Sally Ho's Technical Analysis 24 May 2019

Bitcoin

Bitcoin (BTC/USD) extended gains early in today’s Asian session as traders pushed the pair to the 7984.90 area before some profit-taking emerged just below a retracement level that represents the 61.8% retracement of the move from 8315.00 to 7407.10. Buying activity started in earnest during yesterday’s European session when Bids emerged around the 7467.10 area, just above the 50% retracement of the move from 6600.00 to 8315.00. Stops were then elected above the 50-bar MA (4-hourly), then around 7770.80 and the 50-bar MA (4-hourly) then became supportive late in yesterday’s North American session.

Traders are looking to see if BTC/USD has the strength to move above the 7966.03 area, an important level that represents the 76.4% retracement area of the recent move from 8388.00 to 6600.00. Chartists are eyeing the 8114.90 area as an upside target above current price activity, representing the 76.4% retracement of the 8315.00 – 7467.10 range. Other relevant upside targets include 8338.78 and 8488.00. On the downside, if BTC/USD depreciates further past yesterday’s low, traders will focus on the 7343.17 area, representing the 61.8% retracement of the 9948.12 – 3128.89 range.

Price activity is nearest the 50-bar MA (4-hourly) at 7756.70 and the 100-bar MA (Hourly) at 7871.41.

Technical Support is expected around 7457.50/ 7256.13/ 6830.99 with Stops expected below.

Technical Resistance is expected around 8114.90/ 8488.00/ 8678.17 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) encountered some buying pressure early in today’s Asian session as traders pushed the pair higher to the 248.70 level following buying activity that began during yesterday’s European session. Bids emerged yesterday around the 230.98 level, representing the 38.2% retracement of the move from 148.81 to 281.77, and the buying activity continued into today’s Asian session. A clue about the market’s intentions may have emerged during today’s Asian session after Bids supported the pair around the 244.03 area during a pullback, just above the 50% retracement of the move from 222.88 to 264.77.

Some Stops were elected above the 247.66 area during the move higher, an important level that represents the 50% retracement of the move from 264.20 to 231.12. Above current price activity, chartists are eyeing the 50-bar MA (4-hourly) around the 248.81 area and some additional areas of technical Resistance include 251.56/ 254.93/ 264.77. If these levels are absorbed by price appreciation, the 267.87 area represents an important upside target, namely the 76.4% retracement of the 281.77 – 222.88 range.

Price activity is nearest the 50-bar MA (4-hourly) at 248.81 and the 50-bar MA (Hourly) at 247.46.

Technical Support is expected around 231.12/ 219.53/ 204.84 with Stops expected below.

Technical Resistance is expected around 259.27/ 272.56/ 281.77 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.