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Sally Ho's Technical Analysis 28 May 2019

 
Sally Ho's Technical Analysis 28 May 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) managed to find a little bit of a Bid during early in today’s Asian session, trading as high as the 8816.18 level following some late-day selling pressure during yesterday’s North American session.  The pair escalated to the 8947.88 area early in yesterday’s Asian session, establishing a new multi-month high, before some profit-taking ensued. Traders are again focused on seeing if BTC/USD can be pushed above the psychologically-important 9000.00 figure.

During yesterday’s pullback, the pair declined to the 8611.44 area, just above the 23.6% retracement of the move from 7467.10 to 8947.88. If Stops become elected below this area, traders are very curious to see what will happen around the 8488.00 area, a former relative high that gave way during the recent upswing. Chartists are eyeing some important upside price objectives with the 9213/ 9405/ 10,271 areas of importance. Additionally, the markets are also interested in the 9532.02 area as it represents the 38.2% retracement of the move from 19891.00 to 3128.89.  

Price activity is nearest the 50-bar MA (4-hourly) at 8076.12 and the 50-bar MA (Hourly) at 8456.58.

Technical Support is expected around 8488.00/ 8124.10/ 7506.12 with Stops expected below.

Technical Resistance is expected around 9532.02/ 9948.12/ 10121.50 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

 

Ethereum

Ethereum (ETH/USD) weakened a little bit early in today’s Asian session as the pair declined to the 269.91 area after running out of steam around the 273.31 area. During yesterday’s North American session, the pair was lifted to the 279.55 area, its strongest showing since 16 May. During yesterday’s European session, the pair briefly tested the 272.56 area, a level we have spotlighted for weeks that represents the 23.6% retracement of the range from 894.00 to 80.60.

During the climb higher during yesterday’s North American session, Stops were elected above the 276.51 area, a short-term upside price objective. The election of these Stops opens up the 290.61 area as another upside price objective. Additional upside price objectives include the 280/ 294/ 316 areas. If ETH/USD swings back lower, traders are looking to see if the 258-260 area can remain supportive, and if buying demand will emerge around the 244 and 230 areas to maintain the pair’s current upside bias.

Price activity is nearest the 50-bar MA (4-hourly) at 253.45 and the 50-bar MA (Hourly) at 260.91.

Technical Support is expected around 260.73/ 243.82/ 231.12 with Stops expected below.

Technical Resistance is expected around 281.77/ 289.64/ 298.24 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 Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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