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Sally Ho's Technical Analysis 4 May 2019

 
Sally Ho's Technical Analysis 4 May 2019
Ethereum / Breaking News / Bitcoin / Analytics

Bitcoin

Bitcoin (BTC/USD) added to recent gains during today’s Asian session after establishing a new 2019 high and reaching its strongest level since 14 November 2018. Technical clues continued to emerge as buying continues to take place at key technical levels including the 5621.70 level during yesterday’s price activity, just below the 23.6% retracement of the move from 5072.01 to 5796.93. Additionally, buying pressure was seen today around the 5650.01 area, representing a previous relative high from 23 April 2019.

Traders tested the 5769.98 area for the first time since the level became technically relevant, as it represents the 61.8% of the retracement of the move from 7402.50 to 3128.89. Stops were elected above this area but BTC/USD stopped short of testing the 5805.45 area, representing a 50% retracement of the 8488.00 – 3128.89 range. Chartists are interested to see how the pair may react during downside pullbacks with possible technical Support expected around 5593.97/ 5403.82/ 5364.27.

Price activity is nearest the 100-bar MA (4-hourly) at 5322.32 and the 50-bar MA (Hourly) at 5545.08.

Technical Support is expected around 5468.57/ 5234.73/ 5125.13 with Stops expected below.

Technical Resistance is expected around 5808.45/ 5941.26/ 6393.93 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above 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) came off during today’s Asian session as the pair tested Bids around the 160.16 area following yesterday’s test of the 169.26 area. Yesterday’s high was the pair’s highest level since 24 April 2019 and during today’s pullback, Bids were seen around the 160.16 level, just below the 38.2% retracement of the move from 146.00 to 169.26. Stops were elected when the pair moved below the 200-bar MA and 100-bar MA (4-hourly), and also below the 161.45 area, representing the 38.2% retracement of the move from 148.81 to 169.26.

Chartists and technicians are eyeing some technical Support levels including the 159.04/ 157.82/ 156.62 areas. If the market comes off below these levels, the 154.89 and 151.69 levels will be closely watched. Additionally, the 153.30 level represents the 23.6% retracement of the move from 176.94 to 146.00.

Price activity is nearest the 100-bar MA (4-hourly) at 163.41 and the 50-bar MA (Hourly) at 161.91.

Technical Support is expected around the 154.89/ 151.49/ 146.00 levels with Stops expected below.

Technical Resistance is expected around the 168.47/ 172.88/ 183.33 levels 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.

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