.53 area after peaking yesterday around the 312.02 level. Bearish sentiment was evident given four consecutive 4-hourly bars with lower highs and lower lows. Today’s intraday low is just above the 277.77 area, representing the 23.6% retracement of the move from 354.17 to 254.17.

Additional selling pressure will open up possible tests of the 275.42 and 271.35 levels, representing technically-relevant retracement levels.

Price activity is nearest the 100-bar MA (4-hourly) at 297.24 and the 50-bar MA (Hourly) at 294.74.

Technical Support is expected around the 271.35/ 265.55/ 254.17 levels with Stops below.

Technical Resistance is expected around the 295.28/ 299.23/ 304.12 levels with Stops above.

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

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

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